Tapestry sees FY25 gross margin above prior year and prior expectations

Cites operational improvements. Sees FY25 free cash flow ~$1.2B vs. ~$1.1B prior. Sees FY25 CapEx and cloud computing ~$170M vs. prior view ~$190M. Continues to anticipate annual dividend of $1.40 per share, $300M returned to shareholders in FY25. Goal over time is to increase dividend at least in line with earnings to achieve target payout ratio of 35%-40%. Comments taken from investor presentation slides.