Inventory levels are high for almost all retailers but especially at larger chains, according to industry experts. “You could look at an inventory-to-sales ratio and say, ‘Oh, they look like they’re doing OK,’” said Nikki Baird, vice president of strategy at Aptos. “But what’s happening under the covers is they’re way overstocked in these categories, and they’ve sold out on these, and they still can’t get a lot more of the things that are moving fast.”