Foot Locker 2008 Annual Report Download - page 43

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27
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
The Board of Directors and Shareholders of
Foot Locker, Inc.:
We have audited the accompanying consolidated balance sheets of Foot Locker, Inc. and subsidiaries as of January 31,
2009 and February 2, 2008, and the related consolidated statements of operations, comprehensive income, shareholders’
equity, and cash flows for each of the years in the three-year period ended January 31, 2009. These consolidated
financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion
on these consolidated financial statements based on our audits.
We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United
States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether
the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as evaluating the overall financial statement
presentation. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the
financial position of Foot Locker, Inc. and subsidiaries as of January 31, 2009 and February 2, 2008, and the results
of their operations and their cash flows for each of the years in the three-year period ended January 31, 2009, in
conformity with U.S. generally accepted accounting principles.
As discussed in the Notes to the Consolidated Financial Statements, effective February 4, 2007, the Company adopted
the provisions of FASB Interpretation No. 48, “Accounting for Uncertainty in Income Taxes.” In addition, the
Company adopted the provisions of SFAS No. 157, “Fair Value Measurements,” as of February 3, 2008, for the fair value
measurements of all financial assets and financial liabilities and for fair value measurements of nonfinancial items that
are recognized or disclosed at fair value in the financial statements on a recurring basis.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United
States), Foot Locker, Inc.’s internal control over financial reporting as of January 31, 2009, based on criteria established
in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway
Commission, and our report dated March 30, 2009 expressed an adverse opinion on the Company’s internal control over
financial reporting.
New York, New York
March 30, 2009