FOOT LOCKER, INC. FILES FOR EXTENSION WITH SEC REGARDING ITS 2002 FORM 10-K

NEW YORK, NY, May 2, 2003 – Foot Locker, Inc. (NYSE: FL), the New York-based specialty athletic retailer, today filed for an extension with the SEC regarding its 2002 Form 10-K. Foot Locker, Inc., its independent outside auditors and the SEC are currently in technical discussions regarding the classification of its results related to the Company’s former Northern Group operation. These discussions do not include the previously reported results of the Company’s athletic segments. Foot Locker and its independent outside auditors do not expect the outcome of these discussions to result in any changes to the Company’s previously reported cumulative Net Income or cash balances.

On January 23, 2001, the Company announced that it was exiting its 694-store Northern Group segment and, as a result, accounted for that business as a discontinued operation. Also, as a result of that decision, the Company recorded an after-tax charge to discontinued operations in 2000 for the loss on disposal of this segment. Additional after-tax charges were recorded within discontinued operations during 2001 and 2002, reflecting subsequent events surrounding the disposition of this business. The basis of the discussion between the Company, its independent outside auditors and the SEC concerns the classification of these previously reported results within discontinued operations as opposed to continuing operations. The Company expects to conclude these discussions with the SEC in a timely manner.

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, changes in import regulations 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, and 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. 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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Foot Locker, Inc., 112 West 34^th Street, New York, New York 10120