Same-store sales at NRS retailers in February were robust, increasing 10.7% Year Over Year
NEWARK, N.J., March 06, 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 February 2023.
As of February 28, 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 10.7% from a year earlier (February 2022). Sales decreased 6.1% compared to the preceding month (January 2023) reflecting the shorter, 28-day month;
- Same-store sales in the preceding month (January 2023) had increased 11.5% compared to the year-ago month (January 2022) but had decreased 6.0% compared to the previous month (December 2022), largely as a result of seasonal factors;
- For the three months ended February 28, 2023, same-store sales increased 10.0% compared to the three months ended February 28, 2022;
- The number of items sold during February 2023 increased 9.6% compared to February 2022 but decreased 6.6% compared to January 2023;
- The average number of transactions per store in February 2023 increased 7.3% compared to February 2022 but decreased 7.0% compared to January 2023;
- A dollar-weighted average of prices for the top 500 items purchased in February 2023 increased 4.2% year over year, an increase compared to a 4.0% year-over-year increase in January 2023 compared to January 2022.
Commentary from Suzy Silliman (SVP, Data Strategy and Sales at NRS)
“NRS same-store sales for February again grew robustly compared to year ago levels, increasing 10%. The robust increases in both items sold and number of items per transaction compared to February 2022 again demonstrate that recent sales gains were not primarily a function of price increases.
“Nevertheless, price pressure remains stubbornly high. The dollar-weighted average of our retailers’ top items sold increasing to 4.2% year-over-year from 4.0% in January. And once again this month, the price increases of many staples were extreme. For instance, infant formula prices increased 81% year over year, egg prices also increased 81%, and tortilla prices jumped 35%.”
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 prior 12 months, the NRS same-store retail sales data has exhibited a statistically significant correlation with the US Commerce Department’s Advance Monthly Retail Trade data excluding food services (r=.673, p = 0.016) despite a decrease in the correlation in recent months.
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.
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 February 2023 with February 2022 are derived from approximately 114 million transactions processed through the 12,877 stores on the NRS network that scanned transactions in both months. Same-store data comparisons of February 2023 data with January 2023 data are derived from approximately 119 million transactions processed through 19,031 stores.
Same-store data comparisons for the three months ended February 28, 2023 with the year ago three months are derived from approximately 342 million transactions 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 193 of the 210 designated market areas (DMAs) in the U.S. Over the past twelve months, NRS’ POS terminals processed $13.9 billion in sales through approximately 997 million 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.
SVP, Data Strategy and Sales at NRS
National Retail Solutions
[email protected]IDT Corporation Contact:
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- National Retail Solutions