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Another Win for Michael Kors

Michael Kors Holdings Ltd (NYSE:KORS) reported second quarter earnings that beat estimates despite the macro challenges of the retail sector. Net income came at $145.8 million or 71 cents per share, which beat estimates by three cents. The luxury brand maker also saw a 40 percent increase in revenues fueled largely by strong demand for its watches and accessories. Michael Kors’ earnings fall in line with recent consumer spending patterns towards luxury brands. The full year outlook was raised as a result of consistent sales growth. Year-to-day, the stock has been on a tear, up 51 percent. In the opening, the stock is trading 4 percent higher.