Updated from 10:07 AM EDT.

NEW YORK (TheStreet) -- Shares of Express (EXPR - Get Report) were plummeting 24.64% to $12.08 in late-morning trading on Wednesday after the retailer posted lower-than-anticipated results for the 2016 second quarter and gave a downbeat outlook.

"Express has the wrong fashion," TheStreet's Jim Cramer said on CNBC's "Squawk on the Street" this morning.

"Fashion is a subjective thing, but you can be very wrong on fashion," Cramer added, "They just don't have the right apparel mix at all."

The company's comparable-store sales also dropped 8% during the quarter. Express CEO David Kornberg said in a statement that he is "disappointed" with the results.

"You don't get a minus 8% comp unless you are, as David Kornberg said, disappointed with their second quarter performance," Cramer noted.

"Fashion is hard. You have to know what looks good to the consumer at that moment," Cramer added in the above video, "Express is out of touch with what the consumer wants."

"They don't have the right merchandise and La-Z-Boy (LZB) doesn't have the right merchandise," Cramer stated.

After yesterday's market close, La-Z-Boy posted earnings and revenue that were below analysts' estimates for the 2017 fiscal first quarter.

Cramer pointed out that J.C. Penney's (JCP) Ashley line of furniture was strong in its recent period and Ethan Allen Interiors (ETH) also had "good numbers" for its 2016 fiscal fourth quarter. Additionally, Steinhoff will acquire Mattress Firm (MFRM) for $64 per share.

"I think La-Z-Boy is the exception," Cramer stated.

Shares of La-Z-Boy were falling 11.31% to $27.67 late this morning.

Separately, TheStreet Ratings Team has a "Hold" rating with a score of C+ on Express stock.

The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its revenue growth, reasonable valuation levels and growth in earnings per share.

But the team also finds weaknesses including weak operating cash flow, a generally disappointing performance in the stock itself and unimpressive growth in net income.

Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.

You can view the full analysis from the report here: EXPR