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  "documentTitle": "Borders Group, Inc. (BGP)",
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  "authorName": "William Ackman",
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      "kind": "callout",
      "text": "What will be the impact of Rewards going forward?",
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      "text": "We expect that Q4 will see a positive impact from Rewards; We believe Q4 guidance conservatively assumes high redemption rate and no incremental sales",
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      "text": "Prior year test markets showed positive impact; Comparable sales in test markets were higher – implying incremental sales; Avg. ticket w/ rewards credit was 2x avg. ticket w/o rewards credit",
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      "text": "Q3 reported earnings will feel the most impact; Accrual amount likely to accelerate as larger member base exceeds $200 spending level; Q3 is historically the weakest quarter, usually breakeven to slightly negative earnings",
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      "text": "Rewards Program Creating “Noise” in Financials",
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