Pick n Pay’s ‘golden child’ continues to shine

Boxer has experienced a strong start to its 2026 financial year, with the discount retailer outperforming its parent company, Pick n Pay, on the JSE.

This is despite Pick n Pay still owning over 60% of Boxer following its spin-off and separate listing in 2024.

Today, Boxer is listed on the JSE with a market cap of around R30.56 billion, while Pick n Pay’s market cap stands at approximately R19.89 billion.

Boxer released a trading update for the 17 weeks ended 29 June 2025 on Tuesday, 29 July 2025.

This update showed a strong start to the group’s 2026 financial year, with turnover growth of 12.1% and 3.9% growth on a like-for-like basis.

The retailer explained that it has produced consistent market share gains through the period and has also seen positive recent trends, as the high base from the first few months of its 2025 financial year normalises.

Boxer also reported negative internal food inflation of -0.6% for the period on a volume-held-constant basis, even lower than its FY25 inflation of 0.3%.

The company explained that this was achieved 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 programme,” it said. 

Boxer has opened seven superstores and ten liquor stores during the first four months of FY26.

“While there is always an element of uncertainty in the precise timing of store openings, current visibility suggests that Boxer remains on track to meet its previously communicated FY26 store rollout targets,” the retailer said. 

“Boxer remains confident with its FY26 gross margin outlook, despite the inherent margin management challenges in a low inflation environment.”