Wrap Text
Condensed consolidated interim financial results for the 26 weeks ended 30 August 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 code: ZAE000339891
("Boxer" or "the Group")
CONDENSED CONSOLIDATED INTERIM FINANCIAL RESULTS FOR THE 26 WEEKS ENDED
30 AUGUST 2026 AND CASH DIVIDEND DECLARATION
26 weeks to 26 weeks to
30 August 2026 31 August 2025
H1 FY27 H1 FY26* % change
Turnover R24.1 billion R22.7 billion 6.3%
Trading profit R 1 006 million R931 million 8.1%
Trading profit margin 4.2% 4.1%
Profit before tax before capital items R774 million R700 million 10.6%
Headline earnings R565 million R518 million 9.1%
Headline earnings per share (HEPS) - cents 124.83 cents 114.28 cents 9.2%
Earnings per share (EPS) - cents 125.28 cents 110.75 cents 13.1%
Dividend per share - cents 49.93 cents 45.30 cents 10.2%
*H1 FY26 Turnover restated to now include certain items previously recognised within cost of goods sold (COGS).
H1 FY26 trading profit is not impacted.
Highlights
- 600th Boxer store opened
- Turnover growth of 6.3%, with implied like-for-like volume growth of 3.8%
- Other income up 34.7% year-on-year, driven by B-Inside data insights growth and B-Media retail media launch
- Trading profit growth of 8.1%, with the trading profit margin up 0.1% year-on-year to 4.2%
- Profit before tax and capital items up 10.6% to R774 million
- Net cash (excluding lease liabilities) of R2.3 billion, up from R0.7 billion at 1 March 2026
- Interim dividend of 49.93 cents per share declared, at a pay-out ratio of 40.0% of headline earnings per share
Introduction
Despite facing a challenging H1 FY27 trading environment, characterised by a constrained consumer and continued selling
price deflation, Boxer produced credible 10.6% growth in profit before tax and capital items, as a result of firm control
of its operational levers. Boxer continued to invest in price through the period, staying true to its vision of being the
People's Champion by bringing lower prices to customers.
For the 26 weeks ended 30 August 2026 (H1 FY27), Boxer turnover grew 6.3% to R24.1 billion. Trading profit increased 8.1%
to R1 billion, at a trading margin of 4.2%, a 0.1% increase vs. H1 FY26. The trading profit margin expansion achieved in
the context of moderate turnover growth was the result of 0.5% gross profit margin expansion together with exceptional
other income growth of 34.7%.
Profit before tax and capital items grew 10.6% to R774 million, above the rate of trading profit growth. This was the
consequence of net finance charges increasing just 0.4% year-on-year due to reduced balance sheet leverage.
H1 FY27 headline earnings increased 9.1% to R565 million, while HEPS increased 9.2%, approximately in line with headline
earnings growth.
Cash dividend declaration
The Board has declared an interim dividend of 49.93 cents per share. This amounts to a payout ratio on headline earnings
per share of 40.0%. The dividend will be paid on Monday, 7 December 2026. Please refer to the full cash dividend declaration
below for more detailed information.
Outlook
Boxer's H2 FY27 and FY28 store opening pipeline is well developed. The Group is on-track to achieve its target of opening
60 new stores for full year FY27, which will support turnover growth from new stores in the second half and beyond. As at
30 September 2026, Boxer had opened 32 new stores year-to-date, up from 24 at the end of H1.
Trading momentum improved somewhat during the four weeks post period-end. Boxer anticipates an improved H2 FY27 from a turnover
perspective, given better recent trading and the relatively soft base from November and December 2025. A note of caution is,
however, warranted: trading visibility is currently low given macroeconomic risks and the uncertain short term outlook for
food inflation.
While the gradual food inflation rise that Boxer had anticipated for FY27 has not yet materialised, the Group continues to expect
a food inflation uplift, albeit delayed vs. our previous expectation. Selling price inflation for September 2026, at -2.1%, was
higher than the -2.4% H1 FY27 aggregate, and above the -3.1% recorded for August 2026.
Elevated oil and diesel prices continue to impact Boxer's customers and also our cost base. Notwithstanding these very real
challenges, as in the first half of the year, Boxer endeavours to continue to manage its Income Statement levers to deliver
a satisfactory result for full year FY27.
Boxer remains resolutely focused on execution to capture its substantial long-term structural growth opportunity, and this remains
management's primary focus irrespective of economic conditions.
Sean Summers Marek Masojada
Chair Chief Executive Officer
8 October 2026
ABOUT THIS ANNOUNCEMENT
This announcement is the responsibility of the directors. It is only a summary of the information contained in the Group's interim
H1 FY27 results and does not contain full details. Any investment decision should be based on the full interim results, published on
the Group's website at http://www.boxerinvestor.co.za/results and on the JSE cloudlink at:
https://senspdf.jse.co.za/documents/2026/jse/isse/BOXE/BOXFY27H1.pdf
The information contained in this announcement has neither been audited nor reviewed by the Group's external auditors.
This announcement has been prepared in compliance with the JSE Limited Listings Requirements.
FORWARD LOOKING INFORMATION
This announcement 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.
RESULTS 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: http://www.corpcam.com/boxer12102026. The slides accompanying
the results presentation, which will include information on the Group's strategy, will be available on the Boxer website at
http://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 an interim gross dividend (number 3) of 49.9320 cents per share out of income reserves.
The dividend declared is subject to withholding tax at 20%.
The tax payable is 9.9864 cents per share, resulting in shareholders who are not exempt from dividends tax with a net dividend
of 39.9456 cents per share.
The key dates in respect of the dividend are as follows:
Declaration date Thursday, 8 October 2026
Last date to trade (CUM dividend) Tuesday, 1 December 2026
Ex-Dividend date Wednesday, 2 December 2026
Record date Friday, 4 December 2026
Payment date Monday, 7 December 2026
Share certificates may not be dematerialised or rematerialised between Wednesday, 2 December 2026 and Friday, 4 December 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 600 stores and employs more than 30 000 employees. For further information on Boxer,
please visit http://www.boxerinvestor.co.za.
DIRECTORS OF BOXER RETAIL LIMITED
Executive directors
Marek Masojada (CEO), David Wayne (CFO)
Non-executive directors
Sean Summers (Chair), James Formby
Independent non-executive directors
Charlotte Maponya (Lead independent non-executive 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: 12-10-2026 07:05:00
Date: 12/10/2026 07:05:00
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