Michael Kors continues meteoric rise, sales jump 59%

Michael Kors (NYSE: KORS) reported a blowout third quarter Tuesday morning, as its luxury offerings struck a chord with shoppers across North America and Europe during the holiday season. Michael Kors seems unstoppable.

The retailer said total revenue jumped 59 percent to $1 billion, handily beating forecasts for $859.94 million. Net income leapt 73.4 percent to $1.11 per share, sailing past estimates calling for 86 cents a share. Same-store sales in North America surged 24 percent, fueled by ongoing growth in its accessories and watch collection.

"Michael Kors enjoyed an outstanding holiday season, as global brand awareness continued to drive strong demand for our luxury product," John Idol, chairman and CEO, said in a statement Tuesday morning.

Looking ahead to the fourth quarter of 2014, the retailer said it expects revenue between $790 million and $800 million, a range that sees same-store sales increase in the range of 15 percent to 20 percent.

Michael Kors has experienced a meteoric rise in recent years and there's no sign growth will be slowing anytime soon. The popularity of the brand drove sales to all-time highs and led the company to exceed analyst expectations for all four of its quarterly reports released during the year. Michael Kors competes in a luxury goods category against Coach (NYSE: COH), which in contrast, just reported its lowest same-store increase in 13 years. Unlike Michael Kors, Coach doesn't have a celebrity designer to build its brand around, which has also been a key growth strategy for other thriving competitors Ralph Lauren, Tory Burch and Kate Spade. 

Michael Kors has been one of the best growth stories in retail since it went public in December 2011. The company priced its initial public offering at $20, and has since risen to $88 in trading on Tuesday. Shares closed at $76.67 on the New York Stock Exchange on Monday.

For more:
-See this Michael Kors earnings statement

Related stories:
Coach reports lowest same-store increase in 13 years
Michael Kors, Sprouts, Lululemon are growing sales fastest, says NRF survey
Tory Burch: 'Customer-Centricity' is retail's new buzz word
Coach reports decline in first-quarter sales
Cult designer Emma Hill quits at Mulberry—and Coach may be next