NRSInsights’ August 2023 Retail Same-Store Sales Report

Rhea-AI Summary

Same-store sales at NRS retailers increased 6.5% compared to August 2022. Sales declined 2.3% compared to July 2023 due to seasonal factors. Number of items sold increased 5.3% compared to August 2022. Average number of transactions per store increased 3.6% compared to August 2022. Dollar-weighted average of prices for top 500 items increased 3.8% year-over-year. NRS' three-month rolling same-store sales increase of 5.9% exceeds Commerce Department's metric. NRS network's three-month moving average same-store sales outpaced Commerce Department data by 5.0 percentage points on average. NRS processed $16.0 billion in sales through 1.14 billion transactions in the past twelve months.

Positive

• Same-store sales increased 6.5% compared to August 2022. Number of items sold increased 5.3% compared to August 2022. Average number of transactions per store increased 3.6% compared to August 2022. NRS' three-month rolling same-store sales increase of 5.9% exceeds Commerce Department's metric.

Negative

• Sales declined 2.3% compared to July 2023 due to seasonal factors. Dollar-weighted average of prices for top 500 items increased 3.8% year-over-year.

Same-store sales at NRS retailers during August increased 6.5% compared to August 2022

Compared to July 2023, sales declined 2.3% reflecting expected seasonal factors

NEWARK, N.J., Sept. 07, 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 August 2023.

As of August 31, 2023, the NRS retail network comprised approximately 26,100 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 6.5% from a year earlier (August 2022). Average sales per calendar day for August decreased 2.3% compared to the preceding month (July 2023).
• Same-store sales in the preceding month (July 2023) had increased 5.5% compared to the year-ago month (July 2022). Average sales per calendar day in July had increased 1.7% compared to the preceding month (June 2023).
• For the three months ended August 31, 2023, same-store sales increased 5.9% compared to the three months ended August 31, 2022.
• The number of items sold during August 2023 increased 5.3% compared to August 2022 and the number of items sold per calendar day in August decreased 1.3% compared to July 2023.
• The average number of transactions per store in August 2023 increased 3.6% compared to August 2022. The average number of transactions per calendar day in August decreased 1.0% compared to July 2023.
• A dollar-weighted average of prices for the top 500 items purchased in August 2023 increased 3.8% year-over-year, an increase from the 1.6% year-over-year increase recorded in July 2023.

Commentary from Suzy Silliman (SVP, Data Strategy and Sales at NRS)

“Same-store sales at retailers using our POS platform accelerated in August, increasing 6.5% -- an increase from the 5.5% year-over-year increase we reported last month. Although same-store sales dipped 2.3% from July’s level, that decrease reflected expected seasonal trends and is less than last year’s 3.3% July to August decrease.

“As expected, back-to-school categories such as school supplies, toaster pastries, lunch meats, and snack packs climbed in August compared to July, but the month-over-month increase was offset by decreases in sales of summer seasonal categories including sun care, outdoor recreation, and frozen desserts. Sales of over-the-counter upper respiratory care products increased 25% in August compared to July, correlated with the recent increases in COVID-19 cases.

“The top selling 500 items had a weighted year-over-year price per unit increase of 3.8% in August compared to the relatively benign 1.6% increase in July, led by increasing average prices in the following categories: non-alcoholic beverages; candy, gum, and mints; and cigarettes.

“Our urban retailers’ three-month rolling, year-over-year same-store sales increase of 5.9% 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 nine 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 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 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 August 2023 with August 2022 are derived from approximately 159 million transactions processed through the 14,886 stores on the NRS network that scanned transactions in both months. Same-store data comparisons of August 2023 with July 2023 are derived from approximately 216 million transactions processed through 21,775 stores.

Same-store data comparisons for the three months ended August 31, 2023 with the year-ago three months are derived from approximately 449 million scanned transactions processed through the stores that were in the NRS network in both quarters.

NRS POS Network

The NRS network comprises approximately 26,100 active POS terminals operating in approximately 22,800 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 $16.0 billion in sales through approximately 1.14 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

IDT Corporation Contact:
Bill Ulrey
william.ulrey@idt.net

# # #

Attachment

• National Retail Solutions