Gap Inc. released its fourth quarter and full year results today. Gap, the operator of Gap, banana republic and Old Navy apparel stores, posted a growth of 45% in its fourth quarter profit attributable to fewer discounts and improved sales in all divisions.

The company posted higher merchandise margins in the quarter. Gap also plans to increase market share across all of its business in North America this year.

In the fourth quarter of FY 2009, the company posted a net income of $352 million or 51 cents per share, increasing by 45% while the net income was posted $243 million or 34 cents per share in the same quarter last year. The profit in the fourth quarter beat the estimates of market analysts.

Total revenue for the quarter was reported $4.24 billion, increasing by 4% than the same quarter last year and beating the analysts' expectations of $4.23 billion.

For the full year 2009, the company posted net income of $1.1 billion, increasing by 14% while in the previous corresponding year the net income was reported $967 million.

Gap also provided the outlook for FY 2010. The company said that it is expecting the earnings per share for FY 2010 in the range of $1.70 to $1.75. The company is also planning to expand its European operation and revamp 200 of its Old Navy stores in the U. S. during 2010.