NEW YORK (TheStreet) -- TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, discussed Deckers Outdoor (DECK) - Get Deckers Outdoor Corporation Report after the outdoor clothing company saw a nearly 10% jump in sales of its UGG product line. Despite a remarkable quarter, Cramer noted the stock fell in the pre-market. The stock has continued to fall, and was recently down 16%.
The guidance from CEO Angel Martinez was "so terrible, so negative," that the analysts are either jumping ship or revising price targets down, Cramer said.
"I'm not saying this is not a buying opportunity," he said. "I don't like fashion. Fashion is a very tough industry," he added, referring to the travails of Lululemon (LULU) - Get Lululemon Athletica Inc (LULU) Report.
But UGGs did have a great quarter, Cramer pointed out. Sales of the brand were up nearly 10%. "But Martinez threw so much cold water on the forward [guidance] that people are scratching their heads and selling."
- Written by Anthony Buccino in New York.
At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.