FOOT LOCKER, INC. CEO SPEAKS AT THE SUPER SHOW

· Strategies to Grow Future Earnings Outlined

· Fourth Quarter EPS Expected to Meet Previous Company Estimate

· Near-term Financial Objectives Articulated

NEW YORK, NY, January 20, 2002 – Mathew D. Serra, President and CEO of Foot Locker, Inc. (NYSE: Z), the New York-based specialty athletic retailer, today provided attendees at The Super Show in Las Vegas with a review of the Company’s key profitable growth strategies. Mr. Serra also confirmed that the Company expects to meet its previously stated fourth quarter earnings estimate and outlined the Company’s near-term financial objectives.

Mr. Serra said, “Foot Locker, Inc.’s sales to date for the fourth fiscal quarter are running in line with expectations but below the sales trends experienced during the first nine months of 2001. Sales trends strengthened, however, in December from weaker results experienced during November. Our Footlocker.com, International Foot Locker and Champs Sports divisions continue to be the strongest drivers of our comparable-store sales increases.”

“Given our continuing solid and improving sales trends, we currently expect our fourth quarter earnings to be at the mid-point of our previously stated $0.25 to $0.30 per share range.” continued Mr. Serra. “The fourth quarter of 2000 included 14 weeks versus 13 weeks this year, in line with the National Retail Federation calendar. Excluding last year’s additional week, the Company earned $0.19 per share.”

Mr. Serra reiterated Foot Locker, Inc.’s key strategic advantages that are the foundation from which the Company plans to implement its profitable growth strategies. These competitive advantages include its significant market leadership position, successful global diversification, international private-label sourcing and development operation, and multiple channels of distribution. The Company’s profitable growth strategies are to improve the productivity of its existing stores, open 1,000 new stores and continue to expand its high-growth Internet and catalog direct-to-customer business.

Mr. Serra concluded by saying, “We have established certain financial objectives that we expect to achieve over the next few years. These objectives include increasing sales to $350 per gross square foot, achieving a 10 percent operating profit margin and generating 10-to-20 percent annual earnings per share growth. Improving its credit ratings by continuing to strengthen its financial position are additional strategic priorities. In this regard, the Company expects to generate approximately $100 million of positive cash flow in 2002, after $150-to-$165 million of capital spending and $32 million of mandatory long-term debt repayment.”

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January 20, 2002

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Foot Locker, Inc. is primarily a mall-based athletic specialty retailer that operates approximately 3,600 athletic retail stores in 14 countries in North America, Europe and Australia. Through its specialty retail stores, including Foot Locker, Lady Foot Locker, Kids Foot Locker and Champs Sports, 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 effects of competitive products and pricing, customer acceptance of the Company’s merchandise mix and retail locations, economic conditions worldwide, the ability of the Company to execute its business plan effectively with regard to each of its operating unit. 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.