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FOOT LOCKER, INC.
Exhibit 99.1
N E W S R E L E A S E
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CONTACT: Peter D. Brown
Vice President, Investor Relations
and Treasurer
Foot Locker, Inc.
(212) 720-4254
100 PERCENT OF FOOT LOCKER, INC.'S $150 MILLION 5.5% CONVERTIBLE
SUBORDINATED NOTES CONVERTED TO COMMON STOCK
o Will Not Impact Company's Fully Diluted Earnings Per Share
o Reduces Company's Annual Interest Expense by Approximately $8 Million
NEW YORK, NY, June 4, 2004 - Foot Locker, Inc. (NYSE: FL), the New York-based
specialty athletic retailer, today announced that The Bank of New York, as
Conversion Agent for the Company's $150 million outstanding 5.5% convertible
subordinated notes, has received notice from 100 percent of the holders of the
notes of their election to convert their securities into shares of the Company's
common stock. Effective June 3, 2004, all of the convertible subordinated notes
have been cancelled and approximately 9.5 million new shares of Foot Locker,
Inc. common shares have been issued.
This conversion has no impact on fully diluted earnings per share as the
equivalent number of common shares has already been included in the Company's
fully diluted share count. The Company's annual interest expense will decrease
by approximately $8 million as a result of this conversion.
On April 20, 2004 Foot Locker, Inc. provided notice to The Bank of New York, as
Trustee under the indenture, with notification that it intended to redeem its
entire $150 million outstanding 5.5% convertible subordinated notes, effective
June 4, 2004. The redemption price on June 4, 2004 was equal to 103.1% of the
principal amount of the notes.
As a result of this redemption notification, the Company expected that most
holders would convert their notes into shares of Foot Locker, Inc. common stock,
on or before June 3, 2004 at a conversion price of $15.806 per share. This
expectation was based on Foot Locker, Inc.'s common stock continuing to trade at
a price greater than $16.30 per share, equal to the conversion price of $15.806
multiplied by the redemption price of 103.1% of the principal amount of the
notes.
Foot Locker, Inc. is a specialty athletic retailer that operates approximately
3,900 athletic retail stores in 17 countries in North America, Europe and
Australia. Through its Foot Locker, Footaction, 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, New York 10120