American clothing retailer Gap is remaining positive despite disappointing first quarter results.

Gap’s profit for the months to May 3 declined to $260 million from $333 million in 2013 on weaker foreign currencies.

Net sales for the first quarter increased just one per cent to $3.77 billion compared with $3.73 billion last year.

During the first quarter, its Old Navy brand opened its first company-operated store and e-commerce site in mainland China and first-ever franchise-operated store in the Philippines. Its namesake brand Gap debuted in Taiwan.

The company will continue to expand overseas, particularly in Greater China, where it will open approximately 30 additional Gap stores this year. The Old Navy brand will be expanded to five stores in the Philippines by the end of the year.

Full-year earnings per share is expected to be in the range of $2.90 to $2.95.

“We are confident in our strategies to drive long-term value, as evidenced by the reaffirmation of our full-year guidance,” CEO Glenn Murphy says.