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Foot Locker, Inc. Reports Fourth Quarter and Full Year Sales 2002

From: ASAP


Foot Locker, Inc. (NYSE:Z) , the New York-based specialty athletic retailer, reported sales for the 13-week period ended February 1, 2003 of $1,211 million, versus $1,155 million in the comparable period last year, an increase of 4.9 percent. Comparable store sales for the Company's 2002 fourth quarter decreased 0.9 percent.

For the 52-week period ended February 1, 2003, sales increased 4.2 percent to $4,506 million, from $4,325 million in the Company's corresponding period last year. For the same 52-week period, comparable store sales increased 0.1 percent.

Excluding the effect of foreign currency fluctuations, total sales for the 13-week and 52-week reporting periods increased 2.6 percent and 3.0 percent, respectively.

"Fourth quarter sales and profits were enhanced by our ongoing program of opening new stores targeted to under-penetrated retail markets and the closings of other low-productivity units," stated Matthew D. Serra, Foot Locker, Inc.'s President and Chief Executive Officer. "Our results were also positively impacted by the continued strength of our European and direct-to-customer businesses. As such, we currently expect our 2002 full year earnings to be within our previously stated range of $1.10-to-$1.12 per share."

Foot Locker, Inc. plans to report its fourth quarter and full year 2002 results on Wednesday, March 12, 2003. A conference call is scheduled on that same date for 10:00 a.m. EST to discuss these results and provide guidance with regard to its earnings outlook for 2003. This conference call may be accessed live from the Investor Relations section of the Foot Locker, Inc. website at http://www.footlocker-inc.com/ . Please log-on to the website at least 15 minutes prior to the call in order to download any necessary software. The webcast conference call will be available for replay until 5:00 p.m., Monday, March 17, 2003. News releases are also available on the Internet at http://www.prnewswire.com/ or on Foot Locker Inc.'s website at http://www.footlocker-inc.com/ .

Foot Locker, Inc. is a specialty athletic retailer that operates approximately 3,600 athletic retail stores in 14 countries in North America, Europe and Australia. Through its Foot Locker, Lady Foot Locker, Kids Foot Locker and Champs Sports retail stores, as well as its direct-to-customer channel Footlocker.com/Eastbay, the Company is the leading provider of athletic footwear and apparel.

Disclosure Regarding Forward-Looking Statements

This press release contains forward-looking statements, which reflect management's current views of future events and financial performance. 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, unseasonable weather, risks associated with foreign global sourcing, including political instability and changes in import regulations, economic conditions worldwide, and the ability of the Company to execute its business plans effectively with regard to each of its business units. 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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