The inventory gluts caused by inflationary conditions aren’t going to be worked off quickly, according to an exclusive CNBC Supply Chain Survey.

“Clearly, the financials aren’t what we would hoped,” Gelsinger told analysts.

Macy’s raised its earnings forecast for the year after the department store operator said its inventory is well positioned for the holiday shopping season.

Walmart, Target, Gap, Kohl’s and others are trying to sell through a glut of extra merchandise piling up in store backrooms and warehouses.