Foot Locker 2009 Annual Report Download

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2009 ANNUAL REPORT DEFINING OUR STRATEGIC VISION

Table of contents

  • Page 1
    2009 ANNUAL REPORT DEFINING OUR STRATEGIC VISION

  • Page 2
    .... Headquartered in New York City, it operates 3,500 athletic retail stores in 21 countries in North America, Europe and Australia under the brand names Foot Locker, Lady Foot Locker, Kids Foot Locker, Footaction, Champs Sports and CCS. Additionally, the Company's Footlocker.com/Eastbay/ CCS business...

  • Page 3
    ... STyLE-CONSCIOUS SKATER "LARGEST DECK SELECTION" Store Summary Gross Square footage January 31, 2009 foot Locker U.S. foot Locker International Lady foot Locker Kids foot Locker footaction Champs Sports CCS Total 1,218 732 486 305 335 565 - 3,641 January 30, 2010 1,171 740 415 301 319 552 2 3,500...

  • Page 4
    ...on implementing strategies designed to protect our profitability, remain financially strong and improve our competitive position. As the year turned out, management's approach of running the business cautiously was beneficial to the Company. Our cash flow generation was significant; we ended 2009 in...

  • Page 5
    ...on generating positive cash flow from operations on an annual basis. As a result of executing that strategy with success, the Company is in a strong financial position with the flexibility to compete more effectively now and into the future. On behalf of the Foot Locker, Inc. organization, our Board...

  • Page 6
    ... management of Foot Locker, Inc. recognized that the global retail environment would be slowing and took appropriate actions to reduce costs, manage inventory levels more conservatively and close underproductive stores, in order to sustain positive cash flow from operations. As a result, Foot Locker...

  • Page 7
    ...Make our stores and Internet sites Exciting Places to shop and buy • Aggressively pursue Growth Opportunities • Increase the Productivity of all of our assets • Build on our Industry Leading Retail Team LONG-TERM FINANCIAL OBJECTIVES • Sales of $6.0 billion • Sales per gross square foot...

  • Page 8
    ... brand banners we offer a customer loyalty program to reward our valued customers for shopping frequently in our stores and through our websites. Providing customers with a meaningful loyalty program is an important part of our strategy designed to develop our shopping channels further to be retail...

  • Page 9
    ... base while maintaining the loyalty of our existing customers. House of Brands Each of our businesses uses a "house of brands" strategy - meaning that we merchandise our stores, websites and catalogs with athletic products manufactured by industry-leading suppliers with well-known brands to...

  • Page 10
    ...America, Europe and the Asia/Pacific region, in a range of formats. We enjoy considerable success operating stores in both urban and suburban markets, and in mall, strip center and street locations, depending on the shopping patterns within each country. Industry-Leading Internet Sites and Catalogs...

  • Page 11
    .... Our business thrives on newness and the excitement it brings to our customers. The Right Locations Operating our stores in the right locations is another important key to our success. This requires that we work closely with our landlords to secure the best available sites to operate profitably...

  • Page 12
    ... designed to strengthen the selling and service skills of our associates. Efficient and Effective Sales Support We also benefit from having a deep bench of management talent and experience at the operating level in each of our businesses. Additionally, our corporate staff provides efficient and...

  • Page 13
    ... are a competitive strength for our Company. CUSTOMER SERVICE Our Company is well known in the marketplace for providing the consumer with best-in-class customer service. We are a full service retailer with store associates that are knowledgeable about the products that they sell and respectful...

  • Page 14
    ... achieving the Company's new financial objectives, we recognize our responsibility to support the communities in which we live and work. The Company started the Foot Locker Foundation, Inc. in 2001 to further its mission to support those in need. During 2009, the Company provided support to several...

  • Page 15
    ... 12b-2 of the Act). Yes â...ª No à š Number of shares of Common Stock outstanding at March 22, 2010: 156,600,034 The aggregate market value of voting stock held by non-affiliates of the Registrant computed by reference to the closing price as of the last business day of the Registrant's most recently...

  • Page 16

  • Page 17
    ...Officers and Corporate Governance ...Executive Compensation ...Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters ...Certain Relationships and Related Transactions, and Director Independence ...Principal Accountant Fees and Services...67 67 67 67 67 Market...

  • Page 18
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  • Page 19
    ...a leading global retailer of athletic footwear and apparel, operating 3,500 primarily mall-based stores in the United States, Canada, Europe, Australia, and New Zealand as of January 30, 2010. Foot Locker, Inc. and its subsidiaries hereafter are referred to as the ''Registrant,'' ''Company'' or ''we...

  • Page 20
    ... footwear specialty stores, sporting goods stores and superstores, department stores, discount stores, traditional shoe stores, and mass merchandisers, many of which are units of national or regional chains that have significant financial and marketing resources. The principal competitive factors...

  • Page 21
    ... habits could have a material adverse effect on customer purchases of our products. A change in the relationship with any of our key vendors or the unavailability of our key products at competitive prices could affect our financial health. Our business is dependent to a significant degree upon our...

  • Page 22
    ...conditions in other countries. A significant portion of our sales and operating income for 2009 were attributable to our sales in Europe, Canada, New Zealand, and Australia. As a result, our business is subject to the risks associated with doing business outside of the United States, such as foreign...

  • Page 23
    ... of long-lived assets, goodwill and other intangible assets, which would not affect our cash flow but could decrease our earnings, and our stock price could be adversely affected. Instability in the financial markets may adversely affect our business. The distress in the financial markets over...

  • Page 24
    .... A major failure of our information systems could harm our business. We depend on information systems to process transactions, manage inventory, operate our websites, purchase, sell and ship goods on a timely basis, and maintain cost-efficient operations. Any material disruption or slowdown...

  • Page 25
    ... the end of 2009 were approximately 12.96 and 7.74 million square feet, respectively. These properties, which are primarily leased, are located in the United States, Canada, various European countries, Australia, and New Zealand. The Company currently operates four distribution centers, of which two...

  • Page 26
    ... Officer - Foot Locker U.S., Lady Foot Locker, Kids Foot Locker and Footaction Executive Vice President and Chief Financial Officer Senior Vice President, General Counsel and Secretary Senior Vice President - Real Estate Senior Vice President, Chief Information Officer and Investor Relations Senior...

  • Page 27
    ...include Foot Locker, Lady Foot Locker, Kids Foot Locker, Champs Sports, Footaction, and CCS. The Direct-to-Customers segment reflects CCS and Footlocker.com, Inc., which sells, through its affiliates, including Eastbay, Inc., to customers through catalogs and Internet websites. The Foot Locker brand...

  • Page 28
    ...the CCS catalog and internet business, which was acquired in November 2008. The two stores are located in New Jersey and California and average 2,000 selling square feet. Store Profile At January 31, 2009 Opened Closed At January 30, 2010 Foot Locker...Champs Sports...Footaction ...Lady Foot Locker...

  • Page 29
    ..., located within the Middle East. Additionally, in March 2007, the Company entered into a ten-year agreement with another third party for the exclusive right to open and operate Foot Locker stores in the Republic of Korea. A total of 22 franchised stores were operating at January 30, 2010. Revenue...

  • Page 30
    ...'s performance for the year with the Company's performance in prior periods. 2009 2008 (in millions) 2007 Income (loss) from continuing operations âˆ' GAAP ...Impairment charges, after-tax: Store long-lived assets ...Goodwill and other intangibles. Northern Group note ...Money-market fund ...Total...

  • Page 31
    ... 30, 2010 includes non-cash impairment charges totaling $32 million, which were recorded to write-down long-lived assets such as store fixtures and leasehold improvements at the Company's Lady Foot Locker, Kids Foot Locker, Footaction, and Champs Sports divisions. The year ended January 31, 2009...

  • Page 32
    ... expenses as well as depreciation and amortization related to the Company's corporate headquarters, centrally managed departments, unallocated insurance and benefit programs, certain foreign exchange transaction gains and losses, and other items. Corporate expense decreased by $20 million to $67...

  • Page 33
    ...lease terminations related to two lease interests in Europe. Income Taxes The effective tax rate for 2009 was an expense of 36.0 percent, as compared with a benefit of 20.8 percent in 2008. The effective tax rate changed primarily due to impairment charges in 2008, which created an overall book loss...

  • Page 34
    ... the Company's reportable segments for the years ended January 30, 2010, January 31, 2009 and February 2, 2008 are presented below. Athletic Stores 2009 2008 (in millions) 2007 Sales ...Division profit (loss) ...Division profit (loss) margin ...Number of stores at year end ...Selling square footage...

  • Page 35
    ... project. Gross margin was negatively affected by the lack of close-out inventory purchases during the year. Additionally, division profit, as compared with the corresponding prior-year period, was negatively affected by $3 million in additional amortization expense related to the CCS customer list...

  • Page 36
    ... cash, cash equivalents, future cash flow from operations, and the Company's current revolving credit facility will be adequate to fund these requirements. The Company may also from time to time repurchase its common stock or seek to retire or purchase outstanding debt through open market purchases...

  • Page 37
    ... customer experience. Net cash used by investing activities of the Company's continuing operations was $272 million in 2008 as compared with $117 million provided by investing activities in 2007. The net cash used by investing activities for 2008 reflects the asset purchase from dELiA*s, Inc. of CCS...

  • Page 38
    ... the Company's projected fixed charge coverage ratio, which is a Non-GAAP financial ratio pursuant to the 2009 Credit Agreement designed as a measure of the Company's ability to meet current and future obligations (Consolidated EBITDA less capital expenditures less cash taxes divided by Debt Service...

  • Page 39
    ... credit agreement. The Company's management currently does not expect to borrow under the facility in 2010. Represents open purchase orders, as well as other commitments for merchandise purchases, at January 30, 2010. The Company is obligated under the terms of purchase orders; however, the Company...

  • Page 40
    ... contributed 30 basis points to the 2009 gross margin rate. The Company also has volume-related agreements with certain vendors, under which it receives rebates based on fixed percentages of cost purchases. These volume-related rebates are recorded in cost of sales when the product is sold and...

  • Page 41
    ... For the year ended January 30, 2010, the Company recorded non-cash impairment charges totaling $36 million. A charge of $32 million was recorded to write-down long-lived assets such as store fixtures and leasehold improvements, at its Lady Foot Locker, Kids Foot Locker, Footaction and Champs Sports...

  • Page 42
    ...the reporting units substantially exceeds its carrying value. The Company recorded non-cash impairment charges totaling $169 million for the year ended January 31, 2009. Share-Based Compensation The Company estimates the fair value of options granted using the Black-Scholes option pricing model. The...

  • Page 43
    ...The actual return on plan assets in a given year typically differs from the expected long-term rate of return, and the resulting gain or loss is deferred and amortized into the plans' expense over time. Discount Rate - An assumed discount rate is used to measure the present value of future cash flow...

  • Page 44
    ..., 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 Company's reliance on a few key vendors for a majority of its merchandise purchases...

  • Page 45
    ...Foot Locker, Inc. and subsidiaries as of January 30, 2010 and January 31, 2009, and the related consolidated statements of operations, comprehensive income (loss), shareholders' equity, and cash flows for each of the years in the three-year period ended January 30, 2010. These consolidated financial...

  • Page 46
    CONSOLIDATED STATEMENTS OF OPERATIONS 2009 2008 2007 (in millions, except per share amounts) Sales ...Costs and expenses Cost of sales ...Selling, general and administrative expenses . Depreciation and amortization ...Impairment and other charges ...Interest expense, net ... ... $4,854 3,522 1,099...

  • Page 47
    ... COMPREHENSIVE INCOME (LOSS) 2009 2008 (in millions) 2007 Net income (loss) ...Other comprehensive income (loss), net of tax Foreign currency translation adjustment: Translation adjustment arising during the period, net of tax ...Cash flow hedges: Change in fair value of derivatives, net of income...

  • Page 48
    CONSOLIDATED BALANCE SHEETS 2009 2008 (in millions) ASSETS Current assets Cash and cash equivalents Short-term investments . . Merchandise inventories. . Other current assets ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... ......

  • Page 49
    ... award plans ...Forfeitures of restricted stock ...Share-based compensation expense ...Issued under director and employee stock plans, net of tax ...Issued at end of year ...Common stock in treasury at beginning of year ...Forfeitures/cancellations of restricted stock...Shares of common stock used...

  • Page 50
    ... in long-term debt ...Repayment of capital lease ...Dividends paid on common stock ...Issuance of common stock ...Purchase of treasury shares ...Tax benefit on stock compensation ...Net cash used in financing activities of continuing operations...Effect of Exchange Rate Fluctuations on Cash and Cash...

  • Page 51
    ..., 2010, January 31, 2009 and February 2, 2008, respectively. References to years in 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...

  • Page 52
    ... were as follows: 2009 2008 (in millions) 2007 Catalog costs ...Cooperative reimbursements ...Net catalog expense ...Earnings Per Share $48.4 (4.3) $44.1 $48.0 (4.1) $43.9 $45.6 (3.8) $41.8 The Company accounts for and discloses net earnings (loss) per share using the treasury stock method. The...

  • Page 53
    ... employee stock purchase plan, the Company will issue authorized but unissued common stock or use common stock held in treasury. The Company may make repurchases of its common stock from time to time, subject to legal and contractual restrictions, market conditions and other factors. Cash and Cash...

  • Page 54
    ... The Company reviews goodwill and intangible assets with indefinite lives for impairment annually during the first quarter of its fiscal year or more frequently if impairment indicators arise. The fair value of each reporting unit is determined using a combination of market and discounted cash flow...

  • Page 55
    ... determined based upon the exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants exclusive of any transaction costs. The Company's financial assets recorded at fair value are categorized as follows: Level 1 âˆ' Quoted...

  • Page 56
    ... financial statements. 2. Segment Information The Company has determined that its reportable segments are those that are based on its method of internal reporting. As of January 30, 2010, the Company has two reportable segments, Athletic Stores and Direct-to-Customers. The Company acquired CCS...

  • Page 57
    ... 30, 2010 includes non-cash impairment charges totaling $32 million, which were recorded to write-down long-lived assets such as store fixtures and leasehold improvements at the Company's Lady Foot Locker, Kids Foot Locker, Footaction, and Champs Sports divisions. The year ended January 31, 2009...

  • Page 58
    ... Direct-to-Customers segment as a result of management's decision to terminate this project. During 2008, the Company evaluated the long-lived assets of its U.S. retail store divisions, comprising Foot Locker U.S., Kids Foot Locker, Footaction and Champs Sports, for impairment and recorded non-cash...

  • Page 59
    ... $2 million related to trademarks of Footaction in the U.S. and Foot Locker in the Republic of Ireland, reflecting decreases in projected revenues. There were no other intangible asset impairment charges in 2009 or 2007. Money Market Impairment On September 16, 2008, the Company requested redemption...

  • Page 60
    ... to make such contingent payments. 4. Other Income Other income was $3 million, $8 million and $1 million for 2009, 2008 and 2007, respectively. For the year ended January 30, 2010, other income includes $4 million related to gains from insurance recoveries, gains on the purchase and retirement...

  • Page 61
    ... 30, 2010 Gross value Accum. amort. Net Value (1) Wtd. Avg. Useful Life in Years (2) Gross value January 31, 2009 Accum. amort. Net Value (1) (in millions) Finite life intangible assets: Lease acquisition costs ...Trademark ...Loyalty program ...Favorable leases ...CCS customer relationships...

  • Page 62
    ...costs represent amounts that are required to secure prime lease locations and other lease rights, primarily in Europe. Included in finite life intangibles are the customer relationship intangible associated with the purchase of CCS, trademark for the Footaction name, favorable leases associated with...

  • Page 63
    ... the Company's projected fixed charge coverage ratio, which is a Non-GAAP financial ratio pursuant to the 2009 Credit Agreement designed as a measure of the Company's ability to meet current and future obligations (Consolidated EBITDA less capital expenditures less cash taxes divided by Debt Service...

  • Page 64
    ... non current. The majority of the reserve balance relates to the Domestic General Merchandise segment as the leases extend many years. 17. Income Taxes Following are the domestic and international components of pre-tax income (loss) from continuing operations: 2009 2008 (in millions) 2007 Domestic...

  • Page 65
    ... effective income tax rate on pre-tax income (loss) from continuing operations is as follows: 2009 2008 2007 Federal statutory income tax rate ...State and local income taxes, net of federal tax benefit ...International income taxed at varying rates ...Foreign tax credits ...Increase (decrease) in...

  • Page 66
    ... the Internal Revenue Service (the ''IRS'') through 2008. The Company is participating in the IRS's Compliance Assurance Process (''CAP'') for 2009, which is expected to conclude during 2010. The Company has started the CAP for 2010. Due to the recent utilization of net operating loss carryforwards...

  • Page 67
    ...of taxable income are revised. At January 30, 2010, the Company has a current year net operating loss with a potential benefit of $38 million, which may be carried back up to five years or carried forward twenty years; and has federal tax credit carryforwards totaling $36 million that expire between...

  • Page 68
    ... of gains and losses related to cash flow hedges recorded to earnings was not significant for any of the periods presented. When using a forward contract as a hedging instrument, the Company excludes the time value from the assessment of effectiveness. At each year-end, the Company had not hedged...

  • Page 69
    ...premiums paid and changes in the fair market value recorded in the Consolidated Statements of Operations was not significant and was $4 million of income for the years ended January 30, 2010 and January 31, 2009, respectively, and was not significant for the year ended February 2, 2008. The notional...

  • Page 70
    .... Price, quality, selection of merchandise, reputation, store location, advertising and customer service are important competitive factors in the Company's business. The Company operates in 21 countries and purchased approximately 82 percent of its merchandise in 2009 from its top 5 vendors. In 2009...

  • Page 71
    ... in the global credit and capital markets. The security continues to earn and pay interest based on the stated terms. The Company classifies the security as long-term available-for-sale and reports the security at fair value as a component of other assets on the Company's Consolidated Balance Sheets...

  • Page 72
    ...end of year ...Change in plan assets Fair value of plan assets at beginning of year ...Actual return on plan assets ...Employer contributions ...Foreign currency translation adjustments ...Benefits paid ...Fair value of plan assets at end of year ...Funded status ...Balance Sheet caption reported in...

  • Page 73
    ...% 6.20% The following weighted-average assumptions were used to determine net benefit cost: Pension Benefits 2009 2008 2007 Postretirement Benefits 2009 2008 2007 Discount rate ...Rate of compensation increase ...Expected long-term rate of return on assets ... 6.22% 3.67% 7.63% 5.88% 3.72% 8.17...

  • Page 74
    ... lower long-term rate of return associated with fixed-income securities. Valuation of Investments Significant portions of plan assets are invested in commingled trust funds. These funds are valued at the net asset value of units held by the plan at year end. Stocks traded on U.S. security exchanges...

  • Page 75
    The fair values of the Company's U.S. pension plan assets at January 30, 2010 are as follows: (in millions) Level 1 Level 2 Level 3 Total Cash and cash equivalents ...Equity securities: U.S. large-cap(a) ...U.S. mid-cap(a) ...International(b) ...Corporate stock(c) ...Fixed income securities: Long ...

  • Page 76
    ... completed one year of service consisting of at least 1,000 hours. The savings plans allow eligible employees to contribute up to 40 percent and $9,000 as of January 1, 2010, for the U.S. and Puerto Rico plans, respectively, of their compensation on a pre-tax basis. The Company matches 25 percent...

  • Page 77
    .... The total related tax benefit for 2009 and 2008 was not significant and was $1.0 million for 2007. Valuation Model and Assumptions The Company uses a Black-Scholes option-pricing model to estimate the fair value of share-based awards. The Black-Scholes option-pricing model incorporates various and...

  • Page 78
    ... 30, 2010. The tax benefit realized by the Company on stock option exercises for the year ended January 30, 2010 was not significant. Compensation expense related to the Company's stock options and employee stock purchase plan was $3.8 million, $3.5 million and $4.5 million for 2009, 2008, and 2007...

  • Page 79
    ... right to receive one share of the Company's common stock provided that the vesting conditions are satisfied. In 2009, 2008 and 2007, there were 227,000, 87,500 and 90,000 restricted stock units outstanding, respectively. Compensation expense is recognized using the fair market value at the date of...

  • Page 80
    ... in transactions that generate relationships with unconsolidated entities or financial partnerships, including variable interest entities. 24. Shareholder Information and Market Prices (Unaudited) ¨erse-stuttgart Foot Locker, Inc. common stock is listed on The New York Stock Exchange as well as on...

  • Page 81
    ... Q 4th Q Year (in millions, except per share amounts) Sales 2009 ...2008 ...Gross margin(a) 2009 ...2008 ...Operating profit (loss)(c) 2009 ...2008 ...Income (loss) from continuing operations 2009 ...2008 ...Net income (loss) 2009 ...2008 ...Basic earnings (loss) per share: 2009 Income (loss) from...

  • Page 82
    ... (loss) profit margin ...Income (loss) from continuing operations as a percentage of sales ...Net debt capitalization percent(3) ...Current ratio ...Other Data Capital expenditures ...Number of stores at year end ...Total selling square footage at year end (in millions) ...Total gross square footage...

  • Page 83
    ...CEO and CFO concluded that the Company's disclosure controls and procedures were effective to ensure that information relating to the Company that is required to be disclosed in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time...

  • Page 84
    ... Public Company Accounting Oversight Board (United States), the consolidated balance sheets of Foot Locker, Inc. and subsidiaries as of January 30, 2010 and January 31, 2009, and the related consolidated statements of operations, shareholders' equity and comprehensive income (loss), and cash flows...

  • Page 85
    ...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 the Proxy Statement and...

  • Page 86
    PART IV Item 15. Exhibits 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 ...

  • Page 87
    .... FOOT LOCKER, INC. By: Ken C. Hicks Chairman of the Board, President and Chief Executive Officer Date: March 29, 2010 Pursuant to the requirements of the Securities Exchange Act of 1934, this report has been signed below on March 29, 2010, by the following persons on behalf of the Company and...

  • Page 88
    ... Foot Locker 1998 Stock Option and Award Plan (incorporated herein by reference to Exhibit 10.4 to the Registrant's Annual Report on Form 10-K for the year ended January 31, 1998, filed by the Registrant with the SEC on April 21, 1998). Amendment to the Foot Locker 1998 Stock Option and Award Plan...

  • Page 89
    ...of indemnification 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 Directors Stock Option Plan (incorporated...

  • Page 90
    ...to the 2008 Form 10-K). Foot Locker 2007 Stock Incentive Plan (incorporated herein by reference to Exhibit 10.1 to the Registrant's Current Report on Form 8-K dated May 30, 2007 filed by the Registrant with the SEC on June 5, 2007). Credit Agreement dated as of March 20, 2009 (incorporated herein by...

  • Page 91
    ... to the Current Report on Form 8-K filed by the Registrant with the SEC on March 29, 2010). 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...

  • Page 92
    Exhibit 12 FOOT LOCKER, INC. COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES (Unaudited) ($ in millions) Fiscal Year Ended Jan. 30, 2010 Jan. 31, 2009 Feb. 2, 2008 Feb. 3, 2007 Jan. 28, 2006 NET EARNINGS Income (loss) from continuing operations ...Income tax expense (benefit) ...Interest expense,...

  • Page 93
    ... Netherlands Germany Germany Delaware Spain Spain Delaware Delaware United Kingdom Florida New York New York 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 94
    ... Finance Europe (US) Limited FLE Franchising Limited Foot Locker Asia, Inc. Foot Locker Canada Co. Foot Locker Canada Holdings LP FL Canada Holdings ULC CCS Direct LLC FLE Management B.V. Foot Locker Istanbul Sport Giyim Sanayi ve Ticaret LS (1) Delaware Delaware Delaware Florida New York Delaware...

  • Page 95
    ...subsidiaries of our reports dated March 29, 2010, with respect to the consolidated balance sheets of Foot Locker, Inc. as of January 30, 2010 and January 31, 2009, and the related statements of operations, comprehensive income (loss), shareholders' equity, and cash flows for each of the years in the...

  • Page 96
    ... 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) March 29, 2010 Principal Executive Officer 78

  • Page 97
    ... 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) March 29, 2010 Principal Financial Officer 79

  • Page 98
    ... the Annual Report on Form 10-K of Foot Locker, Inc. (the ''Registrant'') for the period ended January 30, 2010, as filed with the Securities and Exchange Commission on the date hereof (the ''Report''), Ken C. Hicks as Chief Executive Officer of the Registrant and Robert W. McHugh as Chief Financial...

  • Page 99
    ...Foot Locker, Footaction, Lady Foot Accounting Firm KPMG LLP 345 Park Avenue New York, New York 10154 (212) 758-9700 Locker, Kids Foot Locker, Champs Sports, footlocker.com, Eastbay, Team Edition and CCS service marks and trademarks are owned by Foot Locker, Inc. or its affiliates. Worldwide Website...

  • Page 100
    Foot Locker, Inc. 2009 ANNUAL REPORT Foot Locker, Inc. 112 West 34th Street New York, NY 10120