Gap shares sank following a disappointing first quarter this spring and have only continued to tumble since. Upcoming earnings could offer an opportunity to halt the slide, especially given lowered expectations.

Analysts expect Gap to earn 48 cents a share on revenue of $3.7 billion when it reports results on Thursday.

The stock is down double digits since its late-May results included downbeat guidance as Old Navy, its biggest top-line contributor, saw slowing sales. The company said consumers weren't impressed with merchandise, especially women's dresses. Athleta, its athletic division, likewise lagged.

There's a chance this quarter could be better. Discretionary demand has held up better than expected amid higher gas prices, and the back-to-school shopping season could get a boost from the company's delivery partnership with DoorDash.

However, both Target and TJX Cos. saw relatively lackluster apparel sales, which could bode poorly for Gap.

Analysts are split on Gap: Half of those tracked by FactSet are bullish on the shares, while the other half rate the stock Hold or the equivalent.