When Paul Pressler took over as CEO of Gap ( GPS) more than four years ago, he said he was honored to have the opportunity to work with the company's many talented people.

"Together," he said in September 2002, "we will continue the great legacy of the Gap, Old Navy, and Banana Republic brands, while creating a new and exciting vision of the future."

The future has arrived, and it isn't pretty. While Pressler did manage to halt Gap's earlier slide, the company is in another seemingly interminable slump, and some analysts believe that Pressler's tenure with the San Francisco-based clothing retailer may be nearing an end.

On Thursday, Gap said same-store sales for December fell 9%, while net sales slipped 4% to $2.34 billion. The company slashed its full-year earnings forecast to 83 cents to 87 cents a share from its previous guidance of $1.01 to $1.06.

For all of 2006, Gap's same-store sales, or sales at store open at least a year, tumbled 7%. That was on top of a 5% decline in 2005.

Pressler expressed disappointment in the results and said in a statement that "the management team, with the active involvement of our board of directors, is currently reviewing the Gap and Old Navy's brand strategies. We are committed to making the necessary changes to improve performance."

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