Boxer, listed on 28 November 2024, reports that for the 45 weeks to 5 January 2025, sales rose by 11.4% y/y (like-for-like 6.7%), in line with its pre-listing guidance of 10–12% total growth and 5–7% like-for-like. Over the 19 weeks to 5 January 2025, sales grew by 10.8% y/y (5.5% like-for-like), reflecting a slowdown from 1H25’s 12.0% y/y (7.7% like-for-like), largely because 2H24 was unusually strong at 18.6% y/y (11.6% like-for-like) compared with 1H24’s 15.9% y/y. Internal food inflation normalised for mix changes for the period was 0.0% y/y, against 0.5% in the prior year. Gross profit margin remains in line with expectations. The company is on track with its FY25f Superstore rollout and Pick n Pay conversions, but delays in liquor licences have held back some planned liquor-store openings. Management remains confident of driving further growth in FY26f.