The company expects 2024 worldwide net sales to be approximately $1.2B, reflecting approximately $100M of negative impact related to the exit of its smartwatch business, the closure of stores and prevailing currency rates, as well as expected category, consumer and channel softness. Fiscal year adjusted operating margin is expected to be in the range of -3% to -5%. The company expects to generate positive free cash flow, inclusive of an anticipated tax refund of approximately $56M, which is expected to be received in the second quarter of 2024.
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