Tapestry — Feb 6, 2025 release

Fuel Fashion Innovation and Product Excellence • Delivered compelling innovation to consumers , highlighted by Coach, which drove strong handbag revenue growth and AUR gains fueled by broad-based traction across the leathergoods offering; • Remained disciplined brand-builders and operators, underscored by significant gross margin expansion of 280 basis points , which included operational outperformance (+260 basis points) and lower freight expense (+20 basis points); • Leveraged Tapestry’s agile supply chain to deliver craftsmanship and value globally, supporting the Company’s accelerated growth. Shareholder Return Programs Given Tapestry’s strong operational results, robust balance sheet, significant free cash flow generation, and outlook for growth, the Company expects to return more than $2 billion or over 100 percent of its free cash flow in Fiscal 2025 to shareholders through dividends and share repurchases: • Dividend : The Company’s Board of Directors declared a quarterly cash dividend of $0.35 per common share payable on March 24, 2025 to shareholders of record as of the close of business on March 6, 2025.  In Fiscal 2025, as previously announced, Tapestry expects to maintain its annual dividend rate of $1.40 per common share. 3 • Share Repurchases : As previously announced, during the quarter the Company executed a $2 billion Accelerated Share Repurchase program (‘ASR’). Tapestry received an initial delivery of 28.4 million shares of common stock on November 26, 2024 under the ASR program. The total number of shares purchased by Tapestry will be based on the volume-weighted average price of Tapestry common stock on specified dates during the term of each ASR agreement, less a discount, and subject to adjustments pursuant to the terms and conditions of the ASR agreements.  In addition to the ASR program, the Company has $800 million remaining under its previous share repurchase authorization. Overview