Tapestry — Nov 7, 2024 release

Financial Outlook Tapestry is raising its Fiscal 2025 outlook, which is provided on a non-GAAP basis.  The Company now expects: • Revenue of over $6.75 billion, representing growth of approximately 1% to 2% versus prior year on a reported and constant currency basis, and ahead of prior guidance for slight growth on reported basis and approximately 1% on a constant currency basis; • Operating margin expansion over 50 basis points compared to prior year; • Net interest income of approximately $20 million; • Tax rate of approximately 19%; • Weighted average diluted share count of approximately 238 million shares; 6 • Earnings per diluted share of $4.50 to $4.55, representing mid-single digit growth compared to the prior year, and an increase from the Company’s prior guidance of $4.45 to $4.50; • Free cash flow of approximately $1.1 billion, excluding deal-related costs. Please note this outlook assumes the following: • No revenue, net interest, or earnings impact related to the proposed acquisition of Capri Holdings Limited; • No impact from any potential future share repurchase activity in the Fiscal Year; • No further appreciation of the U.S. Dollar; information provided based on spot rates at the time of forecast; • No material worsening of inflationary pressures or consumer confidence; • No benefit from the potential reinstatement of the Generalized System of Preferences (“GSP”); and • No impact related to any potential policy changes resulting from the outcome of U.S. Presidential election in November 2024. Given the dynamic nature of these and other external fact