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 July 2024.
As of July 31, 2024, the NRS retail network
comprised approximately 32,100 active terminals nationwide,
scanning purchases at independent retailers including bodegas,
convenience stores, liquor stores, grocers, tobacco, and sundries
sellers nationwide, predominantly serving urban consumers.
July Retail Same-Store Sales
Highlights
(Same-store sales, unit sales, transactions, and
average price data throughout this release refer to July 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 1.2%
from a year earlier (July 2023). In the previous month (June 2024),
same-store sales had increased 5.1% compared to June 2023.
- Same-store sales decreased 1.9%
compared to the previous month (June 2024). Same-store sales in
June 2024 had increased 1.6% compared to the previous month (May
2024).
- For the three months ended July 31
2024, same-store sales increased 3.0% compared to the three months
ended July 31, 2023.
- The number of units sold increased
2.2% from a year earlier (July 2023). In the previous month (June
2024), the number of items sold had increased 5.5% compared to June
2023.
- The average number of transactions
per store decreased 0.6% from a year earlier (July 2023). In the
previous month (June 2024), the average number of transactions had
increased 2.8% compared to June 2023.
- A dollar-weighted average of prices
for the top 500 items purchased during July 2024 increased 2.5%
year-over-year, an increase from the 1.1% year-over-year increase
recorded in June 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 2.3% 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 rate of same-store sales growth moderated
across the NRS network in July, continuing a year-long trend. The
year-over-year rate of nominal increase has decreased from over 6%
for the three months ended July 2023 to 3% for the same period this
year. Inflation, meanwhile, as measured by the weighted price per
unit of our 500 most frequently sold items, remained relatively
subdued at 2.5%, although over the past two months it has increased
off the lows earlier in the year.
“July’s nationwide results were modestly
impacted by Hurricane Beryl, which triggered double digit sales
decreases versus July 2023 in coastal and Southeast Texas markets,
including Corpus Christi and Houston. Beryl, which disrupted
distribution throughout the impacted regions, also caused
widespread, extended-term power outages.
“On par with previous months, we continued to
see notable growth in sales of Tequila, Prepared Cocktails,
Smokeless Tobacco and Non-Alcoholic Beer during July, while sales
of Energy Drinks, Chocolates and Confections, Vape, and sweet
snacks such as packaged brownies, doughnuts, cakes, and pies, all
declined.
“Although the U.S. continued to swelter under
protracted heatwaves during the month, the unusually robust sales
levels of Packaged Non-Alcoholic Beverages that we measured in June
were not sustained for a second month. In July, Carbonated Soft
Drinks, Bottled Water, and Sports Drinks volumes all returned to
their respective trendlines.”
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 July 2024 with
July 2023 are derived from approximately 194 million transactions
processed through the approximately 18,700 stores on the NRS
network that scanned transactions in both months. Same-store data
comparisons of July 2024 with June 2024 are derived from
approximately 248 million transactions processed through
approximately 26,700 stores.
Same-store data comparisons for the three months
ended July 31, 2024 with the year-ago three months are derived from
approximately 549 million scanned transactions processed through
the stores that were in the NRS network in both quarters.
NRS POS Network
The NRS network comprises approximately 32,100
active POS terminals operating in approximately 27,800 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 $19.4 billion in
sales through approximately 1.4 billion transactions during the
twelve months ended July 31, 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
SillimanSVP, Data Strategy and Sales at NRSNational Retail
Solutionssuzy.silliman@nrsplus.com
IDT Corporation Contact:Bill
Ulreywilliam.ulrey@idt.net
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- National Retail Solutions
- National Retail Solutions