Tapestry — Aug 14, 2025 release

The projected negative tariff and duty headwind of approximately 230 basis points or $160 million incorporated in this outlook reflects the timing of policy implementation, product sell-through, and mitigating actions underway.  The Company expects to offset the impact of these incremental tariffs and duties over time; • Net interest expense of approximately $65 million; • Tax rate of approximately 18%; • Weighted average diluted share count of approximately 213 million shares; • Earnings per diluted share of $5.30 to $5.45, representing 4% to 7% growth compared to the prior year.  This includes the negative impact of incremental tariffs and duties of over $0.60; • Adjusted free cash flow approaching $1.3 billion. Please note this outlook: • Embeds U.S. trade and tax policies as of August 1, 2025 including the elimination of Section 321 benefits as of August 29, 2025 and no implementation of OECD’s proposed Pillar II guidance; • Includes foreign currency exchange rates using spot rates at the time of forecast; • Assumes no material worsening of inflationary pressures or consumer confidence; 9 • Excludes one-time costs associated with the sale of Stuart Weitzman, which closed on August 4, 2025, as well as the brand’s results for the period under ownership in Fiscal 2026.  The exclusion of Stuart Weitzman is expected to be immaterial to operating profit and earnings per diluted share in the fiscal year; an