Gap on Thursday beat Wall Street's quarterly revenue expectations, but gave a cautious outlook for the holiday season.
, as factories shut temporarily because of Covid and goods got stuck in congested ports. The retailer went as far as paying extra to fly in apparel by air freight. But delays and backlogs meant some seasonal merchandise still arrived too late.
Inventory has piled up in recent quarters as consumers seek dressier clothes instead of casualwear. Gap's inventories were up 34% in the first quarter and 37% in the second quarter. Gap has turned to packing up and storing excess inventory in an effort to relieve stores that are clogged with the wrong stuff. But it's also been forced to offer deep markdowns, cutting into profits.
Share of Gap have fallen 27% so far this year. Shares closed on Thursday at $12.72, up more than 5% during the session.
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