“We also expect to continue our stable dividend approach and remain committed to targeting an approximate 50% dividend payout ratio, displaying our confidence in our long-term growth and attracting a broad investor base, which benefits all stakeholders.”

In context

“expand margin and grow earnings over the long term. We will provide greater detail around our efficiency work streams in our strategy meeting later today. In addition, we expect our Channel Development segment to continue to be accretive to overall operating margin, with operating margin expanding to the high 40% to low 50% range from their favorable portfolio mix. Moving on to capital allocation. Through a very disciplined approach to capital allocation, our return on invested capital in fiscal year 2023 approach 25%, a meaningful improvement from prior year. Equally important, we expect this upward trajectory to continue in fiscal year 2024. We expect our CapEx in fiscal year 2024 to be approximately $3 billion, with over 85% of our CapEx directly invested in our global store portfolio. We also expect to continue our stable dividend approach and remain committed to targeting an approximate 50% dividend payout ratio, displaying our confidence in our long-term growth and attracting a broad investor base, which benefits all stakeholders. As one of the highest dividend payers among high-growth companies, we are proud to have recently commemorated our 13th consecutive annual dividend increase with a CAGR of 20% over such period. Our capital allocation strategy has positioned us well to be able to continue significant business investments while retaining financial flexibility and maintaining our BBB+ investment-grade credit rating. Regarding tax rates in fiscal year 2024, we expect our effective GAAP and non-GAAP tax rates to be in the mid-20% range. This is higher than our fiscal year 2023 GAAP and non-GAAP tax rates of 23.6%, which benefited from certain discrete tax items that are not expected to reoccur in fiscal year 2024. In closing my guidance comments, we continue to expect fiscal year 2024 GAAP and non-GAAP EPS grow”