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Business Description
Borders Group, Inc., operates book, music and movie superstores, including mall-based bookstores, through its subsidiaries, Borders, Inc. (Borders), Walden Book Company, Inc., Borders U.K. Limited and Borders Australia Pty Limited, among others. As of January 25, 2004, the Company operated 482 superstores under the Borders name, including 24 in the United Kingdom, nine in Australia, two in Puerto Rico and one each in Singapore and New Zealand. The Company also operated 716 mall-based and other bookstores, primarily under the Waldenbooks name in the United States and 36 bookstores under the Books etc. name in the United Kingdom.

Financial Information
For the 39 weeks ended 10/24/04, sales rose 5% to $2.53 billion. Net income totalled $10 million, up from $200 thousand. Results reflect new store openings, higher comparable store sales, and a lower pre-opening costs.