NEW YORK (TheStreet) -- Global branded apparel and accessories retailer Gap Inc. (GPS) - Get Report reported its 2015 first quarter earnings results after the market close this afternoon. The company behind the Old Navy and Banana Republic retailers reported earnings that declined year-over-year but were in line with analysts' expectations for the period.

Gap reported net income of $239 million, or 56 cents per diluted share, compared to the $260 million, or 58 cents per diluted share reported for the 2014 first quarter.

Net sales for the most recent quarter fell by 3% to $3.66 billion, missing the $3.75 billion analysts had forecast.

"With our leadership team in place, we are making the changes necessary to improve our long-term performance, starting with an intense focus on greater product acceptance," company CEO Art Peck said in a statement.

Shares of Gap are down by 0.21% to $38.48 in after-hours trading on Thursday afternoon.

Separately, TheStreet Ratings team rates GAP INC as a Buy with a ratings score of A-. TheStreet Ratings Team has this to say about their recommendation:

"We rate GAP INC (GPS) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, notable return on equity, reasonable valuation levels, good cash flow from operations and expanding profit margins. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."

You can view the full analysis from the report here: GPS Ratings Report

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