Foot Locker 2009 Annual Report Download - page 45

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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 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 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 30, 2010 and January 31, 2009, and the
results of their operations and their cash flows for each of the years in the three-year period ended January 30,
2010, in conformity with U.S. generally accepted accounting principles.
As discussed in the Notes to the Consolidated Financial Statements, the Company adopted the provisions of SFAS
No. 157, ‘‘Fair Value Measurements’’ (included in FASB ASC Topic 820, ‘‘Fair Value Measurements and Disclosures’’)
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. In addition, effective February 4, 2007, the Company adopted the provisions of
FASB Interpretation No. 48, ‘‘Accounting for Uncertainty in Income Taxes’’ (included in FASB ASC Topic 740,
‘‘Income Taxes’’).
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 30, 2010, 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 29, 2010 expressed an unqualified
opinion on the effectiveness of the Company’s internal control over financial reporting.
New York, New York
March 29, 2010
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