Boxer Retail's share price rises following positive trading update
Image: : Nqobile Mbonambi/Independent Newspapers
Boxer Retail was one of the top biggest movers on the JSE Tuesday morning after it reported a strong performance for the 17-week period to June 29, despite a highly constrained consumer environment and internal food selling price inflation of -0.6%.
The soft discount retailer, which was listed out of Pick n Pay in November last year, saw its share price rise 3.58% to R69.21 early Tuesday morning after the release of a trading update that showed turnover up 12.1% and 3.9% on a like-for-like basis. The share price is not far off the R63.51 it traded at when it listed.
This represents a positive trend when compared with the 9% turnover and 3.7% like-for-like growth reported for the second half of its 2025 financial year, as disclosed in Boxer's results for the 53 weeks to March 2, 2025.
'Boxer has produced consistent market share gains through the period and also seen positive recent trends, as the high base from the first few months of 2025 normalises,' its directors reported.
They said the internal food inflation on a volume-held-constant basis represented a further reduction from the volume-held-constant inflation of 0.3% for the 2025 financial year.
'Despite the challenging economic environment and the mild deflation reported for the period, Boxer remains comfortable that it is on track to meet its previously guided low-teens FY26 turnover growth objective, given the like-for-like momentum and store rollout program,' the directors said.
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Boxer opened 7 Superstores and 10 liquor stores in the first four months of the 2026 financial year, and it was on track to meet its previously communicated store roll-out targets, the directors said.
'Boxer remains confident with its FY26 gross margin outlook, despite the inherent margin management challenges in a low inflation environment,' they said.
Boxer, which is still 65.6% held by Pick n Pay, said it was switching to reporting volume-held-constant inflation, which more appropriately reflects its effective selling price inflation to customers.
For the 2022, 2023, and 2024 financial years, Boxer's volume-held-constant internal selling price inflation was 4.2%, 10.1%, and 3.1% respectively.
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