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Boxer Retail Limited
Incorporated in the Republic of South Africa
Registration number: 2024/392006/06
JSE and A2X share code: BOX
ISIN: ZAE000339891
("Boxer" or "the Group")
Trading update for the 20 weeks ended 19 July 2026
Trading for the 20-week period to 19 July 2026 ("the Period") reflected slowing momentum in a highly
constrained trading environment, with continued selling price deflation across the Boxer shopping
basket.
Turnover for the Period grew 7.2%, with like-for-like growth of 2.2%. This represents a slowdown vs.
the 10.9% turnover growth (3.7% like-for-like) recorded in H2 FY26. Like-for-like volume growth (as
measured by like-for-like turnover less internal selling price inflation) remained positive, sustaining
the trend of the past 3 years. Boxer's market share increased over the Period, based on Boxer's
calculations using data reported by NielsenIQ*.
Internal selling price inflation for the Period, as measured on a volume-held-constant basis, was -1.9%,
representing a further slowdown from the -0.7% and -1.6% previously reported for H1 FY26 and H2
FY26 respectively. The reported deflation is the consequence of continued deflation across key
commodity categories, particularly maizemeal, rice and flour, which all experienced double-digit
deflation during the period.
As a consequence of both strong other trading income growth and tight margin control,
management's current assessment is that Boxer is on track to maintain its H1 FY27 trading profit
margin at the level of H1 FY26.
During the Period, 19 new stores were opened, consisting of 6 Superstores and 13 liquor stores. Boxer
has a strong FY27 store opening pipeline and management remains confident the Group will meet its
previously communicated FY27 store rollout target of 25 Superstores and 35 liquor stores.
Boxer expects turnover growth to accelerate over the latter part of FY27, due to an anticipated uptick
in selling price inflation and an improved turnover contribution from new stores, given that the
majority of FY27 store openings are scheduled for the second half of the financial year.
The financial information on which this trading update is based is the responsibility of the Boxer board
of directors and has not been reviewed by or reported on by Boxer's external auditors.
*Boxer's calculations based in part on data reported by NielsenIQ through its Retail Index Service for FMCG, for the period
week ending 08/03/2026 to week ending 19/07/2026, Modern Trade. (Copyright ' 2026 NielsenIQ.)
By order of the Board
Westville
28 July 2026
Sponsor: RAND MERCHANT BANK (a division of FirstRand Bank Limited)
Forward-looking information contained in this announcement
This announcement contains certain forward-looking statements which may relate to Boxer's
possible future actions, long-term strategy, performance, liquidity position and financial position. All
forward-looking statements are solely based on the views and considerations of the board and, in
particular, as at the date hereof. These statements involve risk and uncertainty as they relate to
events and depend on circumstance 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.
Date: 28-07-2026 07:10:00
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