'I would much rather have a supply problem than a demand problem ... and that's what we're navigating,' Gap CEO Sonia Syngal told CNBC's Jim Cramer.
In ainterview after Gap's disappointing quarterly results, Syngal said the company decided to take those costly transportation steps to overcome what proved to be longer-than-expected Covid closures in Vietnamese factories.
Gap is far from the only retailer dealing with inventory problems, as global supply chains remain unsettled by pandemic-related factors. Nevertheless, Syngal said supply-related constraints are weighing on Gap. Gap shares plunged 16% in extended trading Tuesday as Wall Street reacted to the company's weak third-quarter results and forecast changes. Gap earned an adjusted 27 cents per share, compared with estimates of 50 cents, according to Refinitiv. Sales of $3.94 billion fell short of the expected $4.44 billion.
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