consumer spending at NRS retailers in september increased 9.5% compared to september 2021 but decreased 1.2% compared to August 2022
NEWARK, NJ, Oct. 07, 2022 (GLOBE NEWSWIRE) — NRSInsights, a provider of sales data and analytics drawn from retail transactions processed through the National Retail Solutions (NRS) nationwide point-of-sale (POS) platform, today announced same-store sales results for September 2022.
The NRS retail network comprises over 20,000 terminals scanning purchases at independent retailers including bodegas, convenience stores, liquor stores, grocers, and tobacco and sundries sellers predominantly serving urban consumers.
retail Same-Store Sales Highlights for September 2022
(Sequential comparisons are influenced by seasonal factors)
- Same-store sales increased by 9.5% from a year earlier (September 2021) and decreased by 1.2% compared to the preceding month (August 2022);
- Same-store sales in the preceding month (August 2022) had increased 6.4% compared to the year-ago month (August 2021) and decreased 3.3% compared to the previous month, (July 2022);
- Year to date, same-store sales have increased by 8.3% compared to the comparable period in 2021;
- For the three months ended September 30, 2022, same-store sales increased 9.1% compared to the three months a year ago;
- The number of sold items during September 2022 increased by 8.1% compared to September 2021 and decreased by 2.5% compared to August 2022;
- The average number of transactions per store in September 2022 increased by 5.5% compared to September 2021 and decreased by 2.4% compared to August 2022;
- A dollar-weighted average of prices for the top 500 items purchased in September 2022 increased by 3.6% year over year, a rise compared to the 2.3% year-over-year increase in August 2022.
Suzy Silliman, SVP, Data Strategy and Sales at NRS commented, “NRS same-store sales data for September shows continued sequential weakening of consumer demand although sales remain well above the year-ago levels because of exceptionally strong demand earlier in the year. Inflationary pressures intensified at our stores in September, but remain relatively modest compared to the headline inflation rates for the US economy.”
“We just exhibited and presented at the 2022 National Association of Convenience Stores (NACS) show, where we observed a significant increase in products for the Hispanic market and malt-based alcoholic beverages. The NRS dataset has revealed strong growth in both of these categories. for quite some time,” Silliman added. “The NRS data is frequently used for trend spotting. It has proven to be a reliable leading indicator of future mainstream trends.”
The table below provides historical comparative data with the US Commerce Department’s Advance Monthly Retail Trade data excluding food service:
The NRSInsights monthly Same-Store Retail Sales Reports are intended to provide timely topline reflective data of sales at NRS’ network of independent, predominantly urban, retail stores.
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 = .869, p = 0.00001)
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 US Commerce Department’s retail data.
Same-store data comparisons of September 2022 with September 2021 are derived from approximately 117 million transactions processed through the 11,333 stores on the NRS network that scanned transactions in both months. Same-store data comparisons of September 2022 data with August 2022 data are derived from approximately 167 million transactions processed through 16,987 stores.
NRS POS Network
NRS operates the largest POS network for independent retailers in the US, aggregating data from over 20,000 active POS terminals operating in over 17,000 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 190 of the 210 designated market areas (DMAs) in the US. Over the past twelve months, NRS’ POS terminals processed $12.2 billion in sales through approximately 888 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 use 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.
NRS Date Contact:
SVP, Data Strategy and Sales at NRS
National Retail Solutions
IDT Corporation Contact:
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National Retail Solutions