RIDBS Market Review — South African Food & Mass Retail
The Great Reshuffle: 2022–2026
Four years that redrew South African retail: a giant compounded, a legend nearly died, a discounter escaped its parent, an independent network rebuilt itself, the premium fortress paid off Australia — and Walmart finally raised its own flag. Here is the full scorecard, and what July–December 2026 holds.
7
Major Groups Reviewed
R650bn+
Combined Annual Sales
2
JSE Exits & 1 New Listing
R30bn+
On-Demand Delivery Market Built
4
CEOs Changed or Returned
2026
Walmart Banner Lands in SA
Contents
- The 2022 Starting Line
- The 2022–2026 Scoreboard
- Shoprite — The Compounder
- Boxer — The Escape Artist
- Pick n Pay — The Long Rescue
- Woolworths — The Fortress That Paid Off Australia
- SPAR — The Painful Reset
- Massmart/Walmart — The Second Act
- Food Lover’s Market — The Quiet Independent
- Five Forces That Decided Everything
- July–December 2026: What Comes Next
- Summary & The RIDBS View
1. The 2022 Starting Line
To judge the last four years fairly, remember where everyone stood in 2022: load-shedding at record intensity, food inflation surging toward double digits, the July 2021 unrest still smouldering in supply chains, and a consumer under historic pressure. Every group faced the same storm. What separated them was systems, balance sheets and nerve.
In 2022, Shoprite was already winning but not yet untouchable. Pick n Pay still believed a strategy document could fix a decade of under-investment. Boxer was a brilliant business trapped inside a struggling parent. Woolworths was still bleeding credibility from the David Jones adventure. SPAR was mid-crisis — a botched SAP go-live in KZN and losses piling up in Poland. Massmart was delisting in distress, its value down ~80%. And Food Lover’s Market was quietly compounding, unlisted and underestimated.
By mid-2026, the table had been violently rearranged. Below is the full reckoning.
2. The 2022–2026 Scoreboard
Shoprite Group
Six straight years of share gains; revenue from ~R184bn (FY2021) to R256.7bn (FY2025); Sixty60 built into a R19bn-a-year digital machine; H1 FY2026 sales up another 7.2% to R136.8bn with HEPS +7.7%.
Boxer
Escaped its parent via a R30bn IPO (Nov 2024); first full year listed delivered turnover +12.3% to R46.7bn, trading margin 5.7%, ROIC 26%, net cash, 576 stores and a maiden full-year dividend.
Food Lover’s Market
Stayed private, stayed focused; 2025 independent research crowned it SA’s cheapest basket; FreshStop passed 340 sites; a R400m+ flagship rollout began. The giants now copy its format.
Woolworths
Food kept winning (+11% FY2025; +7% H1 FY2026; Dash +23%) and earnings turned up again (+9.6% HEPS H1 FY2026) — but the Country Road impairment (R8.9bn) made FY2025 the last painful Australian chapter.
SPAR Group
Survived its SAP crisis, sold Poland and Switzerland, is exiting the UK; net debt cut 40% to R5.4bn; SA operating profit +6.8% in FY2025 with H2 accelerating. The damage was real; so is the recovery.
Massmart / Walmart
Delisted in distress (2022), restructured in private, then made history: the first Walmart-branded stores in Africa opened Nov 2025. Game keeps shrinking; the new banner is the bet.
Pick n Pay
Rescued from the brink by R12.5bn of recapitalisation — but FY2026 (May 2026) showed the core trading loss widening to R953m and break-even pushed out to FY2029. Group PBT positive; the war is not won.
Annual Sales: The Size of the Battlefield
Latest reported full-year revenue / turnover (R billions, rounded)
Massmart no longer publishes standalone results (private since 2022). Pick n Pay FY26 includes Boxer pre full separation of reporting; Boxer also shown standalone. Gold bars = clear 2022–26 winners.
Momentum: Latest Reported Sales Growth
Most recent full-year or interim sales growth, year-on-year
PnP supermarket decline reflects deliberate store closures; like-for-like sales were +3.9%. Food Lover’s does not publish growth figures.
The On-Demand War: Built Almost Entirely Since 2022
Latest disclosed on-demand / online growth & scale signals
Online now contributes 7.2% of Woolworths SA food sales. Sixty60 alone did R18.9bn in FY2025 — bigger than many mid-size retailers.
3. Shoprite — The Compounder Triumphed
If 2022–2026 had a single winner, it is Brackenfell. Shoprite turned a strong position into structural dominance — compounding through load-shedding, inflation and every competitor’s counter-move.
What changed since 2022
- Relentless share gains: market share won for a sixth consecutive year, growing at roughly twice the market; revenue climbed from R184bn (FY2021) through R246bn (FY2024) to R256.7bn (FY2025).
- Sixty60 became an industry: from pandemic novelty to R18.9bn in FY2025 (+47.7%), then R11.9bn in H1 FY2026 alone (+34.6%) — with the Pingo delivery network bought outright.
- Checkers premiumisation worked: FreshX stores and exclusive ranges took premium share; Checkers sales hit R88.4bn (+13.6%) in FY2025; adjacent formats (Petshop Science, UNIQ, Outdoor) grew 70.9% in H1 FY2026.
- It bought competitors’ assets: absorbed Massmart’s Cambridge/Rhino food stores (2022) while rivals retrenched.
- Margin held under deflation: H1 FY2026 internal inflation of just 0.7% — price investment funded by scale, HEPS still +7.7%.
R256.7bn
FY25 revenue
+34.6%
Sixty60 H1 FY26
19.4%
ROIC FY25
3,478+
stores
6 yrs
consecutive share gains
July–December 2026 watchlist
- FY2026 full-year results (early September 2026): expect another record — the key question is margin behaviour in a deflationary food environment.
- Sixty60 expansion: wider coverage, more categories, and possible monetisation of Pingo logistics as a service.
- Response to Walmart: watch defensive price action around Walmart store nodes and accelerated small-format rollouts.
- Risk: deflation squeezing rand-margin growth, and regulatory attention that market dominance eventually attracts.
4. Boxer — The Escape Artist Triumphed
Boxer’s four years are the cleanest success story in SA retail: a superb operator freed from a struggling parent, validated by the market at ~R30bn, and now compounding as a public company.
What changed since 2022
- From subsidiary to JSE star: listed November 2024 (raising R8.5bn for its former parent) — the most significant SA retail capital-markets event of the decade.
- First full listed year (FY2026, to 1 March 2026): turnover +12.3% to R46.7bn; like-for-like +4.5% with internal deflation of -1.2% — genuine volume growth; trading profit +17.3%; margin 5.7%.
- Balance sheet flipped: from R180m net debt to R709m net cash in one year; ROIC a sector-leading 26.0%.
- Estate grew to 576 stores (51 net new in FY2026), with 3,400 jobs created (35,314 total) and a maiden full-year dividend of 140.67c declared.
+12.3%
FY26 turnover growth
26.0%
ROIC
576
stores
5.7%
trading margin
R709m
net cash
July–December 2026 watchlist
- H1 FY2027 interims (~October 2026): the market will test whether 12%+ growth and volume gains survive returning inflation.
- Rollout cadence: ~50–60 new stores a year on the path toward the long-stated 1,000-store ambition (~2032).
- Risks: Usave and SaveMor attacking the same customer; Walmart EDLP arriving at the value end; single-format concentration.
5. Pick n Pay — The Long Rescue Still Struggling
Pick n Pay’s four years contain both the period’s most dramatic rescue and its most sobering lesson: balance sheets can be fixed in 18 months — operations take years. The May 2026 results made that brutally explicit.
What changed since 2022
- The fall: the Ekuseni strategy failed; FY2024 delivered a R3.3bn attributable loss and negative equity — existential territory for a 57-year-old institution.
- The rescue: Sean Summers returned (Oct 2023); a 106%-oversubscribed R4bn rights offer plus the R8.5bn Boxer IPO restored the balance sheet to net cash; the Ackerman family stepped back from board control after 58 years.
- The grind: 98 stores closed/converted over two years; FY2025 trading profit +334%; H2 FY2025 returned the core to trading profit; H1 FY2026 LFL hit +4.8%.
- The reality check (FY2026, May 2026): group swung to R360m profit before tax — but the core segment’s trading loss widened to R953m as costs outran sales; supermarket turnover fell 1.6% on closures; break-even was pushed from FY2028 to FY2029, with labour-cost restructuring now on the table.
- The bright spots: LFL +3.9%, gross margin +0.4pts, Clothing past 400 standalone stores, asap!/Mr D online +44%, a materially improved logistics contract signed.
R360m
FY26 group PBT (from -R237m)
-R953m
core trading loss (widened)
+3.9%
LFL company-owned
FY2029
new break-even target
98
stores closed in 2 yrs
July–December 2026 watchlist
- Labour engagement: the post-year-end restructuring of store labour practices is the defining — and most socially sensitive — workstream of H2 2026. Union response will set the tone.
- H1 FY2027 interims (~October 2026): the market needs to see the cost line bend; another widening loss would test patience in the FY2029 promise.
- New logistics contract benefits beginning to land; continued fresh-range investment; store refurbishment visibility.
- Risk: trapped between Checkers above and Boxer below, with returning fuel-driven inflation squeezing its stretched customer.
6. Woolworths — The Fortress That Paid Off Australia Mixed — Net Positive
Woolworths spent the period doing two things at once: running the best premium food business in Africa, and paying the final instalments on its Australian education. By H1 FY2026, the first story was again drowning out the second.
What changed since 2022
- The simplification: David Jones sold (2023); the Bourke Street property monetised for A$223.5m (Dec 2024); Absolute Pets acquired (2024); capital redirected to SA Food.
- The food machine: FY2025 Food +11.0% with online +32.9%; H1 FY2026 Food +7.0% (comparable +5.2%) with Dash +23% and online at 7.2% of food sales — above-market growth every single period.
- The Australian reckoning: FY2025 absorbed a R8.9bn Country Road impairment, swinging the group to a R7.3bn headline loss — an accounting reset, not an operating collapse.
- The recovery signal: H1 FY2026 HEPS +9.6% to 167.4c; group turnover +5.4% to R42.5bn; apparel (FBH) finally improving after its long rebuild.
+7.0%
food growth H1 FY26
+9.6%
HEPS H1 FY26
7.2%
online share of food
+23%
Woolies Dash
17.0%
ROCE
July–December 2026 watchlist
- FY2026 full-year results (~September 2026): first “clean” year post-impairment — watch whether group earnings growth holds without Australian noise.
- Margin defence: gross margins are under pressure from online mix and promotions; the premium-price/premium-cost equation is the number to watch.
- The Checkers/SPAR Gourmet squeeze: premium food is now the most contested space in SA retail — expect intensified fresh, convenience and Dash investment.
- Country Road: restructuring progress in a discount-driven Australian market; any strategic review headlines would move the stock.
7. SPAR — The Painful Reset Mixed — Reset Done
SPAR entered the period in self-inflicted crisis and exited it simplified, deleveraged and growing again — having paid dearly for the lesson that in distribution-led retail, the system is the business.
What changed since 2022
- The SAP crisis — and recovery: the botched KZN ERP go-live (2022–23) crushed service levels and earnings; stabilisation restored operational credibility by FY2025.
- The European retreat: Poland sold (Jan 2025, with a R2.7bn recapitalisation), Switzerland exited (~R680m), the UK’s AWG in disposal talks — CEO Angelo Swartz: “limited appetite” beyond Southern Africa, Ireland and Sri Lanka.
- The balance-sheet rebuild: net debt down 40% to R5.4bn; gearing from 2.41× to 1.74×; cash generation +13.3% to R5.45bn; a stated pathway back to shareholder returns.
- The growth restart: FY2025 Southern Africa operating profit +6.8% with H2 revenue +3.5%; SPAR Health +13.2% (Aptekor approved; 250 pharmacies by 2028); SPAR Gourmet launched; Pet Storey entered pet retail; new uMhlanga HQ opened.
-40%
net debt reduction
+6.8%
SA operating profit FY25
+3.5%
H2 FY25 revenue
78.6%
retailer loyalty
2,523
SA-region stores
July–December 2026 watchlist
- UK disposal completion — the final piece of the simplification; expect confirmation within the window.
- H1 FY2026 interims (~June) and FY2026 momentum: can H2-2025’s acceleration push retailer loyalty back above 80%?
- Dividend resumption signals — the promised “pathway to shareholder returns” becoming a date.
- Gourmet rollout vs Woolworths/Checkers, Aptekor integration, SPAR2U scaling — the growth-format report card.
8. Massmart / Walmart — The Second Act Rebuilding
No group’s 2022 looked darker — and none ended the period with a more provocative move. Walmart took Massmart private at the bottom, performed surgery, and then did what fifteen years of local ownership never dared: put its own name above the door.
What changed since 2022
- The delisting (Nov 2022): Walmart bought out minorities for ~R6.4bn (a 53% premium) after an ~80% value decline — ending 22 years on the JSE.
- The surgery: Cambridge Food, Rhino and Massfresh sold to Shoprite; DionWired already closed; the group narrowed to Makro, Builders, Game and wholesale.
- The systems transfusion: Walmart’s Global Integrated Fulfilment deployed across Makro; Makro Business B2B launched; Makro ranked SA’s cheapest major basket in independent surveys in 2023, 2024 and 2025.
- History made (Nov 2025): Africa’s first Walmart-branded stores opened at Clearwater and Fourways (converted Game sites) — EDLP pricing, US import ranges, ~80 jobs per store, and a 60-minute delivery app. Boksburg followed in Q1 2026; ~20 more Game conversions under review.
2022
delisted & restructured
Nov 2025
first Walmart stores in Africa
3
consecutive cheapest-basket rankings (Makro)
~20
Game sites under conversion review
July–December 2026 watchlist
- The strategy reveal: Massmart has promised detail on Walmart’s longer-term SA plan in Q2 2026 — the single most anticipated announcement in SA retail. H2 2026 shows us the execution.
- Store rollout pace: how many of the ~20 Game conversions become Walmart stores before December; whether the format expands beyond Gauteng.
- Price-war escalation: EDLP vs Shoprite’s scale and Boxer’s discounts — festive season 2026 will be the first full Black Friday/December with Walmart trading.
- Game’s endgame and union response to conversions — the social licence question that has followed Walmart since 2011.
9. Food Lover’s Market — The Quiet Independent Triumphed
While the giants fought public wars, the Coppin family’s unlisted group simply kept compounding — and in 2025 produced the period’s most subversive data point: the independent beat every listed giant on basket price.
What changed since 2022
- 30 years, still private: celebrated three decades (2023) at ~17,000 people and ~575 outlets across all brands — Africa’s largest privately owned food retailer.
- The price proof (2025): independent basket research ranked Food Lover’s Market the cheapest major chain by a significant margin — farm-direct sourcing validated against R250bn-scale competitors.
- Expansion restarted: a R400m+ rollout began with a giant Cape Town flagship; ~50 new stores targeted over five years; FreshStop passed 340 forecourt sites.
- Imitation as flattery: Checkers FreshX and SPAR Gourmet are, in effect, tributes to the Theatre of Food format — while FLM pushed into pet retail (VetsMart) alongside the giants.
#1
cheapest basket 2025
~575
outlets, all brands
340+
FreshStop sites
R400m+
rollout plan
July–December 2026 watchlist
- Flagship openings from the rollout plan, and FreshStop’s march toward 400 sites.
- Digital catch-up: any move on serious online/delivery capability — the acknowledged gap against Sixty60-era rivals.
- The perennial IPO question: with Actis a decade into its investment, exit speculation will keep building; any liquidity event would be a landmark.
- Defending fresh authority as FreshX, Gourmet and now Walmart crowd the experience-and-value space it pioneered.
10. Five Forces That Decided Everything
Strip away the individual dramas and the 2022–2026 reshuffle was driven by five forces. They will decide the next four years too.
1. Supply Chain Was Destiny
Shoprite’s decades-old DC network funded its price war. SPAR’s ERP failure nearly broke it. Pick n Pay’s late centralisation is still being paid for — its new logistics contract is a turnaround pillar. The lesson is absolute: the system IS the business.
2. On-Demand Became Table Stakes
A market that barely existed in 2021 now moves R30bn+ a year: Sixty60 (R11.9bn in one half), Dash (+23%), asap!/Mr D (+44%), SPAR2U (525 sites), Walmart’s 60-minute app. Delivery economics now shape store formats, labour models and loyalty data.
3. The Middle Collapsed
Value (Boxer, Usave, Makro, now Walmart) and premium (Checkers, Woolworths Food, Gourmet) both grew — the undifferentiated middle paid for it. Pick n Pay’s entire crisis is, structurally, a middle-market story.
4. Balance Sheets Bought Time — Only Operations Bought Recovery
R12.5bn rescued Pick n Pay’s balance sheet; the core still lost R953m in FY2026. SPAR cut debt 40% but had to fix the DCs first. Woolworths’ impairments cleared the decks — the food operation did the healing. Capital is a painkiller; execution is the cure.
5. Ownership Structure Became Strategy
Walmart went private to fix Massmart away from the market. Boxer was set free by listing. FLM compounded precisely because it never listed. The Ackermans stepped back; the Coppins stayed. Who owns you — and how patiently — decided what was possible.
The Wildcard: Walmart’s Flag
The first Walmart-branded stores in Africa (Nov 2025) end the era when SA retail’s wars were domestic. The world’s biggest retailer is now trading under its own name, with EDLP doctrine and patient private capital. Every strategy in this review now has a Walmart contingency.
11. July–December 2026: What Comes Next
The second half of 2026 is unusually loaded: a full results season, a promised Walmart strategy reveal in execution, a labour restructuring at Pick n Pay, and the first festive season with four serious on-demand armies plus Walmart trading. The RIDBS read, group by group:
| Group | Key H2 2026 events | RIDBS base case | Biggest risk |
|---|---|---|---|
| Shoprite | FY26 results (Sept); Sixty60 expansion; festive showdown | Another record year; price leadership maintained into deflation | Rand-margin squeeze; regulatory attention on dominance |
| Boxer | H1 FY27 interims (~Oct); ~25–30 new stores in the half | Double-digit growth holds; volume-led model shines as inflation returns | Walmart/Usave price pressure at the value end |
| Pick n Pay | Labour engagement lands; H1 FY27 interims (~Oct) | LFL keeps improving but core loss persists; all eyes on the cost line | Labour dispute escalation; patience with FY2029 target |
| Woolworths | FY26 results (~Sept); first clean post-impairment year | Food outgrows market again; earnings recovery confirmed | Margin erosion from online mix; Australian apparel drag |
| SPAR | UK disposal close; FY26 results (~Dec); dividend signals | Simplification completed; loyalty and margin grind upward | Execution fatigue; grocery volume battle vs giants |
| Massmart/Walmart | Strategy reveal execution; more conversions; first full festive season | Measured rollout — a handful more stores, loud price marketing | Union friction on Game conversions; EDLP vs entrenched giants |
| Food Lover’s | Flagship openings; FreshStop expansion; IPO speculation | Quiet compounding continues; fresh authority defended | Digital gap widening as on-demand wars intensify |
The Macro Backdrop for H2 2026
Food inflation has swung from crisis-era double digits to near-deflation (Shoprite’s internal inflation hit 0.7%, Boxer ran -1.2%) — but fuel-driven cost pressure is rebuilding, and Pick n Pay has already flagged a meaningful step-up in diesel costs. Expect H2 2026 to bring mildly re-accelerating food inflation, intense festive price wars amplified by Walmart’s arrival and Black Friday, and continued migration of baskets to on-demand channels. Retailers with the lowest cost per case and the best data will, again, take the share.
12. Summary & The RIDBS View
Between 2022 and 2026, South African retail staged its great reshuffle: Shoprite compounded into structural dominance, Boxer escaped and thrived (+12.3%, ROIC 26%), Food Lover’s proved the independent can beat the giants on price, Woolworths paid off Australia and let its food fortress shine, and SPAR completed the most painful reset in the sector — while Pick n Pay’s rescue bought time its operations are still earning, and Walmart planted its flag on African soil.
The verdict of four brutal years is uncomfortable for every comfortable retailer: brand heritage saved no one, capital alone fixed no one, and scale only paid when the systems underneath it worked. The winners shared one trait — ruthless operational discipline in supply chain, data and price, sustained over years.
July–December 2026 will be the most competitive half-year in South African retail history: a five-front festive price war, an on-demand arms race, a labour reckoning, and the world’s biggest retailer testing its doctrine on local soil. For every supermarket owner and operator, the question is no longer whether the market is shifting — it is whether your systems can shift with it.
“In retail, the shake-out never announces itself. It just arrives at the till.”
Understand the Market. Then Fix the Systems Behind It.
Four years of evidence, one conclusion: the gap between winners and losers in South African retail is operational, not cosmetic. If you are a supermarket owner, operator, or investor trying to understand what is shifting in the South African grocery basket — and what your store systems need to change to stay competitive — RIDBS can help.
- Read the SHIFTING BASKETS analysis — understand where the South African grocery customer is moving, why the basket is changing, and what it means for your store.
- Use the Area Manager Store Walk Coach — turn store visits into dated coaching evidence, capture issues cleanly, and leave with proof instead of scattered photos and WhatsApp messages.
Sources & Verification
Key facts and figures in this review can be verified against the following official and independent sources:
- Shoprite — official investor relationshttps://www.shopriteholdings.co.za
- Shoprite — H1 FY2026 / Sixty60 R11.9bn (LaunchBase Africa)https://launchbaseafrica.com/2026/03/03/sixty60-passes-750m-in-half-year-sales-as-shoprite-tightens-its-grip-on-digital-grocery/
- Shoprite — H1 FY2026 trading & Sixty60 +34.6% (TechCentral)https://techcentral.co.za/shoprite-keeps-sixty60-momentum-as-group-sales-rise-7-2/277048/
- Shoprite — FY2025 results coverage (Daily Investor)https://dailyinvestor.com/retail/100266/shoprite-rolling-out-hundreds-of-stores-across-south-africa/
- Boxer — FY2026 audited results SENS (Sharenet)https://www.sharenet.co.za/v3/sens_display.php?tdate=20260511070500&seq=3
- Boxer — FY2026 results coverage (Supermarket & Retailer)https://supermarket.co.za/index.php/retailer-trading-results/7910-boxer-builds-on-strong-jse-debut-with-resilient-performance
- Pick n Pay — FY2026 audited results SENS (Sharenet)http://www2.sharenet.co.za/v3/sens_display.php?tdate=20260525070500&seq=6&scode=PIK
- Pick n Pay — FY2026 break-even delay (Reuters)https://www.reuters.com/world/africa/south-africas-pick-n-pay-narrows-headline-loss-boxer-boosts-performance-2026-05-25/
- Pick n Pay — FY2026 analysis (EasyEquities)https://blogs.easyequities.co.za/pick-n-pay-turnaround-boxer-valuation-fy26-results
- Woolworths — official investor relationshttps://www.woolworthsholdings.co.za
- Woolworths — H1 FY2026 trading update (TechCentral)https://techcentral.co.za/woolworths-online-momentum-builds/276899/
- Woolworths — H1 FY2026 interim results (CNBC Africa / Reuters)https://www.cnbcafrica.com/2026/south-africas-woolworths-earnings-rise-on-festive-season-sales
- SPAR — FY2025 audited results SENS (PDF)https://thespargroup.com/pdf/SPAR_Group_Ltd_Annual_Results_2025_SENS.pdf
- SPAR — UK disposal & strategy (Reuters)https://www.reuters.com/world/africa/south-africas-spar-full-year-profit-falls-higher-finance-costs-tax-rate-2025-12-08/
- SPAR — Switzerland exit cost (BusinessTech)https://businesstech.co.za/news/finance/837130/spar-pays-r680-million-to-exit-international-business/
- Massmart — JSE delisting analysis (Mail & Guardian)https://mg.co.za/business/2022-11-17-behind-massmarts-jse-exit-after-22-years/
- Walmart SA — store rollout & app (MyBroadband)https://mybroadband.co.za/news/business/625345-new-walmart-store-location-in-south-africa-revealed.html
- Walmart SA — Game conversions (BusinessTech)https://businesstech.co.za/news/business/850708/international-retail-giant-taking-over-south-african-stores-across-the-country/
- Food Lover’s Market — company overview (Wikipedia)https://en.wikipedia.org/wiki/Food_Lover%27s_Market
- Food Lover’s Market — group journey & 2025 price ranking (Mabumbe)https://mabumbe.com/news/food-lovers-market
- Makro — official history (About Us)https://www.makro.co.za/pages/about-us
Disclaimer
This market review was independently compiled and published by RIDBS (Retail Is Detail Business Solutions) for educational and market-analysis purposes. RIDBS is not affiliated with, endorsed by, or acting on behalf of Shoprite Holdings, Boxer Retail, Pick n Pay Stores, Woolworths Holdings, The SPAR Group, Massmart Holdings, Walmart Inc., the Food Lover’s Market Group, or any of their subsidiaries, brands or shareholders. All trademarks, brand names and logos referenced remain the property of their respective owners.
Information was compiled from publicly available sources — company results announcements (SENS), investor relations publications, regulatory filings and reputable media reporting — and is believed accurate as at June 2026. Financial figures, store counts and other metrics may have been rounded, restated or superseded since publication; reporting periods differ across companies and are not always directly comparable. The “July–December 2026” outlook section contains forward-looking commentary and RIDBS’s own analytical opinions; these are expectations, not facts, and actual outcomes may differ materially. Readers should verify current figures against the official sources listed above before relying on them.
Nothing in this review constitutes financial, investment or professional advice, nor a recommendation to buy, sell or hold any security. RIDBS accepts no liability for decisions made in reliance on this content. To report an inaccuracy or request a correction, please contact RIDBS.
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