NRSInsights’ March 2023 Retail Same-Store Sales Report

Rhea-AI Summary

National Retail Solutions (NRS) reported strong same-store sales growth of 8% in March 2023 compared to March 2022, driven by increased consumer spending on essential items. Month-over-month, sales surged 14% reflecting seasonal factors, particularly an additional three days in March.

For the first quarter, same-store sales rose 9.2% year-over-year, with a 3.8% increase in items sold and an 8.0% rise in average transactions per store. Average prices for top items also increased 4.3% year-over-year. NRS operates around 23,000 POS terminals nationwide, processing approximately $14.3 billion in sales over the past year, reflecting its strong market presence in urban retail.

Positive

• Same-store sales increased 8.0% year-over-year in March 2023.
• Month-over-month sales growth of 14.0% compared to February 2023.
• Three-month same-store sales increased 9.2% year-over-year.
• Items sold increased 3.8% year-over-year.
• Average transactions per store rose 8.0% compared to March 2022.

Negative

• None.

Same-store sales at NRS retailers in March continued to increase strongly, +8% compared to March 2022

NEWARK, N.J., April 05, 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 March 2023.

As of March 31, 2023, the NRS retail network comprised approximately 23,000 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

(Sequential comparisons are influenced by seasonal factors)

• Same-store sales increased 8.0% from a year earlier (March 2022). Sales increased 14.0% compared to the preceding month (February 2023) reflecting, in part, the three additional days in March and other seasonal factors;
• Same-store sales in the preceding month (February 2023) had increased 10.7% compared to the year-ago month (February 2022) but had decreased 6.1% compared to the previous month (January 2023), largely as a result of the three fewer days in February and other seasonal factors;
• For the three months ended March 31, 2023, same-store sales increased 9.2% compared to the three months ended March 31, 2022;
• The number of items sold during March 2023 increased 3.8% compared to March 2022 and 13.7% compared to February 2023;
• The average number of transactions per store in March 2023 increased 8.0% compared to March 2022 and 13.5% compared to February 2023;
• A dollar-weighted average of prices for the top 500 items purchased in March 2023 increased 4.3% year over year, a slight increase compared to a 4.2% year-over-year increase in February 2023.

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

“NRS same-store sales for March again increased robustly, rising 8% compared to March 2022. Higher average prices on the most popular goods, which increased 4.3% year over year and edged up from the 4.2% year-over-year increase in February, were a significant driver of the sales increases, as were the average numbers of items purchased and transactions per store.”

“NRS same-store sales continue to grow strongly compared to the prior months’ U.S. Commerce Department’s retail data same-store metric, perhaps reflecting the overweighting of household essential items and necessities at neighborhood retailers compared to the broader retail marketplace.”

Retail Trade Comparative Data

The table below provides historical comparative data with the U.S. Commerce Department’s Advance Monthly Retail Trade data excluding food service:

Over the past four months, the NRS average 3 month moving average same-store sales has outpaced the US Commerce Department’s Advance Monthly Retail Trade data excluding food services by 4.22 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 March 2023 with March 2022 are derived from approximately 134 million transactions processed through the 13,131 stores on the NRS network that scanned transactions in both months. Same-store data comparisons of March 2023 data with February 2023 data are derived from approximately 173 million transactions processed through 19,486 stores.

Same-store data comparisons for the three months ended March 31, 2023 with the year-ago three months are derived from approximately 354 million scanned transactions processed through the NRS network in both quarters.

NRS POS Network

NRS operates the largest POS network for independent retailers in the U.S., aggregating data from approximately 23,000 active POS terminals operating in approximately 20,000 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 194 of the 210 designated market areas (DMAs) in the U.S. Over the past twelve months, NRS’ POS terminals processed $14.3 billion in sales through approximately one 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 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.

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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Attachment

• National Retail Solutions

FAQ

What were the same-store sales results for NRS in March 2023?

NRS reported an 8% increase in same-store sales for March 2023 compared to March 2022.

How much did NRS same-store sales grow month-over-month in March 2023?

Same-store sales grew by 14% in March 2023 compared to February 2023.

How many POS terminals does NRS operate?

NRS operates approximately 23,000 POS terminals across the United States.

What was the year-over-year increase in the number of items sold by NRS in March 2023?

The number of items sold during March 2023 increased by 3.8% compared to March 2022.

What was the increase in average transactions per store for NRS in March 2023?

The average number of transactions per store increased by 8.0% compared to March 2022.