Boxer Hits 525 Stores in South Africa Amid Strong Financial Growth
Pick n Pay’s discount retail chain, Boxer, has expanded to 525 stores nationwide and plans further growth as its value-focused business model continues to succeed in South Africa’s competitive retail market.
Financial Performance Highlights
In its first financial results as a separately listed entity, Boxer reported:
- 13.2% turnover growth to R42.34 billion (FY24: R37.4 billion)
- 9.9% increase in trading profit to R2.3 billion
- Flat headline earnings at -0.1% (R1.4 billion)
- 11.8% decline in headline earnings per share to 413.8 cents
The earnings pressure resulted from higher finance costs related to pre-IPO restructuring and increased tax rates, offsetting strong operational performance.
Financial Results (53/52 weeks)
| R million | FY2024 | FY2025 | % Change |
|---|---|---|---|
| Turnover | 37,419 | 42,344 | +13.2% |
| Trading Profit | 2,101 | 2,308 | +9.9% |
| Profit Margin | 5.6% | 5.5% | – |
Aggressive Store Expansion
Boxer CEO Marek Masojada
The retailer’s November 2024 listing has fueled rapid expansion:
- 48 new stores opened in FY25 (9% GLA increase)
- Current footprint: 320 Superstores, 175 Liquor, 30 Build stores
- 15 Pick n Pay conversions showing improved performance
Boxer plans to maintain this momentum with annual targets of:
- 25+ new Superstores
- 35+ new Liquor stores
Future Outlook
Despite anticipating margin pressure from listing costs and market competition, Boxer remains focused on long-term growth opportunities in South Africa’s retail sector.
The company projects low-teens sales growth for FY26 while maintaining its commitment to dividend payments starting in FY26 (40% of headline earnings).
Source: BusinessTech