Shares of Michael Kors, Fossil, and Avon Products all opened sharply higher on Tuesday after the companies posted encouraging quarterly results. The strong reports show that consumers are starting to warm up to the luxury goods that were hard to justify when the economy was sputtering.
Fashion company Michael Kors Holdings Ltd raised its full-year forecast after handily beating Wall Street estimates for its third-quarter results with the help of strong sales of luxury items in North America and Europe during the holidays. The results sent the company's shares up 13 percent to a lifetime high on the New York Stock Exchange.
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Luxury retailers tend to be early-cycle stocks: They move in advance of other sectors. Shares in Tiffany, Coach and Polo Ralph Lauren have been been crushing the broader market for a while. But will they continue? Do these stocks make good buys now? Watch Face-Off.
Investors will get a peek at the prospects for a luxury market comeback if Coach meets analysts' expectations for a strong holiday when it reports its second fiscal quarter earnings Wednesday morning.