(Reuters) – Nordstrom Inc (NYSE: ) Increased its annual profit projections and revenue forecasts Tuesday. This is as an upscale retailer relying on wealthy consumers for help to combat decades of high inflation.

Nordstrom’s banner stores saw net sales surpass pre-pandemic levels for the first quarter, with an increase of 23.5% as Americans returned to work and attended social events and bought designer clothing and shoes.

Ralph Lauren (NYSE) earlier today also predicted improved margins for full year as the demand for premium apparel in North America continues to be strong.

Nordstrom’s and Ralph Lauren are contrasting with peer Kohl (NYSE:) or big-box retailer Walmart (NYSE:) Inc. Target Corporation (NYSE:) has taken a blow as inflation continues to squeeze consumer spending.

Nordstrom also approved a $500 million buyback. The company projects fiscal 2022 revenues to grow 6%-8%, as opposed to the prior forecast of growth between 5% and 7%. A full-year adjusted profit per shares is anticipated to range between $3.38-3.68. That’s higher than the $3.15 to 3.50 increase.

Nordstrom Rack’s off-price Division saw a 10.3% rise in its quarterly sales.

According to Refinitiv, IBES, total revenue increased 18.7% to $3.57 Billion in the first quarter. This was higher than analysts’ expectations of $3.28 Billion.

According to the retailer, net income rose from $166 million or $1.05 per shares to $20 million in April 30, or 13 cents per share.