Boxer’s turnover grows by 12. 3% in FY26 as it plans 60 new stores - Trendtype Africa and Middle East
Boxer, South Africa's largest discount grocery retailer, posted record results for FY26 (year ended 1st March 2026) and confirmed plans to open 60 new stores in FY27. But a trading update for the first 20 weeks of FY27 (to 19th July 2026) has seen growth slowing to 7. 2%, down from 12. 3% in the full year.
Boxer, South Africa’s largest discount grocery retailer, posted record results for FY26 (year ended 1st March 2026) and confirmed plans to open 60 new stores in FY27. But a trading update for the first 20 weeks of FY27 (to 19th July 2026) has seen growth slowing to 7. 2%, down from 12. 3% in the full year. Boxer’s FY26 highlights:Turnover: R46. 7bn ($2. 6bn), up 12. 3%Trading profit: R2. 6bn ($144m), up 17. 3%, margin 5. 7%Like-for-like sales growth: 4. 5%Internal selling price deflation: -1. 2%, against official food inflation of 4. 4%Net new stores opened: 51 (total network now 576)New jobs created: 3,400 (total workforce 35,314)IPO debt of R850m ($47m) wiped out within one year, ending with R709m ($39m) net cashBoxer listed on the JSE in November 2024 after parent company Pick n Pay, which was technically insolvent in 2024 following a R3. 2bn ($178m) net loss, sold a 34. 4% stake for R8. 5bn ($471m) as part of a rescue plan. In May 2026, it sold a further 12. 5% for R4. 7bn ($261m). Together, the IPO and sell-downs have raised R13. 2bn ($733m). Pick n Pay still holds approximately 53% and says it will retain a controlling stake but has not ruled out further sales. Boxer operates across South Africa and Eswatini, and competes with Shoprite’s Usave and SPAR’s SaveMor with an aggressive pricing strategy for targeting lower income consumers. Over FY2026 it had -1. 2% internal price deflation while official food inflation ran at 4. 4%. In FY27, Boxer is targeting 60 new stores: 25 supermarkets and 35 liquor stores, backed by R1bn ($56m) in capital investment. Boxer opened 48 net new stores in FY25 and 51 in FY26. The FY27 target would be its fastest year of expansion yet. Liquor licensing remains the main constraint on the rollout. Still, liquor stores as a share of the network rose from 55% to 61% in FY26. But growth slowed in the first 20 weeks of FY27. Boxer recorded turnover growth of 7. 2% compared to 12. 3% for the full FY26. Like-for-like growth of 2. 2% is roughly half the full-year rate. It is not the only retailer to see growth slow. For comparison, Shoprite, South Africa’s dominant grocer with over 3,400 stores and R250bn ($13. 9bn) in revenue, reported 7. 2% sales growth for its H1 FY26 (six months to December 2025), decelerating from 8. 6% for the full prior year. Shoprite and Usave brands specifically grew by only 5. 1%. Pick n Pay’s own supermarkets turnover fell 1. 6% in FY26 as it closed lossmaking stores. As of mid-May 2026, Boxer’s market cap stood at approximately R40. 5bn ($2. 3bn), exceeding Pick n Pay at R16. 6bn (U920m), SPAR at R12bn ($670m) and Dis-Chem at R31. 6bn ($1. 8bn). Pick n Pay’s 53% stake in Boxer alone is worth more than the entire Pick n Pay group, implying that core Pick n Pay has a negative value. SPAR is also struggling: its South African grocery and liquor revenue grew to just 1. 1% in the 26 weeks to March 2026, with operating margins at 0. 5%.