{"id":839742,"date":"2025-10-13T08:58:24","date_gmt":"2025-10-13T06:58:24","guid":{"rendered":"https:\/\/businesstech.co.za\/news\/?p=839742"},"modified":"2025-10-13T08:58:29","modified_gmt":"2025-10-13T06:58:29","slug":"fast-growing-south-african-retail-giant-to-open-35-new-stores","status":"publish","type":"post","link":"https:\/\/businesstech.co.za\/news\/business\/839742\/fast-growing-south-african-retail-giant-to-open-35-new-stores\/","title":{"rendered":"Fast-growing South African retail giant to open 35 new stores"},"content":{"rendered":"\n

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. <\/p>\n\n\n\n

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. <\/p>\n\n\n\n

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. <\/p>\n\n\n\n

The group\u2019s 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%. <\/p>\n\n\n\n

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. <\/p>\n\n\n\n

Boxer also began to leverage data collection from its new customer loyalty programme, the Boxer Rewards Club.<\/p>\n\n\n\n

Headline earnings for the period grew 5.3% to R518 million, which Boxer sees as a strong result given the aforementioned listing costs.<\/p>\n\n\n\n

The group faced a 79.1% increase in net finance costs driven by its balance sheet restructuring at its IPO in November 2024. <\/p>\n\n\n\n

The group\u2019s 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. <\/p>\n\n\n\n

Despite an overall rise in headline earnings, the group did face a 30.3% decline in headline earnings per share. <\/p>\n\n\n\n

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.<\/p>\n\n\n\n

Despite this, the group\u2019s inaugural post IPO dividend was declared at 45.3 cents per share, marking a 40% payout. <\/p>\n\n\n\n

Item<\/strong><\/th>26 weeks to 31 August 2025 (H1 FY26)<\/strong><\/th>26 weeks to 25 August 2024 (H1 FY25)<\/strong><\/th>% change<\/strong><\/th><\/tr><\/thead>
Turnover<\/td>R22.5 billion<\/td>R19.8 billion<\/td>13.9%<\/td><\/tr>
Trading profit<\/td>R931 million<\/td>R809 million<\/td>15.1%<\/td><\/tr>
Trading profit margin<\/td>4.1%<\/td>4.1%<\/td>\u2013<\/td><\/tr>
Profit before tax before capital items<\/td>R700 million<\/td>R680 million<\/td>2.9%<\/td><\/tr>
Headline earnings<\/td>R518 million<\/td>R492 million<\/td>5.3%<\/td><\/tr>
Headline earnings per share (HEPS) \u2013 cents<\/td>114.28<\/td>164.00<\/td>(30.3%)<\/td><\/tr>
Earnings per share (EPS) \u2013 cents<\/td>110.75<\/td>163.67<\/td>(32.3%)<\/td><\/tr>
Dividend per share \u2013 cents<\/td>45.30<\/td>\u2013<\/td>\u2013<\/td><\/tr><\/tbody><\/table><\/div><\/figure>\n\n\n\n

Second period thus far <\/h2>\n\n\n\n

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. <\/p>\n\n\n\n

\u201cAlthough recent trading is encouraging, the H2 FY26 result will largely be driven by trading over the critical Black Friday and Festive periods,\u201d it warned. <\/p>\n\n\n\n

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. <\/p>\n","protected":false},"excerpt":{"rendered":"

Boxer is undergoing a massive store expansion, with the group continuing to see major turnover growth. <\/p>\n","protected":false},"author":95,"featured_media":799358,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9872],"tags":[6655,4067],"class_list":["post-839742","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-boxer","tag-pick-n-pay"],"_links":{"self":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/839742","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/users\/95"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/comments?post=839742"}],"version-history":[{"count":5,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/839742\/revisions"}],"predecessor-version":[{"id":839754,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/posts\/839742\/revisions\/839754"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media\/799358"}],"wp:attachment":[{"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/media?parent=839742"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/categories?post=839742"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstech.co.za\/news\/wp-json\/wp\/v2\/tags?post=839742"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}