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.
Revenue rose to $1.38 billion, from $1.34 billion, beating Wall Street’s expected $1.36 billion in sales. Same-store sales increased 5%.
“This record-setting third quarter performance further solidifies our confidence in our strategy as we enter the holiday season,” said Dillard’s CEO William Dillard, II.
Comparitively speaking, Nordstrom Inc.'s 6.7% profit increase to $127 million wasn't quite as dramatic; however its net sales increase of 14.2% to $2.4 billion, surpassed Wall Street’s expected $2.35 billion. Same-store sales climbed 7.9%.