Tapestry (TPR) official guidance

And finally, we expect CapEx and cloud computing costs to be in the area of $300 million or 3%-4% of revenue.

And finally, we expect CapEx and cloud computing costs to be in the area of $300 million or 3%-4% of revenue.

The tax rate is expected to be approximately 18.5%, and our weighted average diluted share count for the year is expected to be approximately 203 million shares.

The tax rate is expected to be approximately 18.5%, and our weighted average diluted share count for the year is expected to be approximately 203 million shares.

Taken together, we expect EPS of $7.80-$7.90, representing low double-digit growth versus the prior year.

Taken together, Q1 EPS is forecasted to be approximately $1.55, a low teens increase.

From an EPS standpoint, we're incorporating low double-digit growth in both the first and second half.

From an EPS standpoint, we're incorporating low double-digit growth in both the first and second half.

Moving on, we anticipate adjusted free cash flow to approach $1.7 billion.

We expect gross margin to increase by approximately 30 basis points, driven by operational improvements and favorable geographic and brand mix.

Turning to margins, we expect gross margin to increase by 120 basis points in Q1, offset by higher SG&A due entirely to continued increases in marketing, resulting in operating margin in line with prior year.

Moving to below-the-line expectations for the year, net interest expense is expected to be approximately $55 million.

Between 40 and 50 doors is our expectation on a net basis at Coach.

I love that this year we will go over the 1,000-door count for Coach globally, and 75% of those 50 doors that Scott talked about will be international, 25% will be domestic.

I love that this year we will go over the 1,000-door count for Coach globally, and 75% of those 50 doors that Scott talked about will be international, 25% will be domestic.

On SG&A, we expect approximately 20 basis points of leverage, reflecting disciplined expense management while continuing to invest behind brand growth.

At Kate Spade, we expect a modest operating loss reflecting continued investment in the brand.

For some texture on operating profit by brand, we expect Coach to maintain its best-in-class operating margin of nearly 36%.

In addition, our outlook assumes operating margin expansion of 50 basis points to nearly 24%, driven by both an increase in gross margin and SG&A leverage.

Turning to margins, we expect gross margin to increase by 120 basis points in Q1, offset by higher SG&A due entirely to continued increases in marketing, resulting in operating margin in line with prior year.