Boxer has released a trading update for the 17 weeks from beginning March to end June (or thereabouts), and things are looking good. Turnover came in at +12.1% (with comparable stores up +3.9%), despite consumers still battling to make ends meet and (very) low internal selling price inflation of -0.6%. Interestingly, Boxer is now reporting what it is calling “volume-held-constant inflation”. This method of calculation reflects effective selling prices by stripping out the effect of customers buying more or less or different products… in other words, it isolates pure price changes, and is a much more accurate reflection of Boxer’s pricing power and the impact of inflation on its core offering due to its limited range. Looking to the rest of the financial year, Boxer remains confident that it is on track to meet its projected turnover growth (in the low-teens) thanks to the performance of its existing stores and its store roll-out plan. Boxer has already opened 7 Superstores and 10 liquor stores during the first four months of FY2026, with plans to reach 60 (25 superstores and 35 liquor stores) by financial year end.


