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Report of Independent Registered
Public Accounting Firm
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3
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Statements of Net Assets Available
for Benefits as of December 31, 2008 and 2007
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4
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Statements of Changes in Net
Assets Available for Benefits for the years ended December 31, 2008 and
2007
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5
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Notes to Financial
Statements
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6-10
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Supplemental
Schedule*:
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Schedule H, Line 4i - Schedule of
Assets (Held at End of Year) as of December 31,
2008
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11
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2008
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2007
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Assets:
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Investments, at fair
value
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$ | 594,545 | $ | 641,313 | ||||
Participant
loans
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12,917 | 11,046 | ||||||
607,462 | 652,359 | |||||||
Receivable:
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Participant
contributions
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8,961 | 2,545 | ||||||
Employer
contribution
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53,904 | 39,665 | ||||||
62,865 | 42,210 | |||||||
Assets available for
benefits
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$ | 670,327 | $ | 694,569 |
2008
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2007
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Additions (deductions) to net
assets attributed to:
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Investment (loss)
income:
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Net (depreciation) appreciation of
investments
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$ | (250,296 | ) | $ | 6,948 | |||
Dividends
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3,008 | 1,494 | ||||||
Interest
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624 | 1,484 | ||||||
Total investment (loss)
income
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(246,664 | ) | 9,926 | |||||
Contributions:
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Participant
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261,626 | 193,386 | ||||||
Employer
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53,904 | 39,665 | ||||||
Total
contributions
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315,530 | 233,051 | ||||||
Total
additions
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68,866 | 242,977 | ||||||
Deductions from net assets
attributed to:
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Benefits paid to
participants
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82,412 | 58,349 | ||||||
Administrative
fees
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10,696 | 8,850 | ||||||
Total
deductions
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93,108 | 67,199 | ||||||
Net (decrease)
increase
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(24,242 | ) | 175,778 | |||||
Net assets available for
benefits:
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Beginning of
year
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694,569 | 518,791 | ||||||
End of year
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$ | 670,327 | $ | 694,569 |
(1)
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Description of
Plan
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(a)
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General
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(b)
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Contributions
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(c)
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Participant
Accounts
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(d)
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Vesting
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(e)
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Investment
Options
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(f)
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Participant
Loans
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(g)
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Payment
of Benefits
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(h)
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Forfeitures
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(i)
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Administrative
Fees
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(a)
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Basis
of Accounting
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(b)
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Use
of Estimates
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(c)
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Investment
Valuation and Income Recognition
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(d)
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Payment
of Benefits
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(e)
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Recent
Accounting Pronouncements Not Previously Discussed
Herein
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2008
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2007
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Custom
Funds FL Global Balanced Portfolio – 68,163 units and 49,359 units,
respectively
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$ | 508,494 | $ | 525,675 | ||||
Foot
Locker Stock Fund – 7,127 units and 4,419 units,
respectively
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$ | 47,289 | $ | 54,275 |
2008
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2007
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Commingled
funds
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$ | (209,735 | ) | $ | 39,209 | |||
Common
stock
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(40,561 | ) | (32,261 | ) | ||||
$ | (250,296 | ) | $ | 6,948 |
Level 1
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Level 2
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Level 3
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Commingled
Funds
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$ |
–
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$ |
547,258
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$ |
–
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Foot
Locker Stock Fund
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47,287 |
–
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–
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Participant
loans
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–
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–
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12,917 | |||||||||
Total
Investments
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$ | 47,287 | $ | 547,258 | $ | 12,917 |
Balance
at January 1, 2008
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$ | 11,046 | ||
Loan
issuances and repayments
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1,871 | |||
Balance
at December 31, 2008
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$ | 12,917 |
(b) Identity of Issue,
Borrower,
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(c) Description of investment including maturity date, rate of interest,
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(d)
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(e)
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(a)
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Lessor, or Similar Party
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collateral, par, or maturity value
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Cost **
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Current value
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Commingled
Funds:
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*
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Russell
Investment Group
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Russell
Investment Contract Fund
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1
unit
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— | $ | 11 | ||||||
*
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Russell
Investment Group
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Custom
Funds FL Fixed Income I Portfolio
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465
units
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— | 4,643 | |||||||
*
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Russell
Investment Group
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Custom
funds FL Global Balanced Portfolio
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68,163
units
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— | 508,494 | |||||||
*
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Russell
Investment Group
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Custom
Funds FL Large Cap Structured Equity Portfolio
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2,048
units
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— | 12,760 | |||||||
*
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Russell
Investment Group
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Custom
Funds FL Russell 1000 Portfolio
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606
units
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— | 3,881 | |||||||
*
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Russell
Investment Group
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Russell
Equity I Fund
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1,531
units
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— | 12,202 | |||||||
*
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Russell
Investment Group
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Russell
Equity II Fund
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176
units
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— | 1,877 | |||||||
*
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Russell
Investment Group
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Custom
Funds All International Markets Portfolio
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553
units
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— | 3,388 | |||||||
Stock
Fund:
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*
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Foot
Locker, Inc.
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Foot
Locker Stock Fund
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7,127
units
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— | 47,289 | |||||||
Loans:
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*
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Loans
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Participant
loans
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11
loans were outstanding at December 31, 2008, bearing interest at rates
ranging from 4.00% - 8.25%, maturing through 2012.
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— | 12,917 | |||||||
$ | 607,462 |
*
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Party-in-interest
as defined by ERISA
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**
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Cost
basis is not required for participant directed investments and therefore
is not included.
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FOOT LOCKER PUERTO RICO 1165(e)
PLAN
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By:
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/s/
Robert W. McHugh
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Foot
Locker, Inc.
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Robert
W. McHugh
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Chief
Financial
Officer
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Exhibit
No. in Item
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601
of Regulation S-K
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Description
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23
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Consent
of Independent Registered Public Accounting
Firm
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