“This includes an increase in capital spending as we add capacity in several categories.”

In context

“th normalizing as we move through the year, pricing becoming less of a driver and volume returning to modest growth. With the strength of our brands and commitment to keep investing in the business, we continue to expect to grow above underlying market levels, building aggregate market share globally. This leads to guidance for organic sales growth in the range of 4% to 5% for fiscal ’24. On the bottom line, we expect EPS growth in the range of 6% to 9% versus fiscal year ’23 EPS of $5.90. This guidance equates to a range of $6.25 to $6.43 per share, $6.34 or up 7.5% at the center of the range. With a three-point headwind from foreign exchange, this outlook translates to 9% to 12% EPS growth on a constant currency basis. We expect adjusted free cash flow productivity of 90% for the year. This includes an increase in capital spending as we add capacity in several categories. We expect to pay more than $9 billion in dividends and to repurchase $5 billion to $6 billion in common stock, combined a plan to return $14 billion to $15 billion of cash to share owners this fiscal year. Top line, bottom line and cash guidance for fiscal ’24 all consistent with our long term algorithm. This outlook is based on current market growth estimates, commodity prices and foreign exchange rates. Significant additional currency weakness, commodity cost increases, geopolitical disruptions, major supply chain disruptions, more store closures are not anticipated within the guidance ranges. These guidance ranges also do not assume a further reduction in commodity and material costs versus current levels. If this should occur, it would generate greater flexibility to invest more in”