The short version: Boxer reports slowdown driven by deflationary environment
In its trading update for the 20 weeks to 19 July 2026, Boxer announced turnover growth of +7.2% for the period (and like-for-like growth of +2.2%), a drop compared to the +10.9% turnover growth (3.7% like-for-like) it enjoyed in the second half of FY2026. This is by no means a bad result, and is mostly attributable to deflation across key commodities, like maize meal, rice and flour, which have all come down in price over the period. For a business built on selling grocery essentials, this is bound to have a knock-on effect. Despite the drop in prices, volumes through the door are looking good, with like-for-like volume growth still positive, as has been the case over the last three years. In terms of store footprint, 19 new stores were opened (that’s almost one per week), with six of those being supers and 13 liquor stores. Looking to the rest of the 2027 financial year, Boxer expects turnover growth to accelerate due to an anticipated increase in selling price inflation (as fuel price increases ripple down to the store shelf) and a greater turnover contribution from new stores, since most of the planned store openings are scheduled for H2.






