Boxer Retail grew turnover 13.2% to R42.3bn and trading profit by 9.9% to R2.3bn in FY25 (53 weeks). On a comparable 52-week basis, turnover rose 10.4% and trading profit grew 7.0%, or 14.0% excluding a once-off Pick n Pay item. HEPS fell 11.8% to 413.76c due to higher tax and IPO-related share dilution, despite stable headline earnings. The company did not declare a FY25 dividend but intends to pay out 40% of HEPS from FY26. Due to IPO dilution, HEPS is expected to decline y/y in FY26, despite expected absolute earnings growth.
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