Gap Inc. fell as much as 11 percent in late trading after its March results missed analysts’ estimates, a sign the struggling apparel chain has even further to go in its comeback bid.

Same-store sales fell 6 percent last month, the San Francisco-based company said on Thursday. Analysts had projected a 5 percent decline, according to Retail Metrics. Gap’s Banana Republic division performed especially badly, with same-store sales plunging 14 percent.

The company also warned that it entered April with more inventory than planned. That will squeeze profit margins this year because Gap will have to discount merchandise to clear out the excess apparel. Gap Chief Executive Officer Art Peck has said the company will begin showing signs of a comeback this spring, but the latest results threaten to set back its progress.

“While March proved challenging, we remain focused on taking the necessary steps to improve results across the portfolio throughout the year,” Chief Financial Officer Sabrina Simmons said in Thursday’s statement.

The stock fell as low as $24.70 in extended trading. Gap had been up 12 percent this year through Thursday’s close, with investors betting that a turnaround is under way.