Tapestry — Nov 7, 2024 release

Free cash flow was   an inflow of $94 million compared to an inflow of $54 million in the prior year.  This included CapEx and implementation costs related to Cloud Computing of $30 million versus $29 million a year ago. 5 Dividend The Company’s Board of Directors declared a quarterly cash dividend of $0.35 per common share payable on December 23, 2024 to shareholders of record as of the close of business on December 6, 2024. In Fiscal 2025, Tapestry continues to expect to return approximately $325 million to shareholders through dividend payments for an anticipated annual dividend rate of $1.40 per share. Non-GAAP Reconciliation During the first fiscal quarter of 2025, Tapestry recorded certain items that decreased the Company’s pre-tax income by $71 million, net income by $55 million, and earnings per diluted share by $0.23. These items relate to acquisition costs, primarily associated with financing and professional fees. Please refer to Financial Schedules 3 and 4 included herein for a detailed reconciliation of the Company’s reported GAAP to non-GAAP results. 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;