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Strong Sales and Earnings Gains at Borders Group
-- 3/16/98
Total sales at Borders Group rose 15.7%, to $2.27 billion, in the fiscal year ended January 25, 1998, while net income increased 38.5%, to $80.2 million. The increase was led by a 31.9% sales gain, to $1.26 billion, at the company's superstores, which offset a 1.2% decline in revenues, to $968.2 million, at Waldenbooks. Fiscal 1998 marked the first time that superstore sales, at 55.8%, represented the majority of the company's total revenue.
Borders attributed the improvement at its superstores to an 8% increase in comparable-store sales as well as an increase in the number of stores, to 203 from 157. The decline at Walden reflects a reduction in the number of stores, from 961 to 923, and the fact that there was no increase in same-store sales.

During fiscal 1998, inventories rose 19%, to $879.1 million, largely due to the opening of 46 new Borders stores, the initial stocking of the fulfillment center and the acquisition of Books etc. in the U.K. Looking ahead to fiscal 1999, Borders said it expects its Internet site to launch in the first quarter. In addition, the company confirmed that it plans to open two superstores in the U.K. in the year, as well as one store in Australia. Borders said it is "pleased" with the performance of its Singapore store, which opened in calendar 1997.
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