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 15% 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 also means added expenses that will weigh on profits in the near term.

Here’s how Gap did in the three-month period ended Oct. 30 compared with what analysts were anticipating, using Refinitiv data:

• Earnings per share: 27 cents adjusted vs. 50 cents expected
• Revenue: $3.94 billion vs. $4.44 billion expected

Gap said it swung to a net loss of $152 million, or 40 cents per share, from net income of $95 million, or 25 cents a share, a year earlier.

Excluding items, it earned 27 cents per share, short of the 50 cents that analysts had been looking for, according to Refinitiv.

Revenue fell slightly to $3.94 billion from $3.99 billion a year earlier. That missed expectations for $4.44 billion.

Comparable sales at Old Navy fell 9% year over year and were up 6% compared with 2019. The company said this banner was disproportionately impacted by supply chain delays, particularly its women’s assortment.

At its namesake Gap brand, comparable sales rose 7% from a year earlier and were up 3% versus 2019.

At Banana Republic, which focuses more on selling work wear for women, comparable sales rose 28% from year-ago levels and fell 10% on a two-year basis.

Comparable sales at Athleta, Gap’s rival to Lululemon and Nike for women, increased 2% from a year earlier and rallied 41% versus 2019.

Gap now expects full-year revenue to be up about 20%, which is less that its prior outlook of about a 30% increase. Analysts polled by Refinitiv had been looking for a 28.4% year-over-year gain.

Gap’s expectations for adjusted full-year earnings have been lowered to a range of $1.25 to $1.40 per share, from a prior range of $2.10 to $2.25 a share. Analysts had expected Gap to earn $2.20 per share, Refinitiv said.

Gap said its revised outlook takes into account roughly $550 million to $650 million of lost sales from supply chain constraints and about $450 million in air freight costs for the year.

Find the full earnings release from Gap here.