The goal — pure and simple — is to create an ideal in-store experience for our customers, based on market-proven concepts from throughout our organization. (Launching Paperchase in the U.S., after its great success internationally, is a prime example.) We also aim to market our brand more consistently and effectively across all our segments, enabling us to take greater advantage of our growing footprint worldwide.
Applying these principles, we aim to increase our top-line growth and profitability in 2005, and extend our track record of delivering solid returns to our shareholders. Our key financial and operating goals for the year include:
- Increase consolidated sales by approximately 7%.
- Increase consolidated earnings per share by 10% to 14%.
- Open 15 to 20 new domestic Borders stores and remodel 80 to 100 existing stores.
- Open 10 to 12 new international Borders stores.
- Selectively update and re-brand 75 to 100 Waldenbooks stores to Borders Express as part of an ongoing market test.
Based on our experiences, this is a sound and achievable plan — and one I believe we can continue to build upon for a considerable time. I hope you'll find many opportunities to visit our stores and check on our progress throughout the year. I'm confident that if you do, you'll walk away with the same positive feeling that I have: By building a better in-store experience, we're building a foundation for future growth.
Sincerely,
Gregory P. Josefowicz
Chairman, President and Chief Executive Officer
