Michael Kors (NYSE:CPRI) will report its fiscal 2015 third-quarter earnings before the market opens tomorrow, and investors are hoping the luxury retailer will deliver yet another blowout quarter. The stock has fallen nearly 4% so far this year, but it could get a significant boost this week if the company can prove it hasn't yet lost its appeal with consumers. With earnings on the horizon, let's take a closer look at Wall Street's estimates for the quarter and whether the namesake retailer can over-deliver on those projections.

Anxious to please
Analysts on the Street expect Michael Kors to post a quarterly profit of $1.33 per share, up from earnings per share of $1.11 during the same period a year ago. Wall Street is also optimistic about Kors' ability to generate strong revenue in the quarter. Moreover, analysts are looking for third-quarter revenue to grow more than 28% year over year to $1.3 billion. 

Kors topped Wall Street's expectations in each of the past four quarters, with a surprise to the upside of more than 10% each time. In fact, during the third quarter last year, the retailer delivered earnings that were 29% better than what the Street was anticipating. Nevertheless, the market has high expectations for Kors this time around, which could make it more difficult for the retailer to blow past estimates, as it has in the past.

It is also worth mentioning that the Street's expectations for both revenue and earnings in the quarter are at the high end of what Kors' management expects in the period. The retailer, for example, forecasts third-quarter revenue in the range of $1.27 billion to $1.3 billion. This projection assumes same-store sales will increase in the low double digits during the quarter.

The problem with high expectations
This sets a high bar for Kors as it attempts to maintain a lead over rivals such as Coach and Kate Spade in the global retail space. Therefore, even if the luxury retailer delivers both earnings and revenue growth when it reports tomorrow, it may be difficult to surprise investors with a beat given Wall Street's lofty expectations.

Nevertheless, Kors stock looks attractive for long-term investors today. Shares are currently trading around $71 apiece, or near the low end of the stock's 52-week range. Over the past 52 weeks, shares have traded from $101.04 to $65.10, according to S&P Capital IQ data.

Additionally, Kors stock looks cheap with a price to earnings growth rate of 0.94 -- one of the lowest in the apparel and luxury goods market. The company also boasts some of the richest margins in its industry. Therefore, while Kors may not surprise Wall Street when it reports tomorrow, the stock is still a good one for investors in 2015 and beyond.