Wrap Text
Condensed consolidated audited financial results for the 52 weeks ended 1 March 2026 and cash dividend declaration
Boxer Retail Limited
Incorporated in the Republic of South Africa
Registration number: 2024/392006/06
JSE and A2X share code: BOX
ISIN: ZAE000339891
("Boxer")
CONDENSED CONSOLIDATED AUDITED FINANCIAL RESULTS FOR THE 52 WEEKS ENDED 1 MARCH 2026
AND CASH DIVIDEND DECLARATION
52 weeks 53 weeks % change
1 March 2026 2 March 2025
FY26 FY25
Turnover 46.7 billion 42.6 billion* 9.6
Trading profit 2.64 billion 2.31 billion 14.3
Trading profit margin 5.7% 5.4%
Profit before tax before capital items 2.16 billion 1.94 billion 11.1
Headline earnings 1.60 billion 1.41 billion 13.2
Headline earnings per share (HEPS) - cents 351.67 413.76 (15.0)**
Earnings per share (EPS) - cents 343.50 406.70 (15.5)**
Dividend per share - cents 140.67
Prior year pro forma financial information (FY25 - 52 weeks)***
Turnover 46.7 billion 41.6 billion 12.3
Trading profit 2.64 billion 2.25 billion 17.3
Trading profit margin 5.7% 5.4%
*FY25 Turnover restated to now include certain items previously recognised within cost of goods sold (COGS).
FY25 trading profit is not impacted; FY25 Trading profit margin has been revised as a consequence of this
turnover restatement.
** The decline in EPS and HEPS is the result of the IPO structure, which resulted in a substantial increase
in the number of shares in issue during November 2024.
***FY25 pro forma financial information on a 52-week basis is provided as supplementary information to the
Group's Annual Financial Statements.
Highlights
- Turnover growth of 12.3% on a 52/52w basis, showing continued market share gains
- 4.5% like-for-like sales growth, with strong like-for-like volume growth in the context of internal selling
price deflation of -1.2%
- 51 net new stores opened to take the Boxer retail estate to 576 stores
- Trading profit growth of 17.3% on a 52/52w basis, with the trading margin expanding to 5.7%
- 3 400 jobs created, to take total employment to 35 314 employees
- Net cash (excluding lease liabilities) of R709 million, compared to net debt of R180 million at March FY25
- Return on Invested Capital (ROIC) a sector-leading 26.0% (66.7% excluding IFRS 16)
Introduction
FY26 was Boxer's first full financial year as a listed entity post the November 2024 IPO. Boxer remains true
to its vision of being the People's Champion by continuously fighting for low prices for our customers, and
this philosophy continued to deliver excellent outcomes for all our stakeholders in FY26.
At the end of FY25 Boxer updated the self-reinforcing virtuous circle at the centre of its discount model by
adding Innovation to the core strategic model components of Value, Efficiency, Expansion and Volume. In line
with this, Boxer is pleased to report that it has successfully executed on a range of Innovation initiatives,
including the rollout of the B-Inside supplier portal, which made a notable contribution to the FY26 result.
For the 52 weeks ended 1 March 2026, Boxer turnover reached R46.7 billion, growing 12.3% on a 52/52w basis.
Trading profit totalled R2.6 billion, increasing 17.3% on a 52/52w basis. The trading profit margin expanded
to 5.7% from 5.4% in FY25. Boxer regards this as an exceptional performance in the context of the challenging
macroeconomic environment and the additional trading expenses incurred as a consequence of becoming a listed
entity.
FY26 Headline earnings grew 13.2% to R1.6 billion. This is particularly impressive in the context of the
additional trading expenses, the 53rd trading week in the FY25 earnings base, and also a 31.3% increase in the
net finance charge (to R482 million) resulting from the IPO-related balance sheet restructure and higher lease
charges resulting from store estate expansion.
HEPS declined 15.0% as a consequence of a 33.2% increase in the weighted average number of ordinary shares
(WANOS) due to the dilution from the 157.4 million shares issued in the IPO. Given that none of the equity
capital raised on IPO was retained by Boxer, the Board is comfortable that Headline earnings growth (as
opposed to HEPS growth) provides the most appropriate measure of Boxer's FY26 financial performance.
Cash dividend declaration
The Board has declared a final dividend of 95.37 cents per share, which brings the total FY26 dividend to
140.67 cents per share. This amounts to a payout ratio on FY26 Headline earnings per share of 40%, in-line
with the guidance provided by the Board in the pre-listing statement. The final dividend will be paid on
1 June 2026. Please refer to the cash dividend declaration included within this announcement for detailed
information.
Outlook
FY26 was a strong year of delivery for Boxer across multiple dimensions. Turnover momentum on a 52/52w basis
accelerated vs. FY25, primarily driven by the success of the new store rollout programme, which drove sales
growth from new stores to reach 7.8%. Simultaneously, Boxer was able to report mid-teens 52/52w trading profit
growth and trading profit margin accretion, despite absorbing substantial incremental operating costs.
When assessing the outlook for FY27, it is worth noting that the IPO-related trading expenses are now fully in
the base. Furthermore, the term debt taken on as part of the IPO restructuring was mostly paid down by
1 March 2026 (with the last R200 million subsequently fully paid down post year-end). Finally, the dilutive
impact of the IPO share issuance on EPS and HEPS growth is now also fully in the base, meaning that per share
earnings growth will approximate absolute earnings growth going forward.
Currently elevated oil and diesel prices mean that the trading outlook for FY27 is unclear. Boxer expects the
war in the Persian Gulf to impact food inflation, logistical costs, and the ability of the consumer to spend.
How these factors ultimately play out is uncertain, and is largely predicated on the duration of the war.
Turnover growth for the first 9 weeks of FY27 was slightly below that achieved over H2 FY26, with continued
internal selling price deflation. Boxer expects its selling prices to gradually rise through the remainder of
FY27 as the impacts of the war flow through into the supply chain.
Irrespective of these short-term dynamics, Boxer will continue to build the business for the long term by
remaining resolutely focused on providing value to its customers. Boxer has a strong track record of managing
effectively through periods of disruption and will remain focussed on execution to capture its long-term
growth opportunity.
Sean Summers Marek Masojada
Chairperson Chief Executive Officer
By order of the Board
Westville
7 May 2026
ABOUT THIS ANNOUNCEMENT
This results announcement has been prepared in compliance with the JSE Listings Requirements and is the
responsibility of the directors. It is only a summary of the information contained in the Group's FY26
consolidated annual financial statements and does not contain full details. Any investment decision
should be based on the Group's FY26 consolidated annual financial statements published on its website at
www.boxerinvestor.co.za/results and on the JSE cloudlink at:https://senspdf.jse.co.za/documents/2026/JSE/ISSE/BOXE/FY26AFS.pdf
Ernst and Young Inc, the Group's independent auditor, has audited the consolidated annual financial statements
of Boxer Retail Limited from which this results announcement has been derived from and has expressed an
unmodified audit opinion on the consolidated annual financial statements. This results announcement itself
is not audited and therefore the audit report does not cover this results announcement.
NOTE 1: PRO FORMA FINANCIAL INFORMATION
Certain financial information presented in this announcement and the consolidated annual financial statements
constitutes pro forma financial information in terms of the JSE Limited Listings Requirements.
The pro forma financial information is the responsibility of the Board and is presented for illustrative
purposes only. Because of its nature, the pro forma financial information may not fairly present Boxer's
financial position, changes in equity, results of operations or cash flows.
The reported amounts and adjustments are extracted without adjustment, from the audited financial statements
or underlying accounting records of Boxer for the periods ended 2 March 2025 and 1 March 2026, respectively.
An assurance report (in terms of ISAE 3420: Assurance Engagements to Report on the Compilation of Pro Forma
Financial Information) has been issued by the Group's auditors in respect of the compilation of the pro forma
financial information included in this announcement. The pro forma financial information should be read in
conjunction with this assurance report.
FORWARD LOOKING INFORMATION
This report contains certain forward-looking statements which relate to the possible future performance and
financial position of Boxer. All forward-looking statements are solely based on the views and considerations
of the directors. These statements involve risk and uncertainty as they relate to events and depend on circumstances
that may or may not occur in the future. Boxer does not undertake to update or revise any of these forward-looking
statements publicly, whether to reflect new information, future events or otherwise. These forward-looking statements
have not been reviewed or reported on by Boxer's external auditors.
RESULT WEBCAST
The Group will hold an online results presentation at 8:30am this morning. All interested stakeholders are invited
to watch the webcast which can be accessed using the following link: www.corpcam.com/boxer11052026. The slides
accompanying the result presentation will be available on the Boxer Investor Relations website at
www.boxerinvestor.co.za/results shortly before the commencement of the presentation. A playback of the webcast will
be made available on our website approximately 2 hours after the presentation.
CASH DIVIDEND DECLARATION
Tax reference number: 9304/920/25/0
Number of shares in issue: 457 407 408
The Board has declared a final gross dividend (number 2) of 95.370 cents per share out of income reserves.
The dividend declared is subject to withholding tax at 20%. The tax payable is 19.074 cents per share, resulting
in shareholders who are not exempt from dividends tax with a net dividend of 76.296 cents per share.
The key dates in respect of the dividend are as follows:
Publication of declaration data Monday, 11 May 2026
Declaration date Thursday, 7 May 2026
Last date to trade (CUM dividend) Tuesday, 26 May 2026
Ex-Dividend date Wednesday, 27 May 2026
Record date Friday, 29 May 2026
Payment date Monday, 1 June 2026
Share certificates may not be dematerialised or rematerialised between Wednesday, 27 May 2026 and Friday, 29 May 2026,
both days inclusive.
ABOUT BOXER RETAIL LIMITED
Boxer Retail Limited is a leading South African grocery, liquor and building materials retailer, with a strong
focus on discount grocery retail. Boxer has over 550 stores and employs more than 35 000 employees. For further
information on Boxer, please visit www.boxerinvestor.co.za.
DIRECTORS OF BOXER RETAIL LIMITED
Executive directors
Marek Masojada (CEO), David Wayne (CFO)
Non-executive directors
Sean Summers (Chairperson), James Formby
Independent non-executive directors
Charlotte Maponya (Lead independent director), Cindy Robertson, Dineo Molefe, Jesmane Boggenpoel
CORPORATE INFORMATION
Registered office
41 The Boulevard, Westend Office Park, Westville 3630
Company Secretary
Vaughan Pierce
Email address: CompanySecretary@boxer.co.za
Investor relations
Stephen Carrott
Email address: StephenCarrott@boxer.co.za
Sponsor
Rand Merchant Bank (a division of FirstRand Bank Limited)
Transfer secretaries
Computershare Investor Services Proprietary Limited
Date of release on SENS: 11 May 2026
Date: 11-05-2026 07:05:00
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