Tapestry — Feb 6, 2025 release

The change in outlook reflects the interest on the new bond issuance and a lower cash balance due to the execution of the ASR program; 7 • Tax rate of approximately 17% to 18% versus prior guidance of approximately 19%; • Weighted average diluted share count of approximately 223 million shares as compared to prior guidance of approximately 238 million shares, reflecting the benefit of share repurchase activity; • Earnings per diluted share  of $4.85 to $4.90, representing 13% to 14% growth compared to the prior year, and exceeding the Company’s prior guidance of $4.50 to $4.55. The increased outlook incorporates the Company’s second quarter operational outperformance of $0.17, a full year net benefit from share repurchase activity of $0.10, and a net benefit of $0.08 from a favorable tax rate partially offset by an expected currency headwind; • Adjusted free cash flow  of approximately $1.2 billion as compared to the prior outlook of $1.1 billion. Please note this outlook assumes the following: • No revenue, net interest, or earnings impact related to the terminated acquisition of Capri Holdings Limited; • 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 reinstatemen