Same-store sales at NRS retailers during October increased 3.2% compared to October 2022
Compared to September 2023, same-store-sales per calendar day decreased 2.1%
NEWARK, N.J., Nov. 08, 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 October 2023.
As of October 31, 2023, the NRS retail network comprised approximately 27,200 active 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 in October 2023 increased 3.2% from a year earlier (October 2022). Average sales per calendar day for October 2023 decreased 2.1% compared to the preceding month (September 2023).
- Same-store sales in the preceding month (September 2023) had increased 6.1% compared to the year-ago month (September 2022). Average sales per calendar day in September 2023 had increased 1.7% compared to the preceding month (August 2023).
- For the three months ended October 31, 2023, same-store sales increased 4.8% compared to the three months ended October 31, 2022.
- The number of items sold during October 2023 increased 4.1% compared to October 2022 but decreased 0.9% compared to September 2023 on a per calendar day basis.
- The average number of transactions per store in October 2023 increased 2.8% compared to October 2022. The average number of transactions per calendar day in October 2023 decreased 1.6% compared to September 2023.
- A dollar-weighted average of prices for the top 500 items purchased in October 2023 increased 1.6% year-over-year, a decrease from the 5.3% year-over-year increase recorded in September 2023.
Commentary from Suzy Silliman (SVP, Data Strategy and Sales at NRS)
“October’s same-store sales at retailers utilizing our POS platform increased 3.2% year over year, but decreased 2.1% on a per-day basis compared to September. Inflationary pressures, which were exceptionally strong in September when prices increased 5.3% year over year, moderated to 1.6% in October 2023 compared to October 2022.
“Shopping patterns during October have evolved over the years. This year, the great “bump” in sales of popular Halloween categories began during the second week of October whereas it was once confined to the third and fourth weeks. From a retail sales standpoint, Halloween is no longer a single-day holiday; it is now a season of festivities and celebrations leading up to that big day.
“Halloween is always an interesting holiday to watch with its skew to sales of chocolate and confections. Earlier this year, increasing unit prices pressured sales in these categories. In October, unit sales of chocolate and confections came in below the year-ago levels as shoppers at stores in the NRS network turned to other sugary snacks to satisfy their sweet tooth.
“Our retailers’ three-month rolling year-over-year same-store sales increase of 4.8% has been, on average, 4.8% above the U.S. Commerce Department’s comparable retail same-store metric over the past ten 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 eleven 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 4.8 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 October 2023 with October 2022 are derived from approximately 162 million transactions processed through the 15,544 stores on the NRS network that scanned transactions in both months. Same-store data comparisons of October 2023 with September 2023 are derived from approximately 215 million transactions processed through 22,696 stores.
Same-store data comparisons for the three months ended October 31, 2023 with the year-ago three months are derived from approximately 461 million scanned transactions processed through the stores that were in the NRS network in both quarters.
NRS POS Network
The NRS network comprises approximately 27,200 active POS terminals operating in approximately 23,700 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 196 of the 210 designated market areas (DMAs) in the U.S. Over the past twelve months, NRS’ POS terminals have processed $16.6 billion in sales through approximately 1.18 billion transactions.
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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