NRSInsights’ October 2024 Retail Same-Store Sales Report

Rhea-AI Summary

NRSInsights reported October 2024 same-store sales increased 3.7% year-over-year, with the NRS retail network comprising approximately 33,100 active terminals nationwide. Key metrics show units sold increased 2.8% YoY, while transactions per store rose 1.6% YoY. Average prices for top 500 items increased 1.9% YoY, down from September's 2.1% increase.

The network processed $1.8 billion in sales (+20% YoY) across 131 million transactions (+17% YoY) in October. Beverage sales were notably strong, with Energy Beverages breaking a six-month decline trend. However, candy sales continued to decrease through the Halloween season compared to the previous year.

Positive

• Same-store sales increased 3.7% year-over-year
• Network processed $1.8 billion in sales (+20% YoY)
• Transaction volume increased 17% year-over-year
• Units sold grew 2.8% year-over-year
• Network expansion to 33,100 active terminals

Negative

• Month-over-month same-store sales decreased 0.5%
• Candy sales declined during key Halloween season
• Average price increase of 1.9% indicates ongoing inflation pressure

Insights

Market Research Analyst

The NRSInsights report reveals significant trends in retail performance, with 3.7% year-over-year same-store sales growth in October 2024. Key indicators show healthy consumer spending patterns, particularly in beverage categories. The network's expansion to 33,100 terminals and processing of $20.3 billion in annual sales demonstrates robust growth in IDT's retail solutions segment.

Notable findings include:

• Strong performance across 201 of 210 U.S. market areas
• Monthly transaction volume of $1.8 billion (20% YoY growth)
• Outperformance vs. U.S. Commerce Department retail data by 1.7%

The shift in energy beverage sales from negative to positive territory and continued weakness in confectionery categories provides valuable insights into changing consumer preferences.

October same-store sales increased 3.7% year-over-year

NEWARK, N.J., Nov. 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 October 2024.

As of October 31, 2024, the NRS retail network comprised approximately 33,100 active terminals nationwide, scanning purchases at approximately 28,900 independent retailers including convenience stores, bodegas, liquor stores, grocers, tobacco, and sundries sellers nationwide, predominantly serving urban consumers.

October Retail Same-Store Sales Highlights

(Same-store sales, unit sales, transactions, and average price data throughout this release refer to October 2024 and are compared to October 2023 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.)

• SALES
  • Same-store sales increased 3.7% year-over-year. In the previous month (September 2024), same-store sales had increased 2.2% year-over-year.
  • Same-store sales decreased (0.5)% compared to the previous month (September 2024). Same-store sales in September 2024 had decreased (1.3)% compared to the previous month (August 2024).
    
    
    

• For the three months ended October 31, 2024, same-store sales increased 3.1% compared to the corresponding three months a year ago.

• UNITS SOLD
  • The number of units sold increased 2.8% year-over-year. In the previous month (September 2024), the number of items sold had increased 2.9% year-over-year.
  • Units sold decreased (0.5)% compared to the previous month (September 2024). Units sold in September 2024 had increased 0.2% compared to the previous month (August 2024).
• TRANSACTIONS PER STORE
  • The average number of transactions per store increased 1.6% year-over-year. In the previous month (September 2024), transactions had increased 0.8% year-over-year.
  • Transactions decreased (0.7)% compared to the previous month (September 2024). Transactions in September 2024 had also decreased (0.7)% compared to the previous month (August 2024).
• AVERAGE PRICES
  • A dollar-weighted average of prices for the top 500 items purchased increased 1.9% year-over-year, a decrease from the 2.1% year-over-year increase recorded in September 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 1.7% 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)

“The NRS network had a strong October 2024 generating year-over-year same store sales growth of 3.7%, with all but three states (ID, ND, and CO) increasing sales. Sequentially, sales declined a slight 0.5% consistent with seasonal trends. Hurricane Milton, which might have been expected to negatively impact sales, did not. Sales in both North and South Carolina increased significantly year over year and sequentially.

“Beverage sales, both alcoholic and non-alcoholic, were exceptionally robust. October, due to Halloween parties and other seasonal celebrations, is typically a strong month for beverages, and the year-over-year growth was exceptional this October. Energy Beverages, which had suffered six consecutive months of year-over-year sales declines through September, broke trend to achieve modest year-over-year dollar sales gains.

“Sales of Candy, specifically Chocolate and Confections, continued to decrease across baskets, dollars, and units through the Halloween season versus the year ago. This is the second consecutive October we have reported year-over-year declines in unit sales for these categories.”

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 2024 with October 2023 are derived from approximately 198 million transactions processed through the approximately 19,700 stores on the NRS network that scanned transactions in both months. Same-store data comparisons of October 2024 with September 2024 are derived from approximately 252 million transactions processed through approximately 27,700 stores.

Same-store data comparisons for the three months ended October 31, 2024 with the year-ago three months are derived from approximately 567 million scanned transactions processed through those stores that were in the NRS network in both quarters.

NRS POS Platform

The NRS platform predominantly serves small-format, independent, retail stores nationwide including convenience stores, bodegas, liquor stores, grocers, tobacco, and sundries sellers. These independent retailers operate in all 50 states as well as the District of Columbia, and in 201 of the 210 designated market areas (DMAs) in the United States. NRS’ POS terminals processed $20.3 billion in sales through approximately 1.4 billion transactions during the twelve months ended October 31, 2024. In October 2024, NRS store terminals processed $1.8 billion in sales (+20% year-over-year) across 131 million transactions (+17% year-over-year).

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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FAQ

What was NRSInsights' same-store sales growth in October 2024?

NRSInsights reported a 3.7% year-over-year increase in same-store sales for October 2024.

How many active terminals did NRS (IDT) have as of October 2024?

NRS had approximately 33,100 active terminals nationwide as of October 31, 2024.

What was the total transaction value processed by NRS (IDT) in October 2024?

NRS processed $1.8 billion in sales across 131 million transactions in October 2024, representing a 20% increase year-over-year.

How did candy sales perform during Halloween 2024 for NRS (IDT)?

Candy sales, specifically Chocolate and Confections, showed year-over-year declines in unit sales through the Halloween season, marking the second consecutive October with decreases.