Boxer's R1.0bn trading profit offsets Pick n Pay's R516m loss

Boxer has become the group's undisputed profit engine — self-funded, cash-generative, and expanding — while the core Pick n Pay supermarket business remains loss-making after years of structural strain. But losses narrowed 16.9% and 19 underperforming stores were cut, suggesting the turnaround is gaining traction rather than stalling.