A blowout quarter and sunny outlook from Michael Kors Holdings Ltd. (KORS  spread good cheer across the retail sector on Tuesday, Aug. 8.

The luxury accessories retailer posted a narrower decline in earnings and same-store sales than expected. First-quarter earnings of 80 cents a share fell by 3 cents from the year-ago quarter, though came in higher than an estimate 62 cents. Revenue declined 3.6% to $952.4 million, exceeding consensus estimates of $918.7 million. Same-store sales dropped 5.9%, narrower than projections of a 9.2% fall.

For the second quarter, Michael Kors anticipates earnings between 80 cents and 84 cents a share on sales of at least $1.035 billion. Analysts anticipated earnings of 78 cents a share on sales of $1.01 billion. The company targets same-store sales to drop in the "mid-single digits" compared to consensus of an 8.7% decline.

Watch: Jim Cramer Reacts to Michael Kors, Ralph Lauren Earnings

Ralph Lauren Corp. (RL - Get Report)  also gave rise to retail after swinging to a net profit from a year earlier. The fashion brand earned 72 cents a share over its fiscal first quarter compared to a loss of 27 cents a year earlier. Adjusted earnings of $1.11 a share came in higher than consensus of 95 cents. Revenue slid 13% to $1.3 billion, though matched estimates. Ralph Lauren anticipates a second-quarter decline of 9% to 10% and an 8% to 9% drop for the full year. Ralph Lauren shares increased 10%. 

Better-than-expected earnings from Michael Kors and Ralph Lauren was a positive omen for retailers ahead of their earnings. Target Corp. (TGT - Get Report) , Costco Wholesale Corp. (COST - Get Report) , Dollar General Corp. (DG - Get Report) , Macy's Inc. (M - Get Report) , J.C. Penney Co.  (JCP - Get Report) , Sears Holdings Corp. (SHLD , TJX Cos.  (TJX - Get Report) , Nordstrom Inc. (JWN - Get Report)   and Kohl's Corp. (KSS - Get Report) were all higher on Tuesday. The S&P Retail SPDR ETF (XRT - Get Report) increased 0.6%. 

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Retailer earnings for the rest of the week include Kohl's, Macy's and Nordstrom on Thursday, Aug. 10; and J.C. Penney Inc. on Friday, Aug. 11.