July same-store sales increased 1.2% year-over-year
NEWARK, N.J., Aug. 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 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 Silliman
SVP, Data Strategy and Sales at NRS
National Retail Solutions
[email protected]
IDT Corporation Contact:
Bill Ulrey
[email protected]
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