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Investors aren't kicking it with Foot Locker (FL) - Get Foot Locker, Inc. Report today.

Before Friday's market open, the shoe and athletic apparel retailer reported first-quarter earnings of $1.36 cents a share on revenue of $2 billion, compared to the earnings of $1.38 a share on revenue of $2.02 billion analysts surveyed at Factset expected.

Foot Locker said its same-store sales rose a mere 0.5%, lower than Wall Street's estimates for a 1.4% growth. Shares of Foot Locker crashed 16.6% to $58.71 in trading Friday.

"We are certainly not satisfied with our results this quarter," Foot Locker CEO Richard Johnson said on a conference call. "We are continually working to raise the earnings bar higher. We did not exactly achieve that."

Foot Locker closed 39 stores in the first quarter.

Although Foot Locker issued a profit warning in April, citing consumers waiting for their tax refunds, the tepid results likely left Wall Street unimpressed. Further, unlike other retailers such as Macy's (M) - Get Macy's Inc Report and Target (TGT) - Get Target Corporation Report , Foot Locker said its sales trends didn't improve much as the quarter progressed, although they did see better performance in March.

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Investors just aren't buying that excuse from retailers this quarter, Jim Cramer, manager of the Action Alerts PLUS portfolio, said on CNBC's "Mad Dash" segment. That, or they just don't care, even when management says sales are improving. "That's too harsh," he reasoned.

In February, comparable store sales were down "in the teens," Johnson said. Margins were pressured in the first quarter, as well, due to higher promotional activity. But, Johnson did tout various sneakers from Adidas (ADDYY) and the new VaporMax by Nike (NKE) - Get NIKE, Inc. Class B Report as strong performers.

Johnson even called out rapper, producer and songwriter Kanye West's "Yeezy" sneakers as being in "high demand," but for a second-straight quarter he didn't mention anything from the strugglingUnder Armour (UA) - Get Under Armour, Inc. Class C Report .

In the first quarter, Johnson said Foot Locker did not have enough of some of the "hottest" brands in stock for kids, blaming vendors. He said this hurt sales in the retailer's kids category. 

Cramer says he does not want to own Nike or Under Armour, as there is a brutal price war going on between the shoe companies. This should help Foot Locker's margins and be good for consumers, he reasoned. But, it's bad for the footwear companies.

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Updated from 7:24 ET to include Jim Cramer's comments.