11:19 AM EDT, 05/30/2024 (MT Newswires) -- (Updates to add stock move in the headline and the first paragraph.)

Foot Locker ( FL ) shares advanced 23.6% in recent Thursday trading after the company's fiscal Q1 adjusted earnings topped estimates.

The company reported fiscal Q1 adjusted earnings Thursday of $0.22 per diluted share, down from $0.70 a year earlier.

Analysts polled by Capital IQ expected $0.12.

Revenue for the fiscal quarter ended May 4 was $1.88 billion, down from $1.93 billion a year earlier.

Analysts surveyed by Capital IQ expected $1.88 billion.

For fiscal 2024, the shoe and apparel retailer reiterated its previous guidance of non-GAAP EPS of $1.50 to 1.70 on sales change of -1% to 1% compared with a year earlier. Analysts polled by Capital IQ expect normalized earnings of $1.52 on revenue of $8.12 billion.

Price: 27.83, Change: +5.31, Percent Change: +23.58