After initially moving higher after beating on earnings and revenue, shares of Foot Locker (FL) - Get Report are lower Friday. 

The company reported strong comp-store sales results of 7.9% for the fourth quarter, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Stop Trading" segment. 

However, the conference call isn't going quite the way investors had hoped, with management dousing some of the excitement over the recent quarter with a not-so-great outlook for February. 

Management says comp-store sales results for February will be up low single digits, rather than up high single digits, Cramer said. 

However, Cramer found a silver lining: Shares of Nike (NKE) - Get Report and Under Armour (UA) - Get Report are still up on the day, rallying 1.5% and 2%, respectively.

If the report were really that bad, then these stocks would be lower on the day, he reasoned. In fact, if shares of Under Armour and Nike do take a dip, Cramer is buying Nike, saying the company is having a "terrific quarter." 

As for Foot Locker, Cramer is remaining optimistic, saying, "I'm not going to panic on Foot Locker, I still like it." 

Foot Locker FL data by YCharts

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At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.