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Boxer Retail (BOX) investor relations material
Boxer Retail H1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Turnover grew 13.9% year-over-year to R22.5 billion, with like-for-like sales up 5.3% and trading profit up 15.1% to R931 million, maintaining a 4.1% margin.
25 new stores opened, net increase of 22, bringing total to 547; 2,300 new jobs created in H1.
Inaugural dividend of 45.30 cents per share declared, representing a 40% payout of headline earnings.
Net cash position improved to R1.1 billion from net debt of R180 million at FY25 year-end.
Strategic initiatives included the launch of the Boxer Rewards Club (2.3 million members) and the Boxer Supplier Portal.
Financial highlights
EBITDA rose 13.7% to R1.61 billion; headline earnings up 5.3% to R518 million.
Gross margin stable at 20.3%; trading margin flat at 4.1%.
Trading expenses increased 14.3%, mainly due to new store rollouts and listing-related costs.
Net finance charges up 79.1% due to IPO-related balance sheet changes and higher lease interest.
Profit before tax before capital items rose 2.9% to R700 million.
Outlook and guidance
Guidance to open 60 stores for FY2026, with 35 targeted in H2; full-year capex projected at R1.1 billion.
Expect short-term margin dilution (0.1%) from new Tongaat DC, normalizing over 3-4 years.
H2 performance will depend on Black Friday and festive trading; focus on achieving full-year targets.
No major change in selling price inflation expected in H2; competitive pricing to continue.
FY26 HEPS expected to decline year-on-year due to share dilution, but headline earnings growth remains a focus.
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