October same-store sales increased 3.7% year-over-year
NEWARK, N.J., Nov. 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 October 2024.
As of October 31, 2024, the NRS retail network comprised approximately 33,100 active terminals nationwide, scanning purchases at approximately 28,900 independent retailers including convenience stores, bodegas, liquor stores, grocers, tobacco, and sundries sellers nationwide, predominantly serving urban consumers.
October Retail Same-Store Sales Highlights
(Same-store sales, unit sales, transactions, and average price data throughout this release refer to October 2024 and are compared to October 2023 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.)
- SALES
- Same-store sales increased 3.7% year-over-year. In the previous month (September 2024), same-store sales had increased 2.2% year-over-year.
- Same-store sales decreased (0.5)% compared to the previous month (September 2024). Same-store sales in September 2024 had decreased (1.3)% compared to the previous month (August 2024).
- For the three months ended October 31, 2024, same-store sales increased 3.1% compared to the corresponding three months a year ago.
- UNITS SOLD
- The number of units sold increased 2.8% year-over-year. In the previous month (September 2024), the number of items sold had increased 2.9% year-over-year.
- Units sold decreased (0.5)% compared to the previous month (September 2024). Units sold in September 2024 had increased 0.2% compared to the previous month (August 2024).
- TRANSACTIONS PER STORE
- The average number of transactions per store increased 1.6% year-over-year. In the previous month (September 2024), transactions had increased 0.8% year-over-year.
- Transactions decreased (0.7)% compared to the previous month (September 2024). Transactions in September 2024 had also decreased (0.7)% compared to the previous month (August 2024).
- AVERAGE PRICES
- A dollar-weighted average of prices for the top 500 items purchased increased 1.9% year-over-year, a decrease from the 2.1% year-over-year increase recorded in September 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 1.7% 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 NRS network had a strong October 2024 generating year-over-year same store sales growth of 3.7%, with all but three states (ID, ND, and CO) increasing sales. Sequentially, sales declined a slight 0.5% consistent with seasonal trends. Hurricane Milton, which might have been expected to negatively impact sales, did not. Sales in both North and South Carolina increased significantly year over year and sequentially.
"Beverage sales, both alcoholic and non-alcoholic, were exceptionally robust. October, due to Halloween parties and other seasonal celebrations, is typically a strong month for beverages, and the year-over-year growth was exceptional this October. Energy Beverages, which had suffered six consecutive months of year-over-year sales declines through September, broke trend to achieve modest year-over-year dollar sales gains.
"Sales of Candy, specifically Chocolate and Confections, continued to decrease across baskets, dollars, and units through the Halloween season versus the year ago. This is the second consecutive October we have reported year-over-year declines in unit sales for these categories."
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 October 2024 with October 2023 are derived from approximately 198 million transactions processed through the approximately 19,700 stores on the NRS network that scanned transactions in both months. Same-store data comparisons of October 2024 with September 2024 are derived from approximately 252 million transactions processed through approximately 27,700 stores.
Same-store data comparisons for the three months ended October 31, 2024 with the year-ago three months are derived from approximately 567 million scanned transactions processed through those stores that were in the NRS network in both quarters.
NRS POS Platform
The NRS platform predominantly serves small-format, independent, retail stores nationwide including convenience stores, bodegas, liquor stores, grocers, tobacco, and sundries sellers. These independent retailers operate in all 50 states as well as the District of Columbia, and in 201 of the 210 designated market areas (DMAs) in the United States. NRS' POS terminals processed $20.3 billion in sales through approximately 1.4 billion transactions during the twelve months ended October 31, 2024. In October 2024, NRS store terminals processed $1.8 billion in sales (+20% year-over-year) across 131 million transactions (+17% year-over-year).
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
suzy.silliman@nrsplus.com
IDT Corporation Contact:
Bill Ulrey
william.ulrey@idt.net
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