Gap (GPS) Q3 2021 earnings miss, cuts forecast

Gap Inc. shares tumbled Tuesday after the company slashed its full-year outlook, with fiscal third-quarter results falling short as Covid-related factory closures led to significant product delays in the quarter.

Its stock was recently down about 16% in extended trading on the news, having risen about 16% year to date.

“While we entered the third quarter with growing momentum, acute supply chain headwinds affected our ability to fully meet strong customer demand,” said Chief Executive Sonia Syngal in a press release.

Gap said it invested in air freight to help mitigate some of the port congestion challenges over the holidays. But that…