Same-store sales at NRS retailers during July increased 5.5% compared to July 2022
NEWARK, N.J., Aug. 03, 2023 (GLOBE NEWSWIRE) -- NRSInsights, a provider of sales data and analytics drawn from retail transactions processed through the National Retail Solutions (NRS) point-of-sale (POS) platform, today announced comparative same-store sales results for July 2023.
As of July 31, 2023, the NRS retail network comprised approximately 25,700 terminals scanning purchases at independent retailers including bodegas, convenience stores, liquor stores, grocers, and tobacco and sundries sellers nationwide, predominantly serving urban consumers.
Retail Same-Store Sales Highlights
- Same-store sales increased 5.5% from a year earlier (July 2022). Average sales per calendar day for July increased 1.7% compared to the preceding month (June 2023).
- Same-store sales in the preceding month (June 2023) had increased 7.7% compared to the year-ago month (June 2022). Average sales per calendar day in June had increased 1.5% compared to the preceding month (May 2023).
- For the three months ended July 31, 2023, same-store sales increased 6.1% compared to the three months ended July 31, 2022.
- The number of items sold during July 2023 increased 6.2% compared to July 2022 and the number of items sold per calendar day increased 0.9% compared to June 2023.
- The average number of transactions per store in July 2023 increased 3.4% compared to July 2022 and the average number of transactions per calendar day increased 1.2% compared to June 2023.
- A dollar-weighted average of prices for the top 500 items purchased in July 2023 increased 1.6% year-over-year, a substantial decrease from the 2.9% year-over-year increase recorded in June 2023.
Commentary from Suzy Silliman (SVP, Data Strategy and Sales at NRS)
“A big 4th of July holiday created momentum for a strong July performance across the NRS retail network. During the seven days (Thursday - Wednesday) around the 4th, our network recorded overall increases in dollars, units and traffic versus the same holiday period in the prior year and compared to June’s year over year growth trend. For the seven-day period, non-alcoholic packaged beverages, ice cream and novelties, beer/flavored malt beverages (FMB)/cider/seltzer, sun care and ice unsurprisingly showed the greatest lifts compared to June.
“For the full month of July, same-store sales by NRS retailers rose a robust 5.5% year-over-year, although at a slower rate of increase than the 7.7% year-over-year increase we reported in June. The cooling reflects, in part, a further easing of inflationary pressures. The top selling 500 items had a weighted year-over-year price per unit increase of just 1.6% in July-which is a substantial decrease from the 2.9% year-over-year increase in June.
“Our neighborhood retailers’ three-month rolling, year-over-year same-store sales increase of 6.1% continues to exceed the U.S. Commerce Department’s comparable retail same-store metric. Our rate of increase has, on average, been 5% above the Department’s rate of same store sales over the past eight months.”
Retail Trade Comparative Data
The table below provides historical comparative data with the U.S. Commerce Department’s Advance Monthly Retail Trade same store sales data excluding food service:
Over the past eight months, the NRS average three-month moving average same-store sales has outpaced the US Commerce Department’s Advance Monthly Retail Trade data excluding food services by 5.0 percentage points, on average.
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 U.S. Commerce Department’s retail data.
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.
Same-store data comparisons of July 2023 with July 2022 are derived from approximately 158 million transactions processed through the 14,537 stores on the NRS network that scanned transactions in both months. Same-store data comparisons of July 2023 with June 2023 are derived from approximately 209 million transactions processed through 21,388 stores.
Same-store data comparisons for the three months ended July 31, 2023 with the year-ago three months are derived from approximately 440 million scanned transactions processed through the stores that were in the NRS network in both quarters.
NRS POS Network
The NRS network comprises approximately 25,700 active POS terminals operating in approximately 22,300 independent retail stores. Its platform predominantly serves 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 195 of the 210 designated market areas (DMAs) in the U.S. Over the past twelve months, NRS’ POS terminals have processed $15.6 billion in sales through approximately 1.11 billion 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 nationwide. Retailers utilize NRS offerings to process transactions and manage operations more effectively. Consumer packaged goods (CPG) suppliers, brokers, analytics firms and advertisers access the terminal’s digital display network to reach these retailers’ massive, predominantly urban, multi-cultural shopper base, and to harness transaction data-based learnings to identify profitable growth opportunities and measure execution and returns on current marketing investments. 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.
NRSInsights Contact:
Suzy Silliman
SVP, Data Strategy and Sales at NRS
National Retail Solutions
suzy.silliman@nrsplus.com
suzy.silliman@nrsplus.comIDT Corporation Contact:
Bill Ulrey
william.ulrey@idt.net
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