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Pick n Pay is listing its highly profitable Boxer brand separately. Picture: SUPPLIED
Pick n Pay is listing its highly profitable Boxer brand separately. Picture: SUPPLIED

Boxer’s sales growth in the 45 weeks to January 5 was in line with guidance provided in the pre-listing statement, it said on Tuesday.

Sales for the period grew 11.4% and 6.7% on like-for-like basis, it said in a statement. In the prelisting statement, the group’s guidance was sales growth of 10%-12% and like-for-like sales growth of 5%-7% for the 2025 financial year.

Sales for the 19 weeks to January 5 grew 10.8% and 5.5% like for like. The softening in sales momentum compared with the first half of the 2025 financial year was the result of the business coming off the base of a significantly stronger financial year 2024 second half , when sales grew 18.6% versus the first half of 2024's sales growth of 15.9%, it noted.

Internal food inflation for the current period was 6.1%, compared with 5.3% for first half of 2025.

Boxer’s reported internal inflation is based on the year-on-year change in average unit prices for items common to both periods, where average unit price is calculated as total like-for-like sales divided by total related product volumes. The methodology does not normalise for mix change impacts which are highly influenced by promotional activity.

Whereas mix change does not normally have a material impact on the reported number, in the period the mix change impact was meaningful, it said.

Normalising for mix change effects, Boxer’s inflation for the period would be 0.0%, versus 0.5% in the first half, which the group believes provides a truer reflection of underlying inflation for its customers.

The gross profit margin achieved for the year to date was in line with Boxer’s expectations.

“Boxer is on track to meet its financial year 2025 guidance on Superstore rollout, including Pick n Pay conversions,” it said.

Liquor store openings have been affected by delays in the granting of liquor licences for several of the planned stores. Boxer is pushing to finalise the outstanding licences before financial year end, but the outcome is not fully within management's control.

“The Boxer team looks forward to driving continued growth in financial year 2026, and is working tirelessly to execute on the planned financial year 2026 store pipeline," it said.

The group, which was listed on the JSE in November after an IPO that raised R8.5bn, was valued at R28.9bn.

mackenziej@arena.africa

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