June same-store sales increased 5.1% year-over-year
NEWARK, N.J., July 08, 2024 (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 June 2024.
As of June 30, 2024, the NRS retail network comprised approximately 31,400 active terminals scanning purchases at independent retailers including bodegas, convenience stores, liquor stores, grocers, tobacco, and sundries sellers nationwide, predominantly serving urban consumers.
June Retail Same-Store Sales Highlights
(Same-store sales, unit sales, transactions, and average price data throughout this release refer to June 2024 unless otherwise noted. All comparisons are provided on a “per calendar day” basis to remove from consideration variability in the number of days per month.)
- Same-store sales increased 5.1% from a year earlier (June 2023). In the previous month (May 2024), same-store sales had increased 4.7% compared to May 2023.
- Same-store sales increased 1.6% compared to the previous month (May 2024). Same-store sales in May 2024 had increased 3.4% compared to the previous month (April 2024).
- For the three months ended June 30, 2024, same-store sales increased 3.5% compared to the three months ended June 30, 2023.
- The number of units sold increased 5.5% from a year earlier (June 2023). In the previous month (May 2024), the number of items sold had increased 4.7% compared to May 2023.
- The average number of transactions per store increased 2.8% from a year earlier (June 2023). In the previous month (May 2024), the average number of transactions had increased 2.3% compared to May 2023.
- A dollar-weighted average of prices for the top 500 items purchased increased 1.1% year-over-year, a decrease from the 1.6% year-over-year increase recorded in May 2024.
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 twelve months, the NRS network’s three-month moving average same-store sales have outpaced the US Commerce Department’s Advance Monthly Retail Trade data excluding food services by 2.7% percentage points, on average.
The NRSInsights data in the chart above have not been adjusted to reflect inflation, demographic distributions, seasonal buying patterns, item substitution, days per month, 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.
Commentary from Suzy Silliman (SVP, Data Strategy and Sales at NRS)
“June 2024 again produced strong results across the NRS network versus June of 2023 in all three same-store sales metrics: dollars, units sold, and transactions (baskets).
“Growth was spread across geographic regions, with thirty-seven of the fifty U.S. states increasing all three metrics and all but eight states enjoying transaction growth. States in the Northeast were responsible for over 50% of the network transaction growth versus June 2023 while stores in Florida and Texas, in aggregate, underperformed.
“With much of the U.S. under a heat advisory during at least part of June this year, seasonal categories outperformed. Sun Care led with dollars, units sold, and baskets all tracking over 50% ahead of June 2023’s levels. Ice, Condiments, Pest Control and Deodorant also trended higher. In terms of its impact on sales dollar growth for the NRS network in aggregate, Packaged Beverages, including both alcoholic and non-alcoholic categories, was the key driver.
“Sales for both the Candy/Gum/Mints and the Tobacco Alternatives/Vape categories underperformed in June versus a year ago, continuing a recent trend. Sweet Snacks - which includes packaged cakes, cupcakes and pies, muffins, dessert bars, doughnuts, and similar items - also had a softer June this year for all three sales metrics. In recent months, Sweet Snacks had benefitted from shoppers who had switched from Candy to satisfy their sweet tooth, so we are keeping an eye on this month’s break in that trend.”
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 June 2024 with June 2023 are derived from approximately 186 million transactions processed through the approximately 18,400 stores on the NRS network that scanned transactions in both months. Same-store data comparisons of June 2024 with May 2024 are derived from approximately 246 million transactions processed through approximately 26,200 stores.
Same-store data comparisons for the three months ended June 30, 2024 with the year-ago three months are derived from approximately 530 million scanned transactions processed through the stores that were in the NRS network in both quarters.
NRS POS Network
The NRS network comprises approximately 31,400 active POS terminals operating in approximately 27,300 independent retail stores. Its platform predominantly serves small-format, independent, retail stores including convenience stores, bodegas, liquor stores, grocers, tobacco, and sundries sellers. The network includes retailers in all 50 states as well as the District of Columbia, and in 200 of the 210 designated market areas (DMAs) in the United States. NRS’ POS terminals processed $19.1 billion in sales through approximately 1.4 billion transactions during the twelve months ended June 30, 2024.
About National Retail Solutions (NRS):
National Retail Solutions operates the largest point-of-sale (POS) terminal-based platform and digital payment processing service for independent retailers nationwide. Retailers utilize NRS offerings to process transactions and effectively manage their businesses. Consumer packaged goods (CPG) suppliers, brokers, analytics firms, and advertisers access the terminal’s digital display network to reach these retailers’ predominantly urban, multi-cultural shopper base, and to harness transaction data-based learnings to identify growth opportunities and measure execution and returns on marketing investment. 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
IDT Corporation Contact:
Bill Ulrey
william.ulrey@idt.net
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