Gap Inc. reported a 22 percent fall in quarterly profit, hurt by weak demand for its Gap and Banana Republic apparel brands.

Net income fell to $260 million, or 58 cents per share, for the first quarter ended May 3, from $333 million, or 71 cents per share, a year earlier.

The company had estimated a profit of 56-57 cents per share when it pre-announced results on May 8.

Net sales rose 1.2 percent to $3.77 billion, but comparable-store sales fell 1 percent, Gap said on Thursday.