Evidently, the third quarter is on track to mark the first positive growth for the S&P 500 index after five consecutive quarters of earnings decline. Per our Earnings Preview report as of Nov 4, earnings for the total S&P 500 companies will improve 3% from the year-ago period, with total revenue rising 1.5%.

As per the report, out of the 423 S&P 500 companies that have come up with their quarterly numbers, approximately 72.8% posted positive earnings surprises, while 55.1% beat top-line expectations. While total earnings for these index members were up 3.6% from the year-ago quarter, revenues increased 2.4%.

The performance of the index is not restricted to a single sector, and of the 16 Zacks sectors, four are expected to witness an earnings decline in the third quarter, with Auto, Oil/Energy and Transportation being a major drag. However, the Consumer Discretionary sector (that houses textile and apparel stocks, among others) is witnessing a significant improvement.

Total earnings for the Consumer Discretionary sector are estimated to rise 6.2%, whereas revenues are projected to improve 11.7%. So, let’s see what awaits the following textile stocks within the Consumer Discretionary sector that are queued up for earnings releases on Nov 10.

Michael Kors Holdings Limited is scheduled to release second-quarter fiscal 2017 results after the closing bell. Notably, the company surpassed the Zacks Consensus Estimate in all of the last four quarters, with an average beat of 10.9%.

The company has an Earnings ESP of +1.14% as the Most Accurate estimate is at 89 cents and the Zacks Consensus Estimate is pegged at 88 cents. So, we are reasonably confident of an earnings beat due to the positive Earnings ESP and the company’s Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Michael Kors has been constantly deploying resources to expand its product offerings, open new stores, and build shop-in-shops alongside upgrading its information system and distribution infrastructure. Also, management intends to upgrade its eCommerce platform and expects the channel to be a significant contributor in the long run. (Read more: Michael Kors Q2 Earnings: A Beat in the Cards?)

Another textile company, Ralph Lauren Corporation (RL Quick QuoteRL - Free Report) is slated to report second-quarter fiscal 2017 results. The company has outperformed the Zacks Consensus Estimate in each of the trailing four quarters, with an average beat of 10.1%. The Zacks Consensus Estimate for the fiscal second quarter is currently pegged at $1.70.

Our proven model shows that Ralph Lauren is likely to beat earnings this quarter. The company has an Earnings ESP of +1.77% and a Zacks Rank #3, which make us reasonably confident of an earnings beat. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Despite posting solid results in the last reported quarter, Ralph Lauren provided soft sales and margins outlook for the second quarter and fiscal 2017. Apart from currency woes and challenging retail traffic trends, revenue growth for both periods is expected to be hurt by the intentional pullback in inventory receipts, store closures and other initiatives. (Read more: Can Ralph Lauren Q2 Earnings Maintain Solid Streak?)

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