Consumer spending at NRS retailers in October increased 9.5% compared to October 2021 and increased 3.6% compared to September 2022
NEWARK, N.J., Nov. 07, 2022 (GLOBE NEWSWIRE) -- NRSInsights, a provider of sales data and analytics drawn from retail transactions processed through the National Retail Solutions (NRS) nationwide point-of-sale (POS) platform, today announced comparative same-store sales results for October 2022.
The NRS retail network comprises over 20,000 terminals scanning purchases at independent retailers including bodegas, convenience stores, liquor stores, grocers, and tobacco and sundries sellers predominantly serving urban consumers.
Retail Same-Store Sales Highlights for October 2022
(Sequential comparisons are influenced by seasonal factors)
- Same-store sales increased 9.5% from a year earlier (October 2021) and increased 3.6% compared to the preceding month (September 2022);
- Same-store sales in the preceding month (September 2022) had also increased 9.5% compared to the year-ago month (September 2021) but had decreased 1.2% compared to the previous month, (August 2022);
- Year to date, same-store sales have increased 8.2% compared to the comparable period in 2021;
- For the three months ended October 31, 2022, same-store sales increased 8.6% compared to the three months a year ago;
- The number of items sold during October 2022 increased 8.6% compared to October 2021 and increased 4.4% compared to September 2022;
- The average number of transactions per store in October 2022 increased 4.9% compared to October 2021 and increased 1.5% compared to September 2022;
- A dollar-weighted average of prices for the top 500 items purchased in October 2022 increased 4.1% year over year, an increase compared to the 3.6% year-over-year increase in September 2022.
Suzy Silliman, SVP, Data Strategy and Sales at NRS commented, “NRS same-store sales data for October showed strong consumer demand, with robust year over year and sequential increases. The rate of increase in the cost of the most popular items also increased significantly, suggesting that inflationary pressures are still building in this slice of the retail market.”
The table below provides historical comparative data with the US Commerce Department’s Advance Monthly Retail Trade data excluding food service:
NRSInsights Reports
The NRSInsights monthly Same-Store Retail Sales Reports are intended to provide timely topline data reflective of sales at NRS’ network of independent, predominantly urban, retail stores.
Over the prior 12 months, the NRS same-store retail sales data has exhibited a statistically significant correlation with the US Commerce Department’s Advance Monthly Retail Trade data excluding food services (r =.869, p = 0.000003)
The NRSInsights data have not been adjusted to reflect inflation, demographic distributions, seasonal buying patterns, item substitution, or other factors that may facilitate comparisons to other periods, to other same-store retail sales data, or to the US Commerce Department’s retail data.
Same-store data comparisons of October 2022 with October 2021 are derived from approximately 122 million transactions processed through the 11,616 stores on the NRS network that scanned transactions in both months.
NRS POS Network
NRS operates the largest POS network for independent retailers in the US, aggregating data from over 20,000 active POS terminals operating in over 17,000 independent retail stores. Its platform predominantly serves urban, small-format, independent, retail stores including convenience stores, bodegas, liquor stores, grocers, and tobacco and sundries sellers. The network includes retailers in all 50 states and in 190 of the 210 designated market areas (DMAs) in the US. Over the past twelve months, NRS’ POS terminals processed $12.6 billion in sales through approximately 910 million transactions.
About National Retail Solutions (NRS):
National Retail Solutions operates a point-of-sale (POS) terminal-based platform and digital payment processing service for independent retailers and bodega owners nationwide. Retailers utilize NRS offerings to process transactions and manage operations more effectively. Advertisers access the terminal’s digital display network to reach these retailers’ massive, predominantly urban customer bases. Consumer packaged goods (CPG) suppliers leverage the NRS platform to provision promotions, coupons and special offers to independent retailers. NRS is a subsidiary of IDT Corporation (NYSE: IDT).
All statements above that are not purely about historical facts, including, but not limited to, those in which we use the words “believe,” “anticipate,” “expect,” “plan,” “intend,” “estimate,” “target” and similar expressions, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. While these forward-looking statements represent our current judgment of what may happen in the future, actual results may differ materially from the results expressed or implied by these statements due to numerous important factors. Our filings with the SEC provide detailed information on such statements and risks, and should be consulted along with this release. To the extent permitted under applicable law, IDT assumes no obligation to update any forward-looking statements.
NRS Data Contact:
Suzy Silliman
SVP, Data Strategy and Sales at NRS
National Retail Solutions
suzy.silliman@nrsplus.com
# # #
Attachment
