Gap got slammed by the Canadian Dollar and the yen

Gap shares fell by as much as 7% in after-hours trading on Monday after the company reported third-quarter results below expectations, with a decline in sales.

Net sales in Q3 fell 3% to $3.86 billion. And on a constant currency basis, net sales were flat.

According to Gap's statement, "the company noted that the translation of foreign currencies into U.S. dollars negatively impacted the company's reported net sales for the third quarter of fiscal year 2015 by about $98 million, primarily due to the weakening Japanese yen and Canadian dollar."

The retailer said its global comparable-store sales - at locations open for at least one year - fell 2%. Banana Republic sales fell the most, at 12% during the quarter.

The shares have fallen 34% year-to-date.

More to come ...