National Retail Solutions
Same-store sales at NRS retailers in January 2023 were robust, increasing 11.5% compared to January 2022 but decreased 6.0% compared to December 2022 on seasonal factors
NEWARK, N.J., Feb. 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 January 2023.
As of January 31, 2023, the NRS retail network comprised approximately 22,000 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 11.5% from a year earlier (January 2022) but decreased 6.0% compared to December 2022;
Same-store sales in the preceding month (December 2022) had increased 9.8% compared to the year-ago month (December 2021) and 6.6% compared to the previous month, (November 2022);
For the three months ended January 31, 2023, same-store sales increased 9.9% compared to the three months ended January 31, 2022;
The number of items sold during January 2023 increased 7.2% compared to January 2022 2021 but decreased 2.5% compared to December 2022;
The average number of transactions per store in January 2023 increased 8.8% compared to January 2022 but decreased 0.9% compared to December 2022;
A dollar-weighted average of prices for the top 500 items purchased in January 2023 increased 4.0% year over year, a decrease compared to the 5.7% year-over-year increase in December 2022 compared to December 2021.
Commentary from Suzy Silliman (SVP, Data Strategy and Sales at NRS)
“NRS same-store sales for January increased markedly compared to a year ago, jumping 11.5% while decreasing from December in line with expected seasonal trends. Meanwhile, in good news for consumers, the year-over-year rate of price increases of the most popular goods moderated somewhat compared to recent months. Notwithstanding the decreasing inflationary pressures, extreme year-over-year increases in the prices of certain essential consumer staples including eggs, infant formula, and tortillas suggest that household budgets continue to be strongly impacted by rising prices.”
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=.863, p = 0.000298)
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 January 2023 with January 2022 are derived from approximately 120 million transactions processed through the 12,615 stores on the NRS network that scanned transactions in both months. Same-store data comparisons of January 2023 data with December 2022 data are derived from approximately 169 million transactions processed through 18,604 stores.
Same-store data comparisons for the three months ended January 31, 2023 with the year ago three months are derived from approximately 343 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 22,000 active POS terminals operating in approximately 19,500 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 $13.6 billion in sales through approximately 976 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
IDT Corporation Contact:
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