Pick n Pay’s golden child shines
Boxer continues to show strong growth following its unbundling from Pick n Pay last year.
Boxer was listed on the JSE in November 2024 as part of the Pick n Pay recapitalisation plan, which helped raise over R8 billion for the Pick n Pay Group, which kept a 65% stake in Boxer.
The KZN-based Boxer has been a strong performer in the grocery sector, while the Pick n Pay group continues to recover and turn around its struggling core grocery business.
The strong performance was reflected in Boxer’s latest trading statement for the 17-week period to 29 June 2025.
The group’s turnover for the period grew by 12.1% and 3.9% like-for-like in the context of low internal selling price inflation and a highly constrained consumer.
This growth forms part of a positive trend compared to the 9.0% turnover and 3.7% like-for-like growth achieved for H2 FY25.
“Boxer has produced consistent market share gains through the period and also seen positive recent trends, as the high base from the first few months of FY25 normalises,” said the group.
Internal food inflation for the period dropped 0.6% on a volume-held-constant basis, which normalises for mix-change impacts. This marks a decline from the volume-held-constant inflation of 0.3% in FY25.
With this strong performance, Boxer said it remains confident it is on track to meet its low-teens FY26 turnover growth objective.
This comes amid strong like-for-like momentum and its store rollout programme. Boxer opened seven superstores and 10 liquor stores during the first four months of FY26.
Although there is uncertainty about the precise timing of store openings, Boxer said it remains on track to meet its FY26 store rollout targets.
The company aims to open 60 new stores, 25 Superstores and 35 liquor stores, over the coming financial year.
“Boxer remains confident with its FY26 gross margin outlook, despite the inherent margin management challenges in a low inflation environment,” it said.
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