8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_____________________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): May 20, 2005

Foot Locker, Inc.

(Exact Name of Registrant as Specified in its Charter)

New York	1-10299	13-3513936
(State or other Jurisdiction of Incorporation)	(Commission File Number)	(I.R.S. Employer Identification No.)

112 West 34^th Street, New York, New York (Address of Principal Executive Offices) 10120 (Zip Code)

Registrant's telephone number, including area code: 212-720-3700

Former Name/Address
(Former name or former address, if changed from last report)

_____________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 7.01. Regulation FD Disclosure

Attached as Exhibit 99.1 is material that the Company intends to use at meetings with analysts over the next several months, beginning May 20, 2005.

Item 9.01. Financial Statements and Exhibits.

(c) Exhibits

99.1 Foot Locker, Inc. Slides.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

FOOT LOCKER, INC.

(Registrant)

Date: May 20, 2005	By:	/s/ Peter D. Brown
		Vice President – Investor Relations and Treasurer

EX-99

Athletic Store Count / Sales Per Square Foot *

8.5% Near Term Goal

10.0% Longer Term Goal

EBITDA

Operating Profit Margin

CAGR = 21%

Income from continuing operations
before income taxes

Interest expense, net

Depreciation and amortization

Percent  of Sales

Amount

CAGR = 62%

$ Millions

Goal = $350 / Sq Ft

ROE

Cash, Net of Debt

MARGINS

PRODUCTIVITY ENHANCEMENT

INCOME FROM CONTINUING OPERATIONS

FINANCIAL HIGHLIGHTS

16.8%

15.9%

15.4%

11.1%

10.0%

5.4%

1.2%

4.4%

3.6%

2.5%

2.5%

1.4%

0.3%

$209

$255

$162

$111

$107

$59

$14

7.2%

7.3%

6.0%

4.5%

4.2%

(1.8%)

(1.7%)

$494

$543

$425

$357

$352

$320

$172

FOOT LOCKER, INC.

7.8%

Excluding Footaction
Acquisition

* 1998 represents sales for existing formats.

* Cash, cash equivalents and short-term investments

** Cash, net of debt excludes the fair value of interest rate swaps

$ Millions

($ Millions)

KEY RATIOS

2004 Balance Sheet Initiatives

$150 Million Debt Converted to Equity

$47 Million Reduction of Income Tax Liabilities

$71 Million Reduction of Pension Liability

$200 Million Amended, Restated and Extended to 2009

$175 Million New 5 Year Term Loan

7% Direct-to-
Customers

5% Direct-to-
Customers

12%
Internation
al Stores

26%
Internation
al Stores

83% Domestic Stores

67% Domestic Stores

$3.6 Billion
    1998

$5.4 Billion
    2004

DISTRIBUTION CHANNELS

Athletic Sales

Pre-tax Income

($27)

$25

$40

$62

$86

$138

$152

International Growth

1998

1999

2000

2001

2002

2003

2004

4.8%

1998

1999

2000

2001

2002

2003

2004

6-Year

1998

2004

CAGR

Total Sales

$4,161

$5,355

4.3%

Athletic Sales *

$3,625

$5,355

6.7%

Gross Margin

27.2%

30.5%

SG&A Rate

25.5%

20.3%

Income Continuing Operations

$14

$255

62.3%

Diluted EPS

$0.10

$1.64

59.4%

1998

1999

2000

2001

2002

2003

2004

-574

-327

-204

-184

0

112

131

($700)

($600)

($500)

($400)

($300)

($200)

($100)

$0

$100

$200

1998

1999

2000

2001

2002

2003

2004

1998

1999

2000

2001

2002

2003

2004

Cash *

$193

$162

$109

$215

$357

$448

$492

Debt

(767)

(489)

(313)

(399)

(357)

(336)

(361)

Net **

($574)

($327)

($204)

($184)

$0

$112

$131

1998

1999

2000

2001

2002

2003

2004

Athletic Stores Sales

Per Avg. Gross Square Foot

$272

$282

$301

$306

$316

$335

$345

Operating Profit Margin

-1.7%

-1.8%

4.2%

4.5%

6.0%

7.2%

7.3%

Net Income Margin *

0.3%

1.4%

2.5%

2.5%

3.6%

4.4%

4.8%

Net Debt Capitalization Percent

67.6%

61.2%

60.9%

61.1%

58.6%

53.3%

50.4%

ROE

1.2%

5.4%

10.0%

11.1%

15.4%

16.8%

15.9%

Current Ratio

1.4

1.5

1.5

2.0

2.2

2.8

2.7

Fixed Charge Coverage

0.9

1.4

1.9

1.9

2.2

2.6

2.7

*  Income from continuing operations as a percentage of sales

1998

1999

2000

2001

2002

2003

2004

1998

1999

2000

2001

2002

2003

2004

3830

3693

3582

3590

3625

3610

3967

272

282

301

306

316

335

345

1000

2000

3000

4000

1998

1999

2000

2001

2002

2003

2004

100

150

200

250

300

350

400

450

Athletic Store Count:

1998

1999

2000

2001

2002

2003

2004

U.S.

3,303

3,174

3,063

3,036

3,005

2,931

3,224

Europe

281

289

289

323

377

427

485

Canada

190

172

165

158

168

168

166

Asia/Pacific

56

58

65

73

75

84

92

Total

3,830

3,693

3,582

3,590

3,625

3,610

3,967

$446

$507

$597

$693

$870

$1,182

$1,374

($400)

$0

$400

$800

$1,200

$1,600

1998

1999

2000

2001

2002

2003

2004

($40)

$0

$40

$80

$120

$160

* Per average gross square foot; 1998 excludes disposed formats.

Increase Marquee Footwear Offerings

Higher Average Selling Prices

Optimize Footaction Contribution

$0.12+ per Share Accretion

Enhance Lady Foot Locker Turnaround

Profit Improvement Opportunity

Reduce Occupancy Expense Rate

50 Bps per Year

Improve Customer Service

Stock Locator Program

Enhance Gift Card Displays

New Loyalty Program

_{SALES & DIVISION PROFIT}

FOOT LOCKER INTERNATIONAL

FOOTLOCKER.COM / EASTBAY

FOOT LOCKER, INC.

ENHANCED SHAREHOLDER VALUE

27.59

19.97

25.97

12.00

8.20

17.95

16.75

10.20

19.10

9.28

5.00

3.19

4.25

27.25

Share Price at Year End

Note: In 2005, FL stock reached a 10 year high.

STRATEGIC PRIORITIES

2005 KEY INTIATIVES

LONGER-TERM GROWTH STRATEGIES

Enhance Base Business

Seek Organic Store Growth

Pursue Strategic Acquisitions

Strengthen Financial Position

Return Cash to Shareholders

Productivity Enhancements

Achieve 10% Operating Margin Target

Exceed $350 Sales per Square Foot Goal

International Growth

Continue European Expansion

Pursue Asia / Pacific Opportunities

Explore Other New Regions

Direct-to-Customers

Internet Expansion

Third Party Relationships

Acquisitions

Pursue Opportunistically

166

Canada

_Croatia

_Swit

_Finland

_Norway

_Sweden

₁

_Netherlands

₃₅

_U.K.

₇₂

_{Czech Rep}

_France

₇₉

_Spain

₄₈

_{Belgium/Lux  19}

_Turkey

_{Italy 120}

_{Austria 5}

_Slovenia

_Bosnia

_Yugoslavia

_Bulgaria

_Romania

_Poland

_Slovakia

_{Hungary 1}

_{Germany 85}

_Ireland

₁₁

_Portugal

₄

_Greece

82

Australia

10

New Zealand

4

Guam

Existing Markets

Potential Markets

2005 Market Entry

_{2004 Sales}

_{$ Millions}

$180

$217

$279

$326

$349

$366

$366

$0

$90

$180

$270

$360

$450

$0

$20

$40

$60

$80

1998

1999

2000

2001

2002

2003

2004

Sales

Internet

Catalog

$0

$5

$10

$15

$20

$25

$30

1998

1999

2000

2001

2002

2003

2004

DISCLOSURE ON FORWARD LOOKING STATEMENTS

Division
Profit

42%

58%

_Denmark

₅

This presentation 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, 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.  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.