Will Retail Earnings Reveal Consumers, Companies Were Hit By Tax Hikes In Second Quarter?
Jason A. Weisberg of Seaport Securities discusses second quarter earnings season and if this week's retail reports will reveal how consumers and companies have been impacted by the expiration of the payroll tax cuts in January and government sequestration cuts in March. Reuters

This week is another busy one for second quarter earnings season, as Wall Street waits to hear results from a range of retailers, such as Michael Kors Holdings Ltd., Fossil Group Inc. and Ralph Lauren Corp.

Michael Kors Holdings Ltd. (NYSE:KORS) is forecast to report fiscal first-quarter earnings of 49 cents per share on revenue of $570.52 million, compared with earnings of 34 cents per share on revenue of $414.87 billion in the year-ago quarter, according to analysts polled by Reuters.

As of 3:10 p.m. Eastern, shares of Michael Kors Holdings fell 1.21 percent to $67.97.

Fossil Group Inc. (Nasdaq:FOSL) also reports earnings Tuesday, and Wall Street expects second quarter earnings of 93 cents on revenue of $691.20 million, according to Reuters. The company booked earnings of 92 cents on revenue of $636.10 million in the year-ago period.

Shares of Fossil Group dropped 6.02 percent to $107.44 in afternoon trade.

Ralph Lauren Corp (NYSE: RL) reports fiscal first quarter results on Wednesday, and analysts expect the retailer to issue EPS of $1.92 on revenue of $1.65 billion for the quarter, according to Zacks Investment Research.

Shares of Ralph Lauren edged up 0.13 percent to $188.27.

As of 3:14 p.m., the Dow Jones Industrial Average fell 47.06 points, or 0.3 percent, to 15,611.30. The S&P 500 Index was down 3.30 points, or 0.19 percent, to 1,706.38. The Nasdaq Composite Index fell 1.95 points, or 0.05 percent, to 3,687.64.

Retail