Boxer posts US$2.62B revenue in first full year as listed retailer
Company plans to open about 60 additional outlets in FY27 to support long term growth.
SOUTH AFRICA – South African discount grocery chain Boxer Retail Limited reported turnover of US$2.62 billion for the 52 weeks ended 1 March 2026, an increase of 12.3% compared with the previous financial year, marking its first full year as a publicly listed company following its Johannesburg Stock Exchange debut in November 2024.
The retailer said the higher revenue was achieved despite a difficult consumer environment characterised by cautious household spending and an internal selling price deflation of 1.2%, with continued gains in market share supporting overall growth during the year.
Like-for-like sales increased by 4.5%, driven mainly by stronger sales volumes, while newly opened stores contributed 7.8% to total turnover growth as the company continued expanding its retail footprint across South Africa.
Trading profit rose 17.3% to US$148.2 million, while the trading margin improved to 5.7%, reflecting stronger operational performance during the reporting period.
The company also finished the financial year with net cash of US$39.8 million, excluding lease liabilities, after settling debt linked to its stock market listing, while return on invested capital reached 26%.
In addition, Boxer created approximately 3,400 jobs during the year, increasing its total workforce to 35,314 employees across its operations.
Expansion plans remain on track
The retailer opened 54 new stores during FY26, representing a net increase of 51 outlets and bringing its total network to 576 stores, comprising 338 Superstores, 206 liquor stores and 32 Build stores serving mainly middle and lower-income consumers in townships, rural communities and peri-urban areas.
Although the number of openings fell slightly short of its original target of 60 stores, Boxer said the quality of the new locations supported strong sales performance and reinforced confidence in its expansion strategy.
Looking ahead, the company plans to open about 60 additional stores during FY27, supported by planned capital expenditure of between US$56.2 million and US$61.8 million, with most lease agreements for the new outlets already secured.
Management said it remains focused on doubling the company’s turnover over the next five years through sustained investment in high-performing stores and continued expansion into underserved markets.
Founded in 1977 in Empangeni, KwaZulu-Natal, Boxer was acquired by Pick n Pay in 2002 before being listed as a separate company in late 2024, although Pick n Pay continues to hold a majority stake of about 53% following a further share sale in May 2026 that raised approximately US$263.8 million.
Chief Executive Officer Marek Masojada said the retailer’s limited range discount model, centred on competitive pricing, operational efficiency and high sales volumes, continues to appeal to price-conscious consumers and remains the foundation of the company’s long-term growth strategy.
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