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is taking a hit in after-hours trading, as investors are ,disappointed with the company's in-line third-quarter profit.

During the quarter the specialty retailer earned 48 cents a share on revenue of $3.65 billion, compared with Wall Street's forecast of 48 cents on revenue of $3.58 billion.

"We improved the top line and grew our earnings per share this quarter while keeping a clear focus on North America and making strategic global investments, including new market entries in China and Italy," CEO Glenn Murphy said in a statement.

Shares of Gap are down nearly 3% to $20.30 in extended trading.

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--Written by Jeanine Poggi in New York.

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