Gap has forecast a full-year profit below earlier estimates. The apparel and accessories retailer is struggling to attract shoppers to its Banana Republic stores. Gap has been trying to reduce promotions and sell more merchandise at full price. However, shoppers are increasingly looking for deeper discounts. Chic and trendy clothes at lower prices from off-price, online and fast-fashion retailers such as H&M, Forever 21 and Inditex’s Zara are also luring shoppers away. San Francisco-based Gap has been controlling inventories and trying to replicate the success of its low-end Old Navy brand at its Gap and Banana Republic chains.

The company’s net income fell to $125 million in the second quarter ended July 30, from $219 million a year earlier. Excluding items, the company earned 60 cents per share. Net sales were unchanged from the $3.85 billion the company provided on August 8. Gap also owns the Athleta and Intermix clothing brands.

The brand opened in the United States in 1969. It came to India in 2015 and has stores in Mumbai, Delhi and Bangalore. Gap stores are a minimum of 4000 sq ft. Arvind Lifestyle Brands is the Indian franchisee partner of Gap.