Gap stock plunges as supply-chain disruptions expected to result in up to $650 million in lost sales
Gap stock plunges as supply-chain disruptions expected to result in up to $650 million in lost sales
By Tonya Garcia
託尼婭·加西亞(Tonya Garcia)著
JPMorgan downgraded Gap shares citing "markdown risk"
摩根大通以“降價風險”為由下調Gap股票評級
Gap Inc. shares plummeted more than 20% in early Wednesday trading after the apparel and accessories retailer said global supply chain disruptions took a bigger-than-expected toll on third-quarter results.
服裝和配飾零售商Gap Inc.週三早盤股價暴跌逾20%，此前該公司表示，全球供應鏈中斷對第三季度業績的影響大於預期。
Gap (GPS) results missed expectations, and the company revised its guidance "solely based on the acute revenue and margin impacts from supply chain disruptions," said Chief Financial Officer Katrina O'Connell on the earnings call, according to a FactSet transcript.
根據FactSet的一份文字記錄，Gap的業績低於預期，該公司修改了業績指引，“完全是基於供應鏈中斷對收入和利潤率的嚴重影響”，首席財務官卡特里娜·奧康奈爾(Katrina O‘Connell)在財報電話會議上表示。
See:Gap stock tanks as results miss, guidance lowered due to 'significant' supply-chain issues
參見：GAP庫存因業績未達標而縮水，指引因“重大”供應鏈問題而下調
The company now expects supply-chain disruptions to result in $550 million to $650 million in lost sales. The company also expects to incur $450 million in airfreight expenses for the year.
該公司目前預計，供應鏈中斷將導致5.5億至6.5億美元的銷售額損失。該公司還預計今年的空運費用將達到4.5億美元。
"We consciously chose to air approximately 35% of our holiday product, given the 2.5-month delays from Vietnam closures in Q3 and the over three-week West Coast port delays so that we can give our customers as much holiday product as we can deliver on their expectations," O'Connell said.
奧康奈爾説：“考慮到第三季度越南關閉造成的2.5個月的延誤和西海岸港口超過三週的延誤，我們有意識地選擇空運大約35%的假日產品，以便我們能為客户提供儘可能多的假日產品，以滿足他們的期望。”
"While this is material to our profitability, we believe it is necessary to further mitigate sales losses and retain customers for the long term."
“雖然這對我們的盈利能力至關重要，但我們認為有必要進一步減少銷售損失，並長期留住客户。”
Other retailers, like Walmart Inc. (WMT) and Target Corp. (TGT), chartered their own ships to bypass the bottlenecks in the global supply chain network.
其他零售商，如沃爾瑪(WMT.)和塔吉特公司(Target Corp.)，也租用了自己的船隻，以繞過全球供應鏈網絡的瓶頸。
Earlier in the call, Gap Chief Executive Sonia Syngal called Vietnam the company's "top manufacturing country."
早些時候，Gap首席執行長索尼婭·辛格爾(Sonia Syngal)稱越南是該公司“最大的製造業國家”。
Also: Walmart, Target, Home Depot and other large retailers are chartering ships to bypass supply chain problems. Will the strategy save Christmas?
此外：沃爾瑪(Walmart)、塔吉特(Target)、家得寶(Home Depot)和其他大型零售商都在包租船隻，以繞過供應鏈問題。這一策略能拯救聖誕節嗎？
"While we had planned into the known supply chain constraints as we entered the quarter including COVID-related closures in Vietnam, the shock to our business persisted longer than anticipated as weeks turned into months," Syngal said.
辛格爾説：“雖然我們在進入本季度時就計劃了已知的供應鏈限制因素，包括在越南與COVID相關的關閉，但隨着幾周變成幾個月，我們的業務受到的衝擊持續了比預期更長的時間。”
Syngal tried to focus on a few highlights from the troubled quarter, including the launch of BodEquality, Old Navy's inclusive sizing program, and sales of the Yeezy "Perfect Hoodie," which Syngal said, "delivered the most sales by an item in a single day in Gap.com history," and new digital capabilities that the company expects to scale into 2022.
Syngal試圖專注於這個陷入困境的季度的幾個亮點，包括推出舊海軍的包容性大小計劃BodEquity，銷售Yeezy的“完美帽衫”(Perfect Hoodie)，Syngal説，這是“Gap.com歷史上單日銷量最高的”，以及該公司預計將擴展到2022年的新數字功能。
Athleta and Banana Republic are also part of the Gap portfolio.
Athleta和Banana Republic也是Gap投資組合的一部分。
But the good news was outweighed by problems, and drove a downgrade to neutral from overweight at JPMorgan. Analysts lowered their price target to $22 from $39.
但問題蓋過了好消息，推動摩根大通將評級從加碼下調至中性。分析師將目標價從39美元下調至22美元。
"[M]anagement cited 'inventory currently on the way now' suggesting potential delayed receipt timing into Black Friday/Holiday raising markdown risk into 1H," analysts said.
"[M]管理部門指出，‘目前庫存正在上路’，暗示收貨時間可能推遲到黑色星期五/假期，這將使降價風險上升至1H，“分析師表示。
Read: Supply-chain delays now could lead to discounts for shoppers down the line, analysts say
閲讀：分析人士表示，供應鏈延遲現在可能會導致購物者在未來享受折扣
Wells Fargo called the results "disappointing across the board." Analysts maintained their overweight stock rating but slashed their price target to $25 from $40.
富國銀行稱業績“全面令人失望”。分析師維持增持股票評級，但將目標價從40美元下調至25美元。
"The biggest issue we see is the stock is now heading to the 'penalty box' as management has created a near-term credibility issue -- raising guidance and calling out their supply chain prowess just three months ago, and today materially cutting guidance while others in the space appear to be navigating the pressures fairly well," analysts wrote.
分析師寫道：“我們看到的最大問題是，該股現在正走向‘罰金盒子’，因為管理層在近期製造了一個信譽問題--就在三個月前，它提高了業績指引，並展示了自己的供應鏈實力，而今天，該公司大幅削減了業績指引，而該領域的其他公司似乎都很好地應對了壓力，”分析師寫道。
GlobalData warns that, beyond supply chain problems, the Gap brand is in need of some work to generate the same excitement as the Yeezy merchandise.
GlobalData警告稱，除了供應鏈問題，Gap品牌還需要做一些工作，才能像Yeezy的商品一樣令人興奮。
"Our recent checks in stores reveal a holiday line up that is mundane to the point of tedium," wrote Neil Saunders, managing director at GlobalData.
GlobalData董事總經理尼爾·桑德斯(Neil Saunders)寫道：“我們最近在商店裏進行的檢查顯示，節日排隊的隊伍非常平凡，已經到了乏味的地步。”
"In our view, Gap still has a lot of work to do in rebuilding its brand and making it more relevant and interesting to shoppers. If it doesn't, as the heat comes out of the consumer economy it runs the risk of seeing core sales deteriorate further."
“在我們看來，Gap在重建品牌、讓消費者對其更感興趣和相關性方面還有很多工作要做。如果做不到這一點，隨着消費經濟的升温，Gap的核心銷售額可能會進一步惡化。”他説：“在我們看來，Gap還有很多工作要做。如果不這樣做，隨着消費經濟的升温，Gap的核心銷售額可能會進一步惡化。”
Gap stock is down 7.3% for the year to date while the S&P 500 index has gained 24.3% for the period.
今年到目前為止，GAP股票下跌了7.3%，而標準普爾500指數同期上漲了24.3%。
-Tonya Garcia
--託尼·加西亞(Tonya Garcia)
譯文內容由第三人軟體翻譯。