Gap Inc. delivered a largely anticipated weak third-quarter earnings report Thursday due to disappointing customer response to fall merchandise and less people visiting its retail outlets.

The company said because November traffic levels have deteriorated more than expected, it sharply lowered full-year earnings expectations to below Wall Street estimates. In the three months ended Oct. 29, Gap earned $212 million compared with $265 million a year ago.

Revenues fell 3 percent to $3.86 billion, and consolidated same-store sales were down 7 percent. Year-to-date, the specialty retailer had earnings of $775 million from $772 million, a year ago. Revenues fell slightly to $11.2 billion from $11.37 billion.

Gap maintained that its merchandising issues are “fixable” and that it is taking “aggressive” actions to resonate again with customers. Gap said on a post-earnings conference call that it will focus on the three fundamentals of retailing: product, including providing key merchandise items to deliver its “fresh, casual, American-style” aesthetic; store experience, including visual displays, customer service and remodels, and marketing, including its holiday “magalogue” and appropriate television and print campaigns.

Paul Pressler, president and chief executive officer of Gap Inc., said on the conference call that, during the past two years, Gap focused on building critical infrastructure and operating efficiencies “at the expense of creating amazing product and a compelling store experience.” Now, he said, the company is “100 percent focused on the customer and improving product and the in-store experience.”