April same-store sales increased 2.5% year-over-year
Inflationary pressures subsided further – average prices increased just 0.2% year-over-year
The NRS network surpassed 30,000 active terminals nationwide
NEWARK, N.J., May 07, 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 April 2024.
As of April 30, 2024, the NRS retail network comprised approximately 30,300 active terminals scanning purchases at independent retailers including bodegas, convenience stores, liquor stores, grocers, tobacco, and sundries sellers nationwide, predominantly serving urban consumers.
Elie Y. Katz, President of NRS, commented, “In just a few years, we have grown from a start-up to become the largest POS platform serving independent retailers and bodegas in the USA. Our network now comprises over 30,000 active terminals in over 26,000 stores – twice the number of locations as the largest U.S. c-store chain. One of the key factors driving our phenomenal growth has been the unique value our technology delivers to our retailer partners – enabling them to operate more profitably in highly competitive retail environments. We are delighted by the enthusiastic reviews we continue to receive from them.”
April Retail Same-Store Sales Highlights
(Same-store sales, unit sales, transactions, and average price data throughout this release refer to April 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 2.5% from a year earlier (April 2023). In the previous month (March 2024), average sales increased 7.2% compared to March 2023.
- Same-store sales decreased 0.9% compared to the previous month (March 2024). Same-store sales in March 2024 increased 6.6% compared to the previous month (February 2024).
- For the three months ended April 30, 2024, same-store sales increased 3.8% compared to the three months ended April 30, 2023.
- The number of items sold increased 3.7% from a year earlier (April 2023). In the previous month (March 2024), the number of items sold increased 7.8% compared to March 2023.
- The average number of transactions per store increased 1.7% from a year earlier (April 2023). In the previous month (March 2024), the average number of transactions increased 4.6% compared to March 2023.
- A dollar-weighted average of prices for the top 500 items purchased increased 0.2% year-over-year, a decrease from the 0.7% year-over-year increase recorded in March 2024.
Commentary from Suzy Silliman (SVP, Data Strategy and Sales at NRS)
“Sales delivered by NRS retailers showed solid increases in April, particularly in light of the Easter Holiday falling in April last year but in March this year.
“Among notable trends, we saw continued growth for Smokeless Tobacco products fueled by nicotine pouches, as well as both Prepared and Wine-based Cocktails.
“Household grocery staples including eggs, dairy, and bread/buns all declined in both dollars and units sold versus April 2023. Ice Cream and Novelties also had a soft month. Beverages (non-alcoholic) were flat, including Energy Drinks, which recorded another month of stagnation.
“Interestingly, sales of Sports Drinks declined by double-digits in seventeen of the top twenty states including Sports Drinks’ two largest markets — CA and NY. In thirteen of those seventeen states, sales of Performance Nutrition Shakes, a distinct category, grew by double digits, suggesting a significant shift among certain shoppers from Sports Drinks to Performance Nutrition Shakes.”
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 3.3% percentage points, on average.
The NRSInsights data 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.
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 April 2024 with April 2023 are derived from approximately 174 million transactions processed through the 17,623 stores on the NRS network that scanned transactions in both months. Same-store data comparisons of April 2024 with March 2024 are derived from approximately 229 million transactions processed through 25,293 stores.
Same-store data comparisons for the three months ended April 30, 2024 with the year-ago three months are derived from approximately 480 million scanned transactions processed through the stores that were in the NRS network in both quarters.
NRS POS Network
The NRS network comprises approximately 30,300 active POS terminals operating in approximately 26,400 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 and in 198 of the 210 designated market areas (DMAs) in the United States. NRS’ POS terminals have processed $18.2 billion in sales through approximately 1.3 billion transactions during the twelve months ended April 30, 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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