09:22 AM EDT, 05/30/2024 (MT Newswires) -- Foot Locker ( FL ) appears to have satisfied investors after reporting fiscal Q1 results that slightly beat analyst estimates and reiterating its fiscal 2024 guidance, Wedbush Securities said Thursday.

On Thursday, the company reported fiscal Q1 adjusted EPS of $0.22, down from $0.70 a year earlier. Analysts polled by Capital IQ expected $0.12. Revenue for the quarter is down to $1.88 billion from $1.93 billion a year earlier. Analysts polled by Capital IQ expected $1.88 billion.

"Given this ramp in projected EPS growth, we find it difficult to envision much upside to numbers this year, particularly given the challenging macro environment," Wedbush analysts said.

The analysts said they are in a "wait-and-see mode" as they await more details on the conference call.

Shares of the company were up more than 16% in premarket activity. Wedbush analysts said they are "somewhat puzzled" by the premarket reaction. However, the analysts noted that the company is embedding significant accelerations in sales, gross margin and EPS growth for the remainder of the year.

Wedbush has a neutral rating on the company's stock, with a $25 price target.

Price: 26.20, Change: +3.68, Percent Change: +16.34