Foot Locker 2006 Annual Report Download

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FOOT LOCKER, INC.
2006 Annual Report
Our Global Advantage

Table of contents

  • Page 1
    FOOT LOCKER, INC. Our Global Advantage 2006 Annual Report

  • Page 2
    ... athletic retail stores in 20 countries in North America, Europe and Australia under the brand names Foot Locker, Footaction, Lady Foot Locker, Kids Foot Locker and Champs Sports. Additionally, the Company's Footlocker.com/ Eastbay business operates a direct-to-customers business offering athletic...

  • Page 3
    WE REMAIN COMMITTED TO INCREASING VALUE FOR OUR SHAREHOLDERS BY: • ENHANCING OUR BASE BUSINESS • EXPANDING IN THE GLOBAL MARKETPLACE • DEVELOPING NEW BUSINESSES • PURSUING ACQUISITION OPPORTUNITIES • REDEPLOYING EXCESS CASH

  • Page 4
    ... those opportunities. As a result, we enter 2007 invigorated with the belief that our business is well-positioned to succeed in the global marketplace. Our goal is to continue to build on our leadership position as the largest athletic footwear and apparel retailer in the world. Our management team...

  • Page 5
    ...-brand strategy. We employ a marketing strategy that is designed to enhance the distinction between the six nameplates under which we currently operate - Foot Locker, Lady Foot Locker, Kids Foot Locker, Footaction, Champs Sports and Eastbay - brands that are among the most recognizable in retailing...

  • Page 6
    ... growth opportunity for our Company. Third, we continue to explore acquisitions of specialty retail footwear chains. We plan to be cautious in this pursuit, identifying potential acquisition targets that would both contribute to our earnings per share in the near term and provide a meaningful return...

  • Page 7
    ...Guam Stores 78 Australian Stores 14 New Zealand Stores Primary Customer Merchandise Mix # of Store Average Store Size 12 to 24 Year Old Men's, Women's and Children's Athletic Footwear Men's Athletic Apparel and Accessories 1,368 4,000 Gross Square Feet 16 to 34 Year Old Men's, Women's and...

  • Page 8
    ... is employing local management teams around the world that have a sound understanding of their specific markets, including knowledge of current fashion trends, the competitive environment and operating dynamics. Through the sharing of information across all divisions of the Company, Foot Locker is...

  • Page 9
    ... years, the Company has completed over 500 real estate projects annually, including store openings, closings, remodels and relocations. At the end of 2006, approximately 85 percent of the Company's stores were new within the past five years or had been converted to one of its current prototypes. 7

  • Page 10
    .... Champs Sports continued to distinguish itself from its competition by offering fashion-right products and superior customer service in a clean, customer-friendly environment. MARKETING Through innovative and integrated marketing programs, Foot Locker, Inc. positions each of its retail divisions...

  • Page 11
    ... by Foot Locker, Inc. through the utilization of a global network of distribution and logistics systems. A combination of Company-operated and third-party distribution centers are strategically located around the world to allow for the timely, cost-effective delivery of goods to the stores...

  • Page 12
    ... the Company in 1982, this division is a leading national specialty store chain that specializes in selling women's athletic footwear and apparel. At yearend, Lady Foot Locker operated a total of 557 stores, averaging 2,200 gross square feet. Lady Foot Locker stores are located primarily in shopping...

  • Page 13
    ... Company purchased Eastbay, a well-established catalog operation, to increase its market share by selling direct to customers. Eastbay's loyal customer base is more interested in purchasing technically-based, sports-related products than the consumer who typically shops in Foot Locker, Inc.'s stores...

  • Page 14
    ...the sale of tee shirts, full-zipper jackets and hats in its stores throughout the country. The Company started the Foot Locker Foundation, Inc. in 2001 to further its mission to raise funds to assist those in need. In 2006, Foot Locker Foundation, Inc. hosted its 6th annual "On Our Feet" event. This...

  • Page 15
    ...Street, New York, New York (Address of principal executive offices) 10120 (Zip Code) Registrant's telephone number, including area code: (212) 720-3700 Securities registered pursuant to Section 12(b) of the Act: Title of each class Name of each exchange on which registered Common Stock, par value...

  • Page 16
    ... 8 Item 9 Item 9A Item 9B PART III Item 10 Item 11 Item 12 Item 13 Item 14 PART IV Item 15 Exhibits and Financial Statement Schedules ...65 Directors, Executive Officers and Corporate Governance ...Executive Compensation ...Security Ownership of Certain Beneficial Owners and Management and Related...

  • Page 17
    ..., Canada, Europe, Australia, and New Zealand as of February 3, 2007, Foot Locker, Inc. and its subsidiaries hereafter are referred to as the "Registrant," "Company" or "we." Information regarding the business is contained under the "Business Overview" section in "Item 7. Management's Discussion...

  • Page 18
    ... to purchasing athletic footwear, athletic apparel, and sporting goods via the Internet could have a material adverse effect on our business results. In addition, some of our vendors distribute products directly through the Internet and others may follow. Some vendors operate retail stores and...

  • Page 19
    ... of Nike to develop and manufacture products that appeal to our target customers could also have an adverse effect on our business, financial condition, and results of operations. We cannot be certain that we will be able to acquire merchandise at competitive prices or on competitive terms in...

  • Page 20
    ... costs and thereby increase our cost of sales. A major failure of our information systems could harm our business. We depend on information systems to process transactions, manage inventory, operate our website, purchase, sell and ship goods on a timely basis and maintain cost-efficient operations...

  • Page 21
    ...and Chief Executive Officer of Foot Locker Worldwide from September 1998 to February 2000. Ronald J. Halls, age 53, has served as President and Chief Executive Officer of Foot Locker, Inc.- International since October 9, 2006. He served as President and Chief Executive Officer of Champs Sports, from...

  • Page 22
    PART II Item 5. Market for the Company's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities Information regarding the Company's market for stock exchange listings, common equity, quarterly high and low prices, and dividend policy are contained in the "Shareholder ...

  • Page 23
    ...seek street-inspired fashion styles. Its 373 stores are located throughout the United States and Puerto Rico and focus on marquee allocated footwear and branded apparel. The Footaction stores have an average of 2,900 selling square feet. Lady Foot Locker - Lady Foot Locker is a leading U.S. retailer...

  • Page 24
    ...service e-commerce sites access to an integrated fulfillment and distribution system. The Company has a strategic alliance to offer footwear and apparel on the Amazon.com website and the Foot Locker brands are featured in the Amazon.com specialty stores for apparel and accessories and sporting goods...

  • Page 25
    ...fluctuations. Accordingly, stores opened and closed during the period are not included. Sales from the Direct-to-Customer segment are included in the calculation of comparable-store sales for all periods presented. Sales from acquired businesses that include the purchase of inventory are included in...

  • Page 26
    ...increase was primarily related to increased sales in the Company's Footaction and Champs Sports formats. Comparable-store sales increased by 2.7 percent. Gross Margin Gross margin as a percentage of sales was 30.2 percent in 2006; excluding the effect of the 53rd week, gross margin declined 20 basis...

  • Page 27
    ... adjustments to depreciable lives of certain fixed assets. Additionally, depreciation and amortization for the Footaction format increased by $6 million as compared with 2004, primarily due to increased capital expenditures related to store improvements and point-of-sale equipment. Interest Expense...

  • Page 28
    ... to the Foot Locker Europe division due to the fashion shift from higher priced marquee footwear to lower priced lowprofile footwear styles and a highly competitive retail environment, particularly for the sale of low-profile footwear styles. Included in the Athletic Stores division profit for...

  • Page 29
    .... Champs Sports experienced a strong increase in sales during 2005, as this format benefited from higher quantities of marquee athletic footwear and private-label apparel. Foot Locker Canada also experienced increased sales. Excluding the effect of foreign currency fluctuations, Foot Locker Europe...

  • Page 30
    ... requirements. Management believes operating cash flows and current credit facilities will be adequate to fund its working capital requirements, scheduled pension contributions for the Company's retirement plans, scheduled debt repayments, anticipated quarterly dividend payments, potential share...

  • Page 31
    ... $50 million of its term loan and purchased and retired $38 million of its 8.50 percent debentures payable in 2022 at a $2 million discount from face value. As required by SFAS No. 123(R), the Company recorded an excess tax benefit related to stock-based compensation of $2 million as a financing...

  • Page 32
    ... contributed $51 million and $17 million to the Company's U.S. and Canadian qualified pension plans, respectively, in 2006. Excluding the present value of operating leases, the Company's cash, cash equivalents and short-term investments, net of debt and capital lease obligations, increased to $261...

  • Page 33
    .... The Company is also operating certain stores for which lease agreements are in the process of being negotiated with landlords. Although there is no contractual commitment to make these payments, it is likely that leases will be executed. Critical Accounting Policies Management's responsibility...

  • Page 34
    ... fair value of long-lived assets is based on estimated expected discounted future cash flows by store, which is generally measured by discounting the expected future cash flows at the Company's weighted-average cost of capital. Management believes its policy is reasonable and is consistently applied...

  • Page 35
    ... related to discount rates, expected long-term rates of return on invested plan assets, salary increases, age, and mortality among others. Management reviews all assumptions annually with its independent actuaries, taking into consideration existing and future economic conditions and the Company...

  • Page 36
    ... expense and postretirement income. The discount rate selected to measure the present value of the Company's benefit obligations as of February 3, 2007 was derived using a cash flow matching method whereby the Company compares the plans' projected payment obligations by year with the corresponding...

  • Page 37
    ... the Securities and Exchange Commission, including the effects of currency fluctuations, customer demand, fashion trends, competitive market forces, uncertainties related to the effect of competitive products and pricing, customer acceptance of the Company's merchandise mix and retail locations, the...

  • Page 38
    ... in response to changing business conditions. The Company also maintains an internal audit function to assist management in evaluating and formally reporting on the adequacy and effectiveness of internal accounting controls, policies and procedures. The Company's financial statements have been...

  • Page 39
    ... financial reporting. That report appears in this Annual Report on Form 10-K under the heading, Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting. MATTHEW D. SERRA, Chairman of the Board, President and Chief Executive Officer April 2, 2007 ROBERT...

  • Page 40
    ... the Public Company Accounting Oversight Board (United States), the effectiveness of Foot Locker. Inc.'s internal control over financial reporting as of February 3, 2007, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the...

  • Page 41
    ..., or that the degree of compliance with the policies or procedures may deteriorate. In our opinion, management's assessment that Foot Locker, Inc. maintained effective internal control over financial reporting as of February 3, 2007, is fairly stated, in all material respects, based on criteria...

  • Page 42
    ... ...Income on disposal of discontinued operations, net of income tax benefit of $1, $3, and $37, respectively...Cumulative effect of accounting change, net of income tax benefit of $ - ...Net income ...Basic earnings per share: Income from continuing operations ...Income from discontinued operations...

  • Page 43
    ..., net of tax ...Cash flow hedges: Change in fair value of derivatives, net of income tax ...Reclassification adjustments, net of income tax ...Net change in cash flow hedges ...Minimum pension liability adjustment: Minimum pension liability adjustment, net of deferred tax expense (benefit) of $120...

  • Page 44
    ... ...Total cash, cash equivalents and short-term investments ...Merchandise inventories...Other current assets ...Property and equipment, net ...Deferred taxes ...Goodwill ...Intangible assets, net ...Other assets ...LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable ...Accrued...

  • Page 45
    ... year ...Reissued under employee stock plans ...Restricted stock issued under stock option and award plans ...Forfeitures/cancellations of restricted stock ...Shares of common stock used to satisfy tax withholding obligations ...Stock repurchases...Exchange of options ...Common stock in treasury at...

  • Page 46
    ... stock reissued under employee stock plans...Purchase of treasury shares ...Tax benefit on stock compensation ...Net cash (used in) provided by financing activities of continuing operations...Net Cash (Used In) Provided by operating activities of Discontinued Operations . . Effect of Exchange Rate...

  • Page 47
    ... this annual report relate to fiscal years rather than calendar years. Revenue Recognition Revenue from retail stores is recognized at the point of sale when the product is delivered to customers. Internet and catalog sales revenue is recognized upon estimated receipt by the customer. Sales include...

  • Page 48
    ...EITF 02-16, "Accounting by a Reseller for Cash Consideration from a Vendor," the Company accounts for reimbursements received in excess of expenses incurred related to specific, incremental advertising, as a reduction to the cost of merchandise and is reflected in cost of sales as the merchandise is...

  • Page 49
    ... operating cash flow as previously required. For 2006, the Company recorded an excess tax benefit of $2 million as a financing cash flow as required by the standard. Upon exercise of stock options, issuance of restricted stock or issuance of shares under the employee stock purchase plan, the Company...

  • Page 50
    ... share as if the Company had applied the fair value method to measure stock-based compensation, as required under the disclosure provisions of SFAS No. 123: 2005 2004 Net income: As reported...Compensation expense included in reported net income, net of income tax benefit ...Total compensation...

  • Page 51
    ... as of the beginning of each year, determined using a combination of market and discounted cash flow approaches, exceeded the carrying value of each respective reporting unit. Separable intangible assets that are deemed to have finite lives will continue to be amortized over their estimated useful...

  • Page 52
    ... other current receivables and payables approximates fair value due to the short-term nature of these assets and liabilities. Quoted market prices of the same or similar instruments are used to determine fair value of long-term debt and forward foreign exchange contracts. Discounted cash flows are...

  • Page 53
    ...many financial instruments at fair value. The objective is to provide entities with an opportunity to mitigate volatility in reported earnings caused by measuring related assets and liabilities differently without having to apply complex hedge accounting provisions. The Company does not believe that...

  • Page 54
    ... of internal reporting. As of February 3, 2007, the Company has two reportable segments, Athletic Stores, which sells athletic footwear and apparel through its various retail stores, and Direct-to-Customers, which includes the Company's catalogs and Internet business. The accounting policies of...

  • Page 55
    ... Company to mitigate the effect of fluctuating foreign exchange rates on the reporting of euro dominated earnings. Depreciation and Amortization 2006 2005 2004 Capital Expenditures 2006 2005 2004 2006 (in millions) Total Assets 2005 2004 (2) (3) Athletic Stores ...Direct-to-Customers ...Corporate...

  • Page 56
    ...currency option contracts that were entered into by the Company to mitigate the effect of fluctuating foreign exchange rates on the reporting of euro denominated earnings. 5 Short-Term Investments The Company's auction rate security investments are accounted for as available-for-sale securities. The...

  • Page 57
    ... 2005 (in millions) Athletic Stores ...Direct-to-Customers ... $ 184 80 $ 264 $ 183 80 $ 263 The effect of foreign exchange fluctuations for the fiscal year ended February 3, 2007 increased goodwill by $1 million, resulting from the strengthening of the euro in relation to the U.S. dollar. 41

  • Page 58
    ...2007, includes $3 million related to the trademark of the 11 stores acquired in the Republic of Ireland. The additional minimum liability at January 28, 2006, which represented the amount by which the accumulated benefit obligation exceeded the fair market value of U.S. defined benefit plan's assets...

  • Page 59
    ...postretirement benefits ...Incentive bonuses ...Other payroll and payroll related costs, excluding taxes ...Taxes other than income taxes ...Property and equipment ...Customer deposits 1 ...Income taxes payable ...Fair value of derivative contracts ...Current deferred tax liabilities ...Sales return...

  • Page 60
    ... for additional rent payments based on a percentage of store sales. Rent expense includes real estate taxes, insurance, maintenance, and other costs as required by some of the Company's leases. The present value of operating leases is discounted using various interest rates ranging from 4 percent...

  • Page 61
    ... classified as long term within other assets in the accompanying Consolidated Balance Sheets. All scheduled principal and interest payments have been received in accordance with the terms of the note. During 2006, the Company revised its estimates related to the U.S. Northern store reserve resulting...

  • Page 62
    ...sell or liquidate eight non-core businesses. The restructuring plan also included an accelerated store-closing program in North America and Asia, corporate headcount reduction and a distribution center shutdown. The dispositions of Randy River Canada, Foot Locker Outlets, Colorado, Going to the Game...

  • Page 63
    ...1991 Restructuring The Company recorded charges in 1993 and in 1991 to reflect the anticipated costs to sell or close under-performing specialty and general merchandise stores in the United States and Canada. As of February 3, 2007 the reserve balance is $3 million. 19 Income Taxes Following are the...

  • Page 64
    ... in filing its income tax returns than for income tax financial reporting. The Company regularly assesses its tax positions for such transactions and records reserves for those differences. The Company's U.S. Federal income tax filings have been examined by the Internal Revenue Service (the "IRS...

  • Page 65
    ... For option and forward foreign exchange contracts designated as cash flow hedges of the purchase of inventory, the effective portion of gains and losses is deferred as a component of accumulated other comprehensive loss and is recognized as a component of cost of sales when the related inventory is...

  • Page 66
    ... Exchange Rates The table below presents the fair value, notional amounts, and weighted-average exchange rates of foreign exchange forward and option contracts outstanding at February 3, 2007. Fair Value (US in millions) Contract Value (US in millions) Weighted-Average Exchange Rate Inventory...

  • Page 67
    ...-current assets ...Current liabilities ...Non-current liabilities ...Interest Rates $ 1 - 2 12 $- 1 1 2 The Company's major exposure to market risk is to changes in interest rates, primarily in the United States. The table below presents the fair value of principal cash flows and related weighted...

  • Page 68
    ... Risk The retailing business is highly competitive. Price, quality and selection of merchandise, reputation, store location, advertising and customer service are important competitive factors in the Company's business. The Company operates in 20 countries and purchased approximately 78 percent...

  • Page 69
    ... in plan assets Fair value of plan assets at beginning of year ...Actual return on plan assets ...Employer contribution ...Foreign currency translation adjustments ...Benefits paid ...Fair value of plan assets at end of year ...Funded status Funded status ...Unrecognized prior service cost (benefit...

  • Page 70
    ... of prior service cost (benefit) ...Amortization of net loss (gain) ... $ 1 $11 $(1) $(8) $- $ 3 The expected long-term rate of return on invested plan assets is based on historical long-term performance and future expected performance of those assets based upon current asset allocations. 54

  • Page 71
    ... Foot Locker, Inc. common stock as of February 3, 2007 and January 28, 2006. Currently, the target composition of the weighted-average plan assets is 64 percent equity and 36 percent fixed income securities, although the Company may alter the targets from time to time depending on market conditions...

  • Page 72
    ...1994 Employees Stock Purchase Plan (the "1994 Employee Stock Purchase Plan"), which expired in June 2004. Under the Company's 2003 Employee Stock Purchase Plan participating employees are able to contribute up to 10 percent of their annual compensation through payroll deductions to acquire shares of...

  • Page 73
    ... the stock-based compensation expense and pro forma information: Stock Option Plans 2006 2005 2004 2006 Stock Purchase Plan 2005 2004 Weighted-average risk free rate of interest ...Expected volatility ...Weighted-average expected award life ...Dividend yield ...Weighted-average fair value ... 4.68...

  • Page 74
    ...difference between the fair market value as the end of the period and the exercise price of the shares. The Company received $6.8 million and $9.5 million in cash from option exercises for 2006 and 2005, respectively. The tax benefit realized by the Company on the stock option exercises for 2006 was...

  • Page 75
    ... unrecognized compensation cost related to nonvested stock options, which is expected to be recognized over a weighted-average period of 0.86 years. Restricted Stock Restricted shares of the Company's common stock may be awarded to certain officers and key employees of the Company. For executives...

  • Page 76
    ... interest entities. 25 Shareholder Information and Market Prices (Unaudited) Foot Locker, Inc. common stock is listed on The New York Stock Exchange as well as on the böerse-stuttgart stock exchange in Germany and the Elektronische Börse Schweiz (EBS) stock exchange in Switzerland. In addition...

  • Page 77
    ...accounting change ...Net income ...2005 Income from continuing operations ...Income from discontinued operations ...Net income ...(a) (b) (c) (d) Gross margin represents sales less cost of sales... 3, 2007. Operating profit represents income from continuing operations before income taxes, interest...

  • Page 78
    ...effect of accounting change ...Common stock dividends declared ...Weighted-average common shares outstanding (in millions)...Weighted-average common shares outstanding assuming dilution (in millions) . . Financial Condition Cash, cash equivalents and short-term investments ...Merchandise inventories...

  • Page 79
    ... the Company's disclosure controls and procedures were effective as of February 3, 2007 in alerting them in a timely manner to all material information required to be disclosed in this report. (b) Management's Annual Report on Internal Control over Financial Reporting. The Company's management is...

  • Page 80
    ... about the Code of Business Conduct governing our employees, including our Chief Executive Officer, Chief Financial Officer, Chief Accounting Officer, and the Board of Directors, is set forth under the heading "Code of Business Conduct" under the Corporate Governance Information section of...

  • Page 81
    ... and Financial Statement Schedules (a)(1)(a)(2) Financial Statements The list of financial statements required by this item is set forth in Item 8. "Consolidated Financial Statements and Supplementary Data." (a)(3) and (c) Exhibits An index of the exhibits which are required by this item and which...

  • Page 82
    .... FOOT LOCKER, INC. By: Matthew D. Serra Chairman of the Board, President and Chief Executive Officer Date: April 2, 2007 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below on April 2, 2007, by the following persons on behalf of the Company and...

  • Page 83
    ... the SEC on April 26, 1996 (the "1995 Form 10-K")). Foot Locker 1995 Stock Option and Award Plan (incorporated herein by reference to Exhibit 10(p) to the 1994 Form 10-K). Foot Locker 1998 Stock Option and Award Plan (incorporated herein by reference to Exhibit 10.4 to the Registrant's Annual Report...

  • Page 84
    ... agreement (incorporated herein by reference to Exhibit 10.5 to the Quarterly Report on Form 10-Q for the quarterly period ended May 5, 2001 filed by the Registrant with the SEC on June 13, 2001 (the "May 5, 2001 Form 10-Q")). Foot Locker Voluntary Deferred Compensation Plan (incorporated...

  • Page 85
    ... Annual Report on Form 10-K for the year ended January 29, 2000 filed by the Registrant with the SEC on April 21, 2000 (the "1999 Form 10-K")). Form of Executive Employment Agreement (incorporated herein by reference to Exhibit 10.24 to the 1999 Form 10-K). Foot Locker, Inc. Excess Cash Balance Plan...

  • Page 86
    ... of Ratio of Earnings to Fixed Charges. Letter on Change in Accounting Principle (incorporated herein by reference to Exhibit 18 to the 1999 Form 10-K). Subsidiaries of the Registrant. Consent of Independent Registered Public Accounting Firm. Certification of Chief Executive Officer Pursuant...

  • Page 87
    ... Form 10-K: Exhibit No. in Item 601 of Regulation S-K Description 12 21 23 31.1 31.2 32 Computation of Ratio of Earnings to Fixed Charges. Subsidiaries of the Registrant. Consent of Independent Registered Public Accounting Firm. Certification of Chief Executive Officer Pursuant to Section 302 of...

  • Page 88
    ... 12 FOOT LOCKER, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Unaudited) ($ in millions) Feb 3, 2007 Jan. 28, 2006 Fiscal Year Ended Jan. 29, 2005 Jan. 31, 2004 Feb. 1, 2003 NET EARNINGS Income from continuing operations ...Income tax expense ...Interest expense, excluding capitalized...

  • Page 89
    ...Netherlands Sweden Germany Spain Delaware Delaware United Kingdom Delaware Florida New York New York Delaware Each subsidiary company is 100% owned, directly or indirectly, by Foot Locker, Inc. All subsidiaries are consolidated with Foot Locker, Inc. for accounting and financial reporting purposes.

  • Page 90
    ...Foot Locker Scandinavia B.V. Foot Locker Hungary Kft FL Corporate NY, LLC FL Retail NY, LLC FL Specialty NY, LLC Foot Locker Canada Holdings ULC Foot Locker Retail Ireland Limited FL Finance (Europe) Limited FL Retail Operations LLC FL Specialty Operations LLC (1) Delaware Delaware Florida New York...

  • Page 91
    ... 88, 106, and 132(R)," as well as a change in Foot Locker, Inc.'s method for quantifying errors based on SEC Staff Accounting Bulletin No. 108, "Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements." New York, New York April 2, 2007

  • Page 92
    ...'s ability to record, process, summarize and report financial information; and Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting. b) April 2, 2007 Principal Executive Officer

  • Page 93
    ...'s ability to record, process, summarize and report financial information; and Any fraud, whether or not material, that involves management or other employees who have a significant role in the Registrant's internal control over financial reporting. b) April 2, 2007 Principal Financial Officer

  • Page 94
    ... of 2002 In connection with the Annual Report on Form 10-K of Foot Locker, Inc. (the "Registrant") for the period ended February 3, 2007, as filed with the Securities and Exchange Commission on the date hereof (the "Report"), Matthew D. Serra as Chief Executive Officer of the Registrant and Robert...

  • Page 95
    ... and Chief Executive Officer Champs Sports Marla C. Anderson President and Chief Executive Officer Lady Foot Locker Richard A. Johnson President and Chief Executive Officer Footlocker.com/Eastbay CORPORATE INFORMATION Corporate Headquarters 112 West 34th Street New York, New York 10120...

  • Page 96
    FOOT LOCKER, INC. 112 West 34th Street New York, NY 10120