The luxury business is booming. Or at least it is for Michael Kors (KORS), the lifestyle brand founded by the Project Runway judge and fashion mogul of the same name.
In its second quarterly report as a public company, Michael Kors (the company) said earnings nearly tripled, easily surpassing forecasts. Sales surged 71% and the Hong Kong-based company also raised its outlook. Investors cheered the results. Shares of Michael Kors surged 13% Tuesday morning.
Michael Kors has been a star performer in an otherwise uneven market for high-end fashion companies. The stock has more than doubled since the company went public last December. By contrast, shares of rival luxury retailer Ralph Lauren (RL) have gained 11% this year. Coach (COH), another competitor, is down 8% so far this in 2012.
On StockTwits, most traders were singing Michael Kors' praise.