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May 19, 2020, 8:50 a.m. EDT

Michael Kors parent Capri to delay filing of audited annual report

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By Tomi Kilgore

Michael Kors parent Capri Holdings Ltd. /zigman2/quotes/206301876/composite CPRI +3.09% disclosed Tuesday that it will delay the filing of its annual report, as a result of the COVID-19 pandemic, as it takes advantage of Securities and Exchange Commission rules that are allowing for filing delays of up to 45 days. Separately, Capri said it had about $900 million in liquidity as of May 15, which the company believes is "sufficient to meet future operating needs." Capri said the original deadline for its 10-K filing is May 27. The company said because many of its corporate offices have been closed as a result of the pandemic, the employees preparing the 10-K filing have been working remotely and need additional time to finalize the audit and to analyze the impact of the pandemic. The stock, which slipped 0.2% in premarket trading, had plunged 62.3% year to date through Monday, while the S&P 500 /zigman2/quotes/210599714/realtime SPX +1.05% has declined 8.6%.

/zigman2/quotes/206301876/composite
US : U.S.: NYSE
$ 15.35
+0.46 +3.09%
Volume: 2.50M
July 10, 2020 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$2.24 billion
Rev. per Employee
$341,762
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/zigman2/quotes/210599714/realtime
US : S&P US
3,185.04
+32.99 +1.05%
Volume: 2.41B
July 10, 2020 5:09p
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