Real Money Stock of the Day Levi Strauss & Co (LEVI) reported its second earnings report since it IPO'd earlier this year after the bell on July 9.

 The iconic blue jeans maker reported adjusted earnings of 17 cents per share and group revenues of $1.312 billion, beating Wall Street expectations on both the top and bottom lines.

 But the report wasn't a perfect fit. The stock immediately dropped after Levi indicated that sales would likely slow in the second half.

 As Levi's jeans are a staple in brick-and-mortar retailers including J.C. Penney (JCP - Get Report) and Kohl's (KSS - Get Report) , should retail investors expect the slowing sales to carry over to the mall?

 Here's what TheStreet founder and Action Alerts PLUS portfolio manager Jim Cramer is watching:

"You can't pay 22 times earnings for a company that disappoints like that. Remember forecast is more important than numbers," he said.

 Related. Levi Strauss Sags as Earnings Results Don't Fit Expectations

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