coach and kate spade parent tapestry inc reported thursday fiscal firstquarter earnings that beat expectations but cut its fullyear outlook as a strong us dollar takes a bite the luxury fashion companys stock was still inactive in premarket trading net income for the quarter to oct 1 fell to 1953 million or 79 cents a share from 2269 million or 80 cents a share in the yearago period excluding nonrecurring items adjusted earnings per share of 82 cents topped the factset consensus of 76 cents sales grew 17 to 151 billion just above the factset consensus of 150 billion cost of sales rose more than sales up 96 to 4519 million as gross margin contracted to 700 from 722 hurt by higher freight expense and currency headwinds for fiscal 2023 the company cut its revenue guidance range to 65 billion to 66 billion from the area of 69 billion compared with the factset consensus of 687 billion as unfavorable currency translation acts as a 45 percentage point headwind the stock has shed 94 over the past three months while the sp 500 has dropped 110