We see 2000 as a key inflection point, which sets the stage for significantly decreasing losses in 2001, and we anticipate a quick rise to profitability in 2002 as we benefit from leveraging our investments.

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We are delighted to provide our Members with one of the best credit card reward programs ever offered by any retailer. The combination of the existing benefits of our Member program, with the additional value provided by the Member MasterCard, will enable our Members to save even more when shopping at Barnes & Noble.

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It's not just about the promotional offers. People have so much information thrown at them, especially in books, where there are hundreds of thousands of new books published each year. The challenge is in how you bubble up the best choices for them.

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