NEW YORK (TheStreet) --Shares of Gap Inc. (GPS) are down by 3.32% to $38.54 at the start of trading on Tuesday morning, as the clothing and accessories retail company continues a decline that began in after-hours trading on Monday following the release of its April same-store-sales results.
Gap said that April net sales were $1.21 billion, a decline when compared to the $1.33 billion reported in April 2014.
For the first quarter of the fiscal year Gap said net sales fell by 3% to $3.66 billion.
"We remain focused on driving improved performance across our other divisions," GAP CFO Sabrina Simmons said in a statement. Simmons mentioned that the company's Old Navy segment delivered another quarter of positive comps.
Following the company's sales results some analysts lowered their ratings on the company. FBR Capital reduced its rating on Gap to "market perform" from "outperform." Cantor Fitzgerald cut its price target on Gap to $44 from $47.
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."