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Michael Kors Continues Hot Streak

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Shares of Michael Kors Holdings Ltd (NYSE:KORS) are up big this morning after the luxury retailer reported third quarter earnings that far exceeded expectations. The company earned $1.11 per share on revenues of $1.01 billion in the quarter, well above the consensus estimate of 86 cents a share. Despite complaints from other retailer about the past holiday season woes, Michael Kors experienced significant upside in sales for the period. For example, the holiday season drove a rise of 28 percent in same-store sales for the quarter. Moreover, the full-year earnings guidance was raised to a range of $3.07 to $3.09 per share. The trend we saw last year of luxury retailer outperforming general retailers is continuing onto 2014.