Gap Inc., the largest US apparel chain, said third-quarter profit declined 36 percent as sales dropped at its namesake and Old Navy chains.

Net income fell to $193 million, or 38 cents a share, from $303 million, or 48 cents, a year earlier, the San Francisco-based company said yesterday. Analysts projected 37 cents, the average of 24 estimates.

The company plans to open about 1,000 stores on Thanksgiving Day to lure shoppers.