t able of contents 2003 annual report barnes & noble inc 2 letter to our shareholders 4 consolidated financial highlights 5 selected data 9 management s discussion and analysis condition results operations 21 statements 22 balance sheets 23 changes in equity 24 cash flows 25 notes 52 independent certified public accountants 53 shareholder information reportbarnes dear although the first quarter fiscal was one worst for retail sector decades by late spring summer impact economic recovery became clear business too began enjoy benefit this upturn as traffic sales increased year inched forward then buoyed a string bestsellers surged into last with comparable store fourth up 6 percent were 3 great conclusion that little promise most significantly earnings per share eps rose spectacular 49
