New store openings created 3 400 jobs, bringing Boxer’s total workforce to 35 314 employees.
Discount retailer Boxer has reported mixed financial results for the year ended 1 March 2026.
The retailer on Monday highlighted that it had a strong year, with store expansion, job growth and increases in revenue and profit. However, its earnings per share (EPS) and headline earnings per share (HEPS) fell.
“The Boxer team has delivered an exceptional FY26 performance, underscoring the strength, resilience and continued evolution of our discount operating model, which remains firmly committed to delivering unmatched value and everyday affordability to the communities we serve,” said Marek Masojada, Boxer CEO.
Boxer opens 51 stores
The retailer continues its expansion strategy, having opened 51 new stores during the year, bringing the total to 576. Thirty one are liquor stores, 19 are Superstores and two are Build stores.
“For the 52 weeks ended 1 March 2026, Boxer increased turnover by 12.3% on a comparable 52 week basis to R46.7 billion,” said the retailer.
“New stores contributed 7.8% to total turnover growth (excluding like-for-like sales), demonstrating the strong performance and quality of recently opened locations over the past 12 months.”
New store openings created 3 400 jobs, bringing Boxer’s total workforce to 35 314 employees.
Boxer makes profit over R2bn
The retailer’s financial results further showed that it earned more from its core business operations than in 2025.
“Trading profit grew by 17.3% to R2.6 billion, with the trading profit margin expanding to 5.7% from 5.4% in FY25.”
This is the money the retailer made after operating costs are deducted, but before interest and tax.
Boxer added that trading expenses increased by 10.9% (including the additional week in the prior-year base), primarily driven by Boxer’s accelerated new store rollout, with trading space increasing by 6.9% during the year.
Shareholders earned less
Despite a strong performance in the 2026 financial year, Boxer’s shareholders earned less per share than the previous year.
The company said its headline earnings per share (HEPS) fell by 15% because of its IPO structure, which increased the number of shares in circulation after it listed on the Johannesburg Stock Exchange in November 2024.
Headline earnings are a company’s profit derived solely from core operational and trading activities, excluding non-recurring, one-time, or capital items like asset sales or impairments. They offer a clearer picture of consistent profitability than net profit.
The future
Masojada said the retailer enters financial year 2027 with uncertainty due to the effects of the Middle East war.
“While elevated oil and diesel prices are creating uncertainty around the FY27 trading environment, particularly in relation to food inflation, logistics costs and consumer spending, Boxer remains confident in the proven resilience of its discount model and long-term growth strategy,” he said.
The retailer also noted that at it enters a new year, IPO-related expenses will no longer weigh down its performance.
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