Shares of  Gap, Inc. (GPS) tumbled in morning trading after the company reported the fifth consecutive month of sales declines. The retailer also estimated first quarter earnings per share below analysts’ expectations.

WHAT’S NEW: After the market close yesterday, Gap said April same-store sales fell 7% year-over-year on total April net sales of $1.12B, down from $1.21B for the same period last year. For the month, Old Navy SSS dropped 10% year-over-year, Banana Republic Global SSS fell 7% and Gap Global SSS were down 4% y/y. The company said it expects Q1 EPS to be in the range of 31c-32c, well below analysts’ consensus estimates of 44c. In addition, Gap reported total revenue for Q1 of $3.44B, also lower than analysts’ expectations of $3.54B. The retailer noted that gross margins were pressured as entering April with more inventory than planned as a result of weaker than expected traffic, which began in late March and continued into April.

STREAMLINING STEPS: In a statement, Gap announced it will take steps to “better position the company” for improved performance in order to build for the future. The company said it is searching for opportunities to streamline its operating model to be “more efficient and flexible” while also “fully exploiting” its scale advantage. In addition, Gap said it is evaluating its Banana Republic and Old Navy fleets, primarily outside of North America, in an effort to bolster its focus on geographies with the “greatest potential.” CEO Art Peck commented, “Our industry is evolving and we must transform at a faster pace.”

WHAT’S NOTABLE: Gap has reported a year-over-year decline in comparable sales in each month of 2016, with the largest drop so far occurring in January when the company reported an 8% year-over-year decline for the month. The year-over-year decline in same-store sales each month in 2016 continues a trend also seen in 2015, which ultimately led the company last June to announce a series of strategic actions, including the closures of roughly 175 stores in North America.