Fast-growing South African retail giant to open 35 new stores
Boxer has opened 25 stores in the first half of the 2025 financial year, with an additional 35 set for the rest of the year.
In its financial results for the six months ended, Boxer said it was on track to achieve its target of opening 60 new stores full-yearly.
The group added that despite the prevailing low selling price inflation, its ability to achieve like-for-like volume growth has considerably supported the interim result, and bodes well for the full-year.
The group’s turnover grew 13.9% for the interim period to R22.5 billion. Trading profit increased 15.1% to R931 million, at a trading margin of 4.1%.
The group said that despite additional ongoing costs related to being a listed entity, the stable trading profit margin was driven by the strong trading result and strong commission and other income growth.
Boxer also began to leverage data collection from its new customer loyalty programme, the Boxer Rewards Club.
Headline earnings for the period grew 5.3% to R518 million, which Boxer sees as a strong result given the aforementioned listing costs.
The group faced a 79.1% increase in net finance costs driven by its balance sheet restructuring at its IPO in November 2024.
The group’s store expansion also came with an accounting issue, as it required a higher IFRS 16 lease interest due to the expansion of its store estate.
Despite an overall rise in headline earnings, the group did face a 30.3% decline in headline earnings per share.
This was due to the higher weighted average number of ordinary shares, due to the dilution from the 157.4 million shares issued in the IPO.
Despite this, the group’s inaugural post IPO dividend was declared at 45.3 cents per share, marking a 40% payout.
| Item | 26 weeks to 31 August 2025 (H1 FY26) | 26 weeks to 25 August 2024 (H1 FY25) | % change |
|---|---|---|---|
| Turnover | R22.5 billion | R19.8 billion | 13.9% |
| Trading profit | R931 million | R809 million | 15.1% |
| Trading profit margin | 4.1% | 4.1% | – |
| Profit before tax before capital items | R700 million | R680 million | 2.9% |
| Headline earnings | R518 million | R492 million | 5.3% |
| Headline earnings per share (HEPS) – cents | 114.28 | 164.00 | (30.3%) |
| Earnings per share (EPS) – cents | 110.75 | 163.67 | (32.3%) |
| Dividend per share – cents | 45.30 | – | – |
Second period thus far
Boxer had an intense interim period, with trading momentum picking up in July and August. It added that trading momentum also remained strong in the six weeks post-period end.
“Although recent trading is encouraging, the H2 FY26 result will largely be driven by trading over the critical Black Friday and Festive periods,” it warned.
On a full-year basis, the Boxer board believes that there will be some margin pressure relative to the 5.4% FY25 trading margin, but this will depend on H2 outcomes.
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