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Dillard's, Nordstrom's signify strength of luxury
NEW YORK — Further proof that the sluggish economy is affecting higher-income households much less than lower-income households can be found in the quarterly profits of Dillard's and Nordstrom's, which both reported earnings this week.
Dillard’s Inc. reported Friday that profit for the quarter ended Oct. 29 soared a record 85% to $26.6 million, compared with $14.4 million in the year-ago period. Strong comps and contained expenses propelled the strong performance.
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Nordstrom Q3 profits climb 6.7%
Seattle -- Nordstrom Inc. reported Thursday that profit for the quarter ended Oct. 29 rose 6.7% to $127 million, compared with $119 million in the year-ago period.
Net sales rose 14.2% to $2.4 billion, surpassing Wall Street’s expected $2.35 billion and up from $2.1 billion a year earlier. Same-store sales climbed 7.9%.
The company opened two full-line department stores – in Nashville and St. Louis -- and nine Nordstrom Rack stores during the quarter.