NEW YORK (AP) — Nordstrom Inc. is reporting a 6.7 percent increase in third-quarter profits as its affluent shoppers continue to splurge despite an uncertain economy. The upscale retailer is also upgrading its full-year profit outlook
The chain says that it earned $127 million, or 59 cents per share, in the three-month period ended Oct. 29. That compares with $119 million or 53 cents per share in the year-ago period. Net sales rose 14.2 percent to $2.38 billion, from $2.087 billion in the year ago period.
Analysts were expecting earnings per share of 59 cents on net sales of $2.35 billion. Revenue at stores opened at least a year climbed 7.9 percent for the quarter.
The chain is based in Seattle.
