Foot Locker (FL)

We may experience fluctuations in and cyclicality of our comparable-store sales results.

     Our comparable-store sales have fluctuated significantly in the past, on both an annual and a quarterly basis, and we expect them to continue to fluctuate in the future. A variety of factors affect our comparable-store sales results, including, among others, fashion trends, the highly competitive retail store sales environment, economic conditions, timing of promotional events, changes in our merchandise mix, calendar shifts of holiday periods, and weather conditions.

     Many of our products, particularly high-end athletic footwear and licensed apparel, represent discretionary purchases. Accordingly, customer demand for these products could decline in a recession or if our customers develop other priorities for their discretionary spending. These risks could have a material adverse effect on our business, financial condition, and results of operations.

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We may experience fluctuations
in and cyclicality of our comparable-store sales results.

     Our
comparable-store sales have fluctuated significantly in the past, on both an
annual and a quarterly basis, and we expect them to continue to fluctuate in the
future. A variety of factors affect our comparable-store sales results,
including, among others, fashion trends, the highly competitive retail store
sales environment, economic conditions, timing of promotional events, changes in
our merchandise mix, calendar shifts of holiday periods, and weather
conditions.

     Many
of our products, particularly high-end athletic footwear and licensed apparel,
represent discretionary purchases. Accordingly, customer demand for these
products could decline in a recession or if our customers develop other
priorities for their discretionary spending. These risks could have a material
adverse effect on our business, financial condition, and results of
operations.

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