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We study intertemporal price discrimination when consumers canstore for future consumption needs. We offer a simple model of demanddynamics, which we estimate using market-level data. Optimalpricing involves temporary price reductions that enable sellers todiscriminate between price sensitive consumers, who stockpile forfuture consumption, and less price-sensitive consumers, who do notstockpile. We empirically quantify the impact of intertemporal pricediscrimination on profits and welfare. We find that sales (i ) capture25-30 percent of the gap between non-discriminatory profits and(unattainable) third-degree price discrimination profits, (ii ) increasetotal welfare, and (iii) have a modest impact on consumer welfare.