Square of any positive or negative number is always positive. So irrespective of the sign of x and y, as long as x > y (leaving the sign), x^2 - y^2 will always be > 0.
As both the statements say that x > y (leaving the sign part), both statements alone are sufficient.
I guess November Rain is correct. GMAT always tricks us with simple looking but tricky questions - ineuqalities and modes are probably the best examples.