Tapestry — May 8, 2025 release

This is ahead of prior guidance of approximately 3% growth versus prior year; • Operating margin expansion of approximately 100 basis points versus prior year, consistent with prior guidance; 6 • Net interest expense of approximately $25 million as compared to prior guidance of $35 million; • Tax rate of approximately 17.5% versus prior guidance of approximately 17% to 18%; • Weighted average diluted share count of approximately 223 million shares, consistent with prior guidance; • Earnings per diluted share in the area of $5.00, representing a high-teens percentage growth rate compared to the prior year, and exceeding the Company’s prior guidance of $4.85 to $4.90; • Adjusted free cash flow of approximately $1.3 billion, ahead of the prior guidance of $1.2 billion. Please note this outlook: • Embeds the expectation for tariffs on goods imported into the United States in accordance with the latest trade policies as of April 10, 2025. This includes an anticipated additional 145% tariff on imports from China and an additional 10% tariff on all other global imports.  These tariffs are expected to have an immaterial impact on Fiscal 2025 results due to the timing of sell-throughs and in-transits; • Embeds foreign currency exchange rates using spot rates at the time of forecast; • Embeds no material worsening of inflationary pressures or consumer confidence; • Excludes one-time transaction costs associated with the pending sale of Stuart Weitzman, which is expected to be completed during the summer of 2025, subject to customary closing conditions. The Fiscal 2025 outlook continues to incorporate the brand’s operations through the end of the fiscal year; • Excludes non-recurring costs associated with the Company’s organizational efficiency efforts, and