Footlocker Inc.: Financial Research Report

The Company that I will conduct a financial research report is Footlocker Incorporated. I choose Footlocker Inc., because I am an assistant manager with the company, and have experience dealing with Footlocker’s stock, 401k retirement plan’s and choose the company to conduct financial research on because it would give me a broader insight on how the company that I am employed by conducts certain types of business structure, as well as how the company operates on a larger scale, how the company is traded and how the structure of Footlocker is organized. Since the inception of the company in technical terms Footlocker Inc., was originally established in 1879 as the Great 5 cent store in Utica, New York by Frank Woolworth. ("Funding universe-footlocker,

inc., company,”) In 1974 the Kinney shoe division of the Woolworth Corporation opened its first two Footlocker stores. In 1999 Woolworths Inc., changes its name to the Venator Group and in 2001, the company closes its Northern Reflections chain and then renames itself Footlocker Inc. ("Funding universe-footlocker, inc., company,”) Footlocker Inc.,. Is head-quartered in New York, New York. Footlocker and operates on the New York Stock Exchange (NYSE) and the ticker symbol is FL. Footlocker operates 3,426 athletic retail stores throughout North America, Europe, Asia and Australia. (“About us-footlocker”) In terms of dealing with types of business lines, Footlocker Inc. operates a total of eight retail chains an online catalog as well as a physical catalog. The retail chains are Footlocker, Lady Footlocker, Kids Footlocker, Footaction, Champs Sports, Run, House of Hoops and CCS. The online business to consumer chain is Footlocker.com and Eastbay.com. The physical catalog chain is called Eastbay. Each banner line markets to a specific type of consumer that has specific types of athletic apparel needs as well as markets to individuals that look for specific types of niches when it comes to specific types of footwear needs and wants. To start with the Footlocker banner theme markets to consumers that have the basic overall need and wants for sneakers and apparel that suites the athletic style and fashion sense. The Lady Footlocker banner theme markets to the everyday woman that have specific needs and wants for women’s foot wear and women’s apparel. Kids Footlocker targets a market directly geared towards kids, because it is more difficult to find kids sneakers that are cool, colorful and the right sizes that suit the exact needs of kids and children of all sizes and ages. Footaction markets a target consumer that the Footlocker market cannot reach out to because Footaction markets to a more urban based consumer; Footaction carries product such as sneakers and apparel that most Footlocker stores will not carry. Champs Sports is the banner of the corporation marketed where a customer can go into a retail store and buy basically whatever they need. For example a customer can go into a Champs Sports store and buy everything from sneakers, team jerseys, watches, clothing, mp3 players, etc.….anything that will help the customer suit their needs. Next is the Footlocker Inc., concept of the Run store. The Run store is one of the newest Footlocker retail chains. The Run store inception was established in February 2010, opening its first store in Manhattan, New York in Union Square. ("Footlocker to open," 2010) The Run store markets specifically to runners who want the edge with their running sneakers. The Run store offers over 2400 sku’s of running sneakers. Some were a mix from Footlockers previous sku collection and other skus come from a derivation from top- of the line running sneaker manufacturers. ("Footlocker to open," 2010) The House of Hoops is a Footlocker retail chain that is specifically marketed to the die-hard basketball fan. The House of Hoops store carries various basketball sneakers and clothing that is exclusive from other Footlocker banner themes as well as exclusive to competitors due to the fact that Footlocker has contracts with shoe giants such as Nike and Air Jordan to carry to the merchandise only in their stores. House of Hoops boast apparel and sneakers from top-notch basketball super stars such as Michael Jordan, LeBron James, Kobe Bryant, Derrick Rose and other NBA super stars. ("House of hoops,”) The next banner theme is the retail chain is titled CCS. CCS was acquired by Footlocker Inc., in November 2008 from the Delia Corporation. There are two CCS stores, one in California and one in New Jersey. ("Ccs-everything skateboard”) CCS has a different type of market base, which is a trend setter in the world of retail chains. CCS has everything from skateboards, helmets, padding, skate board sneakers from brands such as Nike, DC and others and well as clothing lines from skate professionals. CCS serves the needs of the 12-18 year old skater while maintaining credibility with core skaters of all ages. ("Ccs-everything skateboard”) The last banner in the Footlocker Incorporated retail chain the business to-consumer platform is Eastbay. Eastbay operates as a catalog as well as an online website where customers can place an order by ordering merchandise out of a mail order catalog or go online and order whatever kind of clothing, sneakers, watches, or athletic gear that their hearts desire. In conjunction with selling sneakers and clothing in a catalog as well as online, Eastbay also has a team sales division that was created in 1990. ("Customer service-about,”) Eastbay was created by two childhood friends and coaches that wanted to find high quality shoes for their athletes. On September 29, 1995 Eastbay went public and opened on the NASDAQ stock exchange. Two years later, shareholders sold the company to retail giant Woolworth. In November 2001, the Woolworth corporation underwent and change when it was bought and then later changed the name to Footlocker Inc., ("Customer service-about," ) Financial statements of any company or organization will include an income statement, balance sheet and the statement of cash flows. According to Berk and DeMarzo authors of or text titled “Corporate finance: the core,” financial cash flow statements are firm-issued accounting reports with past performance information that a firm issues periodically usually quarterly and annually. U.S. public companies are required to file their financial statements with the U.S. Securities and Exchange Commission on a quarterly basis on a form 10-q and annually on a 10-k. They must also send an annual report with their financial statements to their shareholders each year. Private companies must prepare financial statements, but often do not have to report this information to the public. (Berk, & DeMarzo, pg., 20, 2011) Financial statements for Footlocker Incorporated are as follows:
Income Statement:
Period Ending | Jan 29, 2011 | Jan 30, 2010 | Jan 31, 2009 |
Total Revenue | 5,049,000   | 4,854,000   | 5,237,000   |
Cost of Revenue | 3,533,000   | 3,522,000   | 3,777,000   |
|
Gross Profit | 1,516,000   | 1,332,000   | 1,460,000   |
|
| Operating Expenses |
| Research Development | -   | -   | -   |
| Selling General and Administrative | 1,138,000   | 1,099,000   | 1,174,000   |
| Non Recurring | 10,000   | 41,000   | 259,000   |
| Others | 106,000   | 112,000   | 130,000   |
| |
| Total Operating Expenses | -   | -   | -   | |

| |
| |
Operating Income or Loss | 262,000   | 80,000   | (103,000) | |
| |
| Income from Continuing Operations | |
| Total Other Income/Expenses Net | 4,000   | 3,000   | 8,000   | |
| Earnings Before Interest And Taxes | 257,000   | 73,000   | (100,000) | |
| Interest Expense | -   | -   | 16,000   | |
| Income Before Tax | 257,000   | 73,000   | (100,000) | |
| Income Tax Expense | 88,000   | 26,000   | (21,000) | |
| Minority Interest | -   | -   | -   | |
| |
| Net Income From Continuing Ops | 169,000   | 47,000   | (79,000) | |
| |
| Non-recurring Events | |
| Discontinued Operations | -   | 1,000   | (1,000) | |
| Extraordinary Items | -   | -   | -   | |
| Effect Of Accounting Changes | -   | -   | -   | |
| Other Items | -   | -   | -   | |
| |
| |
Net Income | 169,000   | 48,000   | (80,000) | |
Preferred Stock And Other Adjustments | -   | -   | -   | |
| |
Net Income Applicable To Common Shares | 169,000   | 48,000   | (80,000) | |

Balance Sheet:
Period Ending | Jan 29, 2011 | Jan 30, 2010 | Jan 31, 2009 |
|
Assets |
Current Assets |
| Cash And Cash Equivalents | 696,000   | 582,000   | 385,000   |
| Short Term Investments | -   | 7,000   | 23,000

|
| Net Receivables | -   | -   | 89,000   |
| Inventory | 1,059,000   | 1,037,000   | 1,120,000   |
| Other Current Assets | 179,000   | 146,000   | 236,000   |
|
Total Current Assets | 1,934,000   | 1,772,000   | 1,764,000   |
Long Term Investments | -   | -   | 21,000   |
Property Plant and Equipment | 386,000   | 387,000   | 432,000   |
Goodwill | 145,000   | 145,000   | 144,000   |
Intangible Assets | 72,000   | 99,000   | 113,000   |
Accumulated Amortization | -   | -   | -   |
Other Assets | 63,000   | 51,000   | 66,000   |
Deferred Long Term Asset Charges | 296,000   | 362,000   | 358,000   |
|
Total Assets | 2,896,000   | 2,816,000   | 2,877,000   |
|
Liabilities |
Current Liabilities |
| Accounts Payable | 489,000   | 433,000   | 418,000   |
| Short/Current Long Term Debt | -   | -   | -   |
| Other Current Liabilities | -   | -   | 131,000   |
|
Total Current Liabilities | 489,000   | 433,000   | 418,000   |
Long Term Debt | 137,000   | 138,000   | 142,000   |
Other Liabilities | 245,000   | 297,000   | 393,000   |
Deferred Long Term Liability Charges | -   | -   | 12,000   |
Minority Interest | -   | -   | -   |
Negative Goodwill | -   | -   | -   |
|
Total Liabilities | 871,000   | 868,000   | 953,000   |
|
Stockholders' Equity |
Misc Stocks Options Warrants | -   | -   | -   |
Redeemable Preferred Stock | -   | -   | -   |
Preferred Stock | -   | -   | -   |
Common Stock | -   | -   | 691,000   |
Retained Earnings | -   | -   | 1,581,000   |
Treasury Stock | -   | -   | (102,000) |
Capital Surplus | -   | -   | -   |
Other Stockholder Equity | -   | -   | (246,000) |
|
Total Stockholder Equity | 2,025,000   | 1,948,000   | 1,924,000   |
|
Net Tangible Assets | 1,808,000   | 1,704,000   | 1,667,000   |
|
|
Currency in USD. |

Statement of Cash Flows:
Period Ending | Jan 29, 2011 | Jan 30, 2010 | Jan 31, 2009 |
Net Income | 169,000   | 48,000   | (80,000) |
|
Operating Activities, Cash Flows Provided By or Used In |
Depreciation | 106,000   | 112,000   | 130,000   |
Adjustments To Net Income | 107,000   | 49,000   | 225,000   |
Changes In Accounts Receivables | -   | -   | -   |
Changes In Liabilities | 1,000   | (98,000) | (56,000) |
Changes In Inventories | (19,000) | 111,000   | 128,000   |
Changes In Other Operating Activities | (38,000) | 123,000   | 36,000   |
|
Total Cash Flow From Operating Activities | 326,000   | 346,000   | 383,000   |
|
Investing Activities, Cash Flows Provided By or Used In |
Capital Expenditures | (97,000) | (89,000) | (146,000) |
Investments | 10,000   | 16,000   | (20,000) |
Other Cash flows from Investing Activities | -   | 1,000   | (106,000) |
|
Total Cash Flows From Investing Activities | (87,000) | (72,000) | (272,000) |
|
Financing Activities, Cash Flows Provided By or Used In |
Dividends Paid | (93,000) | (94,000) | (93,000) |
Sale Purchase of Stock | (37,000) | 3,000   | 2,000   |
Net Borrowings | -   | (3,000) | (94,000) |
Other Cash Flows from Financing Activities | -   | -   | -   |
|
Total Cash Flows From Financing Activities | (127,000) | (94,000) | (185,000) |
Effect Of Exchange Rate Changes | 2,000   | 18,000   | (29,000) |
|
Change In Cash and Cash Equivalents | 114,000   | 197,000   | (103,000) |
|
|
Currency in USD. |
All financial information courtesy of yahoo financial
("Yahoo finance," 2011)

Ratio Analysis
Dealing with specific ratio analysis for different companies and organizations there are numerous accountabilities that will come into play. Accountabilities are: current assets, fixed assets, current and long-term liabilities, owners’ equity, sales revenues, EBIT, net income and earnings per share. Comparing different ration analysis I will compare the total debt to assets ratio to the working capital ratio in terms in dealing with current liabilities and assets to total liabilities and assets. In terms of working capital Footlocker Inc., has $4.13 million in capital to serve as a reserve for contingencies and uncertainties. The formula for working capital is Current assets-Current liabilities (5,470,000-1,340,000) = 4,130,000. So in conjunction if Footlocker Inc. must pay some sort of liability the entity can and will. In comparison I will use the Total debt to asset ratio. The formula is Total liabilities/Total assets. 2,692,000/8,589,000=0.3134x100=31.34. Using this ratio I can say that Footlocker Inc. has a 31.34% chance that if the company absorbs reductions in business arising as a loss then it will jeopardize the interest of its creditors. The next formula I will use to evaluate different ratios dealing with Footlocker Inc. is the ratio of a Return on equity. The Return on equity formula is Net Income/Equity. 137,000/5,897,000 = 0.0232 x 100 = 2.32%. So in turn using the Return on equity formula evaluates Footlocker Inc.’s by measuring the income earned on the shareholder's investment in the business. All of the formulas include Footlocker Inc. Combined three year totals for all inputs within the formulas. Within the next three years, with the pace that the company is on I would predict that Footlocker Inc. will have continued success within the growing sneaker industry as well as continued growth with in the retail industry. Footlocker Inc. has seen success and financial growth in the past five years due to factors such as increase in dividend payouts, increases in net income, increase in the average price of stock, increase in top executives’ pay, and increases in ratio trends with in the specific industry that it is in as well as ratio trends within the organization it- self.

Stock price analysis
In the section of stock price analysis I will evaluate Footlocker Inc., for the past five years in comparison to the Standard and Poor’s market index (S & P 500) for the past five years. I will chart the movement of various prices. A chart will list the various prices of Footlocker Inc., common stock prices for the past five years. The chart is as follows:
Prices |

Date | Open | High | Low | Close | Avg Vol | Adj Close* |
Jun 1, 2011 | 24.93 | 25.17 | 23.39 | 23.63 | 4,360,200 | 23.63 |
May 2, 2011 | 21.59 | 25.50 | 21.00 | 24.94 | 2,956,300 | 24.94 |
Apr 13, 2011 | 0.165 Dividend |
Apr 1, 2011 | 19.76 | 22.03 | 19.62 | 21.52 | 2,099,700 | 21.52 |
Mar 1, 2011 | 19.82 | 20.50 | 18.27 | 19.72 | 2,911,000 | 19.56 |
Feb 1, 2011 | 17.99 | 19.92 | 17.21 | 19.87 | 2,633,700 | 19.71 |
Jan 12, 2011 | 0.15 Dividend |
Jan 3, 2011 | 19.73 | 20.08 | 17.29 | 17.86 | 2,792,900 | 17.72 |
Dec 1, 2010 | 19.20 | 19.96 | 18.87 | 19.62 | 2,146,500 | 19.31 |
Nov 1, 2010 | 16.04 | 19.29 | 15.63 | 18.87 | 3,374,200 | 18.57 |
Oct 13, 2010 | 0.15 Dividend |
Oct 1, 2010 | 14.69 | 16.09 | 14.47 | 15.93 | 3,340,600 | 15.68 |
Sep 1, 2010 | 11.98 | 15.17 | 11.98 | 14.53 | 2,901,200 | 14.16 |
Aug 2, 2010 | 13.81 | 14.20 | 11.59 | 11.74 | 3,082,300 | 11.44 |
Jul 14, 2010 | 0.15 Dividend |
Jul 1, 2010 | 12.69 | 14.47 | 12.27 | 13.59 | 2,807,300 | 13.25 |
Jun 1, 2010 | 14.81 | 15.14 | 12.53 | 12.62 | 2,738,300 | 12.16 |
May 3, 2010 | 15.45 | 15.79 | 13.06 | 14.91 | 3,589,400 | 14.37 |
Apr 14, 2010 | 0.15 Dividend |
Apr 1, 2010 | 15.50 | 16.76 | 14.99 | 15.35 | 2,669,100 | 14.80 |
Mar 1, 2010 | 13.03 | 15.45 | 12.83 | 15.04 | 3,684,400 | 14.36 |
Feb 1, 2010 | 11.36 | 13.17 | 11.30 | 12.97 | 2,535,100 | 12.38 |
Jan 13, 2010 | 0.15 Dividend |
Jan 4, 2010 | 11.29 | 12.55 | 11.10 | 11.29 | 2,860,400 | 10.78 |
Dec 1, 2009 | 9.67 | 11.54 | 9.46 | 11.14 | 2,435,500 | 10.50 |
Nov 2, 2009 | 10.43 | 11.22 | 9.47 | 9.49 | 2,959,800 | 8.95 |
Oct 14, 2009 | 0.15 Dividend |
Oct 1, 2009 | 11.89 | 12.31 | 10.40 | 10.48 | 3,332,800 | 9.88 |
Sep 1, 2009 | 10.70 | 12.31 | 10.28 | 11.95 | 3,431,800 | 11.12 |
Aug 3, 2009 | 11.11 | 11.86 | 9.91 | 10.66 | 3,749,400 | 9.92 |
Jul 15, 2009 | 0.15 Dividend |
Jul 1, 2009 | 10.56 | 11.54 | 9.50 | 11.08 | 2,779,700 | 10.31 |
Jun 1, 2009 | 11.22 | 12.16 | 10.13 | 10.47 | 2,957,400 | 9.61 |
May 1, 2009 | 11.88 | 12.95 | 9.38 | 11.11 | 3,235,300 | 10.20 |
Apr 15, 2009 | 0.15 Dividend |
Apr 1, 2009 | 10.33 | 12.13 | 10.03 | 11.89 | 2,721,800 | 10.91 |
Mar 2, 2009 | 8.21 | 10.84 | 7.75 | 10.48 | 4,320,800 | 9.48 |
Feb 2, 2009 | 7.25 | 8.45 | 7.09 | 8.31 | 2,804,700 | 7.52 |
Jan 14, 2009 | 0.15 Dividend |
Jan 2, 2009 | 7.43 | 8.81 | 7.10 | 7.36 | 2,505,900 | 6.66 |
Dec 1, 2008 | 6.39 | 8.60 | 5.89 | 7.34 | 3,122,100 | 6.51 |
Nov 3, 2008 | 14.50 | 14.79 | 3.65 | 6.73 | 4,241,400 | 5.97 |
Oct 15, 2008 | 0.15 Dividend |
Oct 1, 2008 | 16.00 | 16.52 | 10.12 | 14.62 | 2,740,700 | 12.98 |
Sep 2, 2008 | 16.55 | 18.19 | 15.34 | 16.16 | 4,032,300 | 14.19 |
Aug 1, 2008 | 15.13 | 16.50 | 13.92 | 16.29 | 3,224,000 | 14.30 |
Jul 16, 2008 | 0.15 Dividend |
Jul 1, 2008 | 12.22 | 15.43 | 11.40 | 15.06 | 2,692,600 | 13.22 |
Jun 2, 2008 | 14.59 | 15.08 | 12.15 | 12.45 | 2,046,200 | 10.79 |
May 1, 2008 | 12.66 | 15.00 | 11.84 | 14.61 | 2,104,900 | 12.66 |
Apr 16, 2008 | 0.15 Dividend |
Apr 1, 2008 | 11.93 | 13.25 | 10.96 | 12.65 | 1,654,700 | 10.97 |
Mar 3, 2008 | 12.29 | 12.81 | 10.39 | 11.77 | 1,992,700 | 10.07 |
Feb 1, 2008 | 13.69 | 13.96 | 12.24 | 12.30 | 1,565,200 | 10.52 |
Jan 16, 2008 | 0.125 Dividend |
Jan 2, 2008 | 13.58 | 14.00 | 9.05 | 13.69 | 2,196,200 | 11.71 |
Dec 3, 2007 | 13.14 | 15.09 | 12.96 | 13.66 | 1,325,000 | 11.53 |
Nov 1, 2007 | 14.69 | 15.14 | 11.78 | 13.05 | 2,004,600 | 11.02 |
Oct 17, 2007 | 0.125 Dividend |
Oct 1, 2007 | 15.30 | 15.92 | 13.70 | 14.89 | 1,263,900 | 12.57 |
Sep 4, 2007 | 16.78 | 17.60 | 15.28 | 15.33 | 1,156,600 | 12.84 |
Aug 1, 2007 | 18.42 | 18.49 | 14.63 | 16.71 | 2,315,400 | 13.99 |
Jul 18, 2007 | 0.125 Dividend |
Jul 2, 2007 | 21.72 | 23.60 | 18.21 | 18.56 | 2,242,400 | 15.54 |
Jun 1, 2007 | 21.90 | 22.80 | 20.78 | 21.80 | 2,086,400 | 18.15 |
May 1, 2007 | 23.77 | 24.40 | 20.74 | 21.94 | 2,062,000 | 18.26 |
Apr 18, 2007 | 0.125 Dividend |
Apr 2, 2007 | 23.55 | 24.72 | 23.04 | 23.79 | 1,608,100 | 19.80 |
Mar 1, 2007 | 22.46 | 24.78 | 21.28 | 23.55 | 2,054,800 | 19.50 |
Feb 1, 2007 | 22.54 | 23.47 | 22.24 | 22.72 | 1,682,700 | 18.81 |
Jan 17, 2007 | 0.125 Dividend |
Jan 3, 2007 | 22.06 | 22.66 | 21.10 | 22.44 | 2,557,800 | 18.58 |
Dec 1, 2006 | 23.03 | 23.71 | 21.60 | 21.93 | 1,809,000 | 18.05 |
Nov 1, 2006 | 23.19 | 24.92 | 22.21 | 22.90 | 2,709,500 | 18.85 |
Oct 11, 2006 | 0.09 Dividend |
Oct 2, 2006 | 25.00 | 25.89 | 22.80 | 23.19 | 2,826,500 | 19.09 |
Sep 1, 2006 | 24.10 | 25.55 | 22.34 | 25.25 | 2,761,100 | 20.71 |
Aug 1, 2006 | 27.00 | 27.10 | 22.50 | 24.10 | 2,597,800 | 19.77 |
Jul 12, 2006 | 0.09 Dividend |
Jul 3, 2006 | 24.54 | 28.00 | 24.06 | 27.17 | 2,800,600 | 22.29 |
Jun 1, 2006 | 24.26 | 24.94 | 23.09 | 24.49 | 1,210,900 | 20.02 |
May 1, 2006 | 23.23 | 25.47 | 21.50 | 24.17 | 2,102,500 | 19.76 |
Apr 11, 2006 | 0.09 Dividend |
Apr 3, 2006 | 23.80 | 24.00 | 22.79 | 23.18 | 890,000 | 18.95 |
Mar 1, 2006 | 23.10 | 24.39 | 22.95 | 23.88 | 814,200 | 19.45 |
Feb 1, 2006 | 22.72 | 23.74 | 22.33 | 23.11 | 855,600 | 18.82 |
Jan 11, 2006 | 0.09 Dividend |
Jan 6, 2006 | 23.09 | 23.71 | 22.02 | 22.72 | 1,090,000 | 18.50 |
|

("FL historical prices/footlocker,”)

All financial information courtesy of yahoo finance
According to the Standard and Poor’s 500 index market the Footlocker stock was upgraded from a B+ to a BB-. This suggests that the company’s outlook for the future remains in a stable condition. As the same time, we raised the issue-level rating on the company's unsecured
debt to 'BB-' from 'B+'. The '4' recovery rating on the debt indicates our expectation of average (30%-50%) recovery in the event of a payment default. ("Foot locker inc.”) Upgrades on the company’s rating suggest that the company reflects the company’s performance over the past year. In my opinion if we invested today in the common stock of Footlocker Inc., the movement and the overall price of the stock are considered an average investment. The moving average over the past five years shows similarities to the years of 2011, 2007, and 2006. These three years show similarities in price and comparisons to each other than any other years during the past five years. During the past five years the dividend payout rates increased as well as the dividend being paid out increased substantially. On a 52 week change on the Standard and Poor’s 500 index market there is a 22.50% change. ("Yahoo finance," 2011)

.

References
Berk, J, & DeMarzo, P. (2011). Corporate finance: the core, second edition. Upper Saddle River, New Jersey: Prentice Hall.

Funding universe-footlocker, inc., company history. (n.d.). Retrieved from http://www.fundinguniverse.com/company-histories/Foot-Locker-Inc-Company-History.html

About us. (n.d.). Retrieved from http://www.footlocker-inc.com/company.cfm?page=about

Footlocker to open "run concept". (2010, February 15). Running insight, 3(2), retrieved from http://runninginsight.com/digital_publications/Running%20Insight%20VO2%20NO3%20Low%20Res.pdf

House of hoops by footlocker. (n.d.). Retrieved from http://www.sneakerobsession.com/house-of-hoops-by-foot-locker/

Ccs-everything skateboard. (n.d.). Retrieved from http://www.footlocker-inc.com/company.cfm?page=ccs

Customer service- about eastbay. (n.d.). Retrieved from http://www.eastbay.com/customerserv/help:aboutEastbay/

Yahoo finance. (2011). Retrieved from http://finance.yahoo.com/q?s=FL

FL historical prices/footlocker inc. stock yahoo finance. (n.d.). Retrieved from http://finance.yahoo.com/q/hp?s=FL&a=00&b=6&c=2006&d=05&e=6&f=2011&g=m

Foot locker inc. upgraded to 'bb-' from 'b+' on strengthening performance. (n.d.). Retrieved from http://www.standardandpoors.com/prot/ratings/articles/en/us/?assetID=1245299276372