Foot Locker (FL)

Financial Position

At the end of the first quarter, the Company’s cash and short-term investments totaled $431 million. The Company’s total cash position, net of debt, was $289 million, a $6 million improvement from the same time last year.

During the first quarter of 2009 the Company completed a new, 4-year, $200 million revolving credit facility with its banks. The facility provides additional financial flexibility and includes a provision that would allow the Company to increase the size of the credit facility by $100 million, for a total of $300 million.

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Financial Position

At August 2, 2008, the Company’s cash and short-term investments totaled $431 million while the debt on its balance sheet was $125 million. The Company’s cash position, net of debt, was $173 million higher than the same time last year. During the second quarter the Company repaid the remaining $88 million of its bank term debt in advance of final maturity.

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Mr. Serra continued, “In line with a strategic initiative, we decreased our merchandise inventory by $99 million versus the first quarter of last year, which was the primary factor that contributed to the increase in our net cash position. With the recent completion of a new credit facility and repayment of debt, we have strengthened further our financial foundation. At closing of the facility, our cash and short-term investment position, and availability under our new revolving credit facility totaled nearly $600 million, while our debt was reduced to $129 million.”

Financial Position

At year end, the Company’s cash and short-term investments totaled $493 million. The Company’s total cash position, net of debt, at year end was $272 million, $36 million greater than last year. During the year, the Company invested $148 million in capital expenditures, paid $77 million in shareholder dividends and repurchased $50 million of its common stock.

Merchandise inventory at year end was 1.7 percent lower than at the end of last year. Stated in constant currency dollars, the Company’s merchandise inventory decreased by approximately 4 percent versus last year.

Financial Position

At the end of the third quarter, the Company’s cash and short-term investments totaled $332 million. The Company’s total cash position, net of debt, at the end of the third quarter increased by $70 million versus last year. Merchandise inventory was slightly higher at the end of the third quarter versus the comparable period of last year (less than one percent). Stated in constant currency dollars, the Company’s merchandise inventory decreased by approximately three percent versus last year.

Financial Position

The Company continued to strengthen its financial position while also redeploying its strong cash flow with a goal of enhancing shareholder value. At the end of the first quarter, the Company’s cash position, net of debt, was $183 million, an $85 million improvement from the same time last year. The Company’s cash and short-term investments totaled $418 million, while its total debt was $235 million. During the first quarter, the Company paid out $19 million in shareholder dividends and repurchased 1.2 million shares of its common stock for $26 million.

The Company is hosting a live conference call at 10:00 a.m. (EDT) on Thursday, May 24, 2007 to discuss these results and provide guidance with regard to its earnings outlook for 2007. This conference call may be accessed live from the Investor Relations section of the Foot Locker, Inc. website at http://www.footlocker-inc.com. The conference call will be available for webcast replay until 5:00 p.m. on Thursday, May 31, 2007.

Financial Position

At the end of the year, the Company’s cash position was $470 million. During the year the Company redeployed its strong cash flow to fund the following initiatives:

• Cash capital expenditures of $165 million

• Long-term debt repayments of $88 million

• Pension fund contributions of $68 million

• Shareholder dividends of $61 million

• Share repurchases of $8 million

Included in the Company’s 2006 capital expenditure program was the opening of 146 new stores, remodeling or relocating 278 stores and closing 125 stores. At February 3, 2007, the Company operated 3,942 stores in 20 countries in North America, Europe and Australia. In addition, three Foot Locker franchised stores were operating in the Middle East.

Financial Position

The Company ended the second quarter with cash and short-term investments totaling $318 million. Its cash position, net of debt increased by $34 million from the same time last year. After the close of its second quarter, the Company repurchased $22 million of its 8.5 percent bonds, due in 2022, at a discount to face value, in line with its objective to redeploy its cash flow to enhance shareholder value while maintaining a strong financial position.

The Company is hosting a live conference call at 10:00 a.m. (EDT) on Friday, August 18, 2006 to discuss these results and provide guidance with regard to its earnings outlook for the balance of 2006. This conference call may be accessed live from the Investor Relations section of the Foot Locker, Inc. website at http://www.footlocker-inc.com. The conference call will be available for webcast replay until 5:00 p.m. on Monday, August 21, 2006.

The Company continues to redeploy its strong cash flow with an objective of further strengthening its financial position and enhancing shareholder value. First quarter initiatives included the following:

At the end of its first fiscal quarter, the Company’s cash position, net of debt, stood at $98 million, a $40 million improvement versus last year.

The Company is hosting a live conference call at 10:00 a.m. (EDT) on Thursday, May 18, 2006 to discuss these results and provide guidance with regard to its earnings outlook for 2006. This conference call may be accessed live from the Investor Relations section of the Foot Locker, Inc. website at http://www.footlocker-inc.com. The conference call will be available for webcast replay until 5:00 p.m. on Monday, May 29, 2006.

Disclosure Regarding Forward-Looking Statements

This report contains forward-looking statements within the meaning of the federal securities laws. All statements, other than statements of historical facts, which address activities, events or developments that the Company expects or anticipates will or may occur in the future, including, but not limited to, such things as future capital expenditures, expansion, strategic plans, dividend payments, stock repurchases, growth of the Company’s business and operations, including future cash flows, revenues and earnings, and other such matters are forward-looking statements. These forward-looking statements are based on many assumptions and factors detailed in the Company’s filings with 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 Company’s reliance on a few key vendors for a majority of its merchandise purchases (including a significant portion from one key vendor), unseasonable weather, economic conditions worldwide, any changes in business, political and economic conditions due to the threat of future terrorist activities in the United States or in other parts of the world and related U.S. military action overseas, the ability of the Company to execute its business plans effectively with regard to each of its business units, risks associated with foreign global sourcing, including political instability, changes in import regulations, and disruptions to transportation services and distribution. Any changes in such assumptions or factors could produce significantly different results. The Company undertakes no obligation to update forward-looking statements, whether as a result of new information, future events, or otherwise.

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