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EXHIBIT 99.1
FOOT LOCKER, INC.
N E W S R E L E A S E
CONTACT: Peter D. Brown
Vice President, Investor
Relations and Treasurer
Foot Locker, Inc.
(212) 720-4254
FOOT LOCKER, INC. REPORTS FIRST QUARTER SALES
o First Quarter Total Sales Increased 5.1 Percent
o First Quarter Comparable Store Sales Increased 0.3 Percent
o First Quarter Earnings Per Share Expected to Increase
10-to-20 percent, in Line with the Company's Previous
Guidance
NEW YORK, NY, May 6, 2004 - Foot Locker, Inc. (NYSE: FL), the New York-based
specialty athletic retailer, today reported sales for the 13-week period ended
May 1, 2004 of $1,186 million, versus $1,128 million in the comparable period
last year, an increase of 5.1 percent. Comparable store sales for the Company's
2004 first quarter increased 0.3 percent. Excluding the effect of foreign
currency fluctuations, total sales for the 13-week period increased 2.0 percent.
"Our first quarter comparable-store sales results reflected a low-single digit
increase in our U.S. business, with the most significant growth generated by our
Foot Locker store division," stated Matthew D. Serra, Foot Locker, Inc.'s
Chairman and Chief Executive Officer. "Sales in our international business
declined low-single digits, partially as a result of weakening economic
conditions and reduced tourism in certain European countries due to uncertain
geo-political concerns. Our global expansion strategy, however, remains on track
with 60 new stores planned in international markets during 2004. In line with
our previously stated range, we currently expect our 2004 first quarter earnings
per share to increase 10-to-20 percent."
Foot Locker, Inc. plans to report its first quarter 2004 results on Wednesday,
May 19, 2004. A conference call is scheduled on May 20, 2004 for 10:00 a.m. ET
to discuss these results and provide guidance with regard to its earnings
outlook for 2004. 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, May 24,
2004. 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 16 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, 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, risks associated with foreign global sourcing, including
political instability, changes in import regulations, disruptions to
transportation services and distribution, and the presence of severe acute
respiratory syndrome, 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, including its plans
for the marquee and launch footwear component of its business, and its plans for
the integration of the Footaction stores. 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.
Foot Locker, Inc. 112 West 34th Street, New York, NY 10120