Shares of Foot Locker (FL) - Get Report are down 5.5% since reporting earnings on Friday, but TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, thinks the decline is unwarranted. 

"It's time to buy the stock," Cramer said on CNBC's "Stop Trading" segment, after using the weekend to go over the company's most recent report. 

Foot Locker is a very "honest company," Cramer said, adding that management acknowledged its mistakes, but reiterated to investors that business is still good. 

Furthermore, shares of Nike (NKE) - Get Report and Under Armour (UA) - Get Report haven't taken a hit since the company reported, despite Foot Locker being a large retailer for both athletic shoe and apparel makers. 

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Even the analysts have come out in defense of the stocks, including Jefferies and Sterne Agee, saying that the decline is puzzling. 

"This stock is now down huge. It's a buy," Cramer said, adding that it's time for Foot Locker "to stop going down."

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.