Foot Locker Inc. stock reversed premarket losses early Monday, after the sporting goods retailer’s stronger-than-expected fourth quarter weighed against weaker-than-expected guidance for the current year.

After falling over 3% earlier, the stock FL, +1.09%, was up 1.5% at Monday’s open.

New York-based company reported net income of $19million, or 20cs per share for the quarter ended Jan. 28. This is down from $1.02 per share in the year-earlier period (103 million or $1.02 per share). The adjusted per-share earnings were 97 cents which is well above the FactSet consensus of 51 cents.

Sales decreased 0.3% to $2.334 Billion from $2.341 Billion a year earlier, which is also below the $2.146 billion FactSet consensus. The same-store sales increased 4.2% while FactSet predicted a decrease of 6.7%.

Increased traffic and easier access to new inventory boosted sales in the same store. This helped boost sales across all brands and regions.

Mary Dillon, Chief Executive of the company, stated in a statement that “our team delivered a great end to the year with strong Fourth-quarter results that capitalized upon resilient Holiday demand and an compelling assortment and stock position from our brand partner.”

She said that the company plans to streamline its operations by 2023 and invest more in core businesses. This plan will be presented at an Investor Day on Monday.

According to the company, fiscal 2023 sales in same-stores will fall 3.5% to 5.5%, and adjusted EPS will range from $3.35 – $3.65. According to FactSet, same-store sales are expected to decline 1.5% with an EPS of 4.11.

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The company plans to also overhaul its Asia operations by closing all stores and ecommerce in Hong Kong, Macau and Macau. It will convert the existing stores and ecommerce in Singapore and Malaysia into a license model. This will allow it to operate its stores in South Korea, and also to seek growth through license partners.

Investor Day will present the company’s new “Lace Up” plan. This is designed to help propel the company into its next phase by expanding sneaker culture.

Also see: Foot Locker reduces staff and another executive departs: “Every executive from 2019 analyst day has now been gone,” analyst says

The company plans to make “more distinction among banners” by relaunching Foot Locker, revamping its real estate, and shifting out of malls.

It will upgrade its loyalty program, and increase its analytical capabilities to reset its relationship with customers. It also plans to enhance its omnichannel offering and e-commerce offerings.

For fiscal 2024-2026, the company expects sales growth of 5%-6%. The company expects sales growth of 3% to 4.4% in same-store sales over the period. Adjusted EPS is expected increase in the low to mid-20s.

The stock gained 31% over the past 12 months while the S&P 500 SPX, +0.90%, has fallen 12%.

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