Shares of Foot Locker (FL) are off session lows midday Monday, but are still down about 5% $32.60. The fall follows Friday's plunge, as Foot Locker stock is now down more than 30% over the past two trading sessions.

The company missed on earnings per share and revenue estimates and reported a 6% drop in comparable-store sales. The conference call "was so bad," TheStreet's founder Jim Cramer, who also manages the Action Alerts PLUS charitable trust portfolio, said on CNBC's "Mad Dash" segment.

Management cited the Nike (NKE) Jordan lineup, saying it didn't sell that well. That's a first for the Jordan brand and "that's a big crack," Cramer reasoned. Has that franchise finally run its course? 

Foot Locker CEO Richard Johnson said Amazon.com, Inc. (AMZN) is pressuring the sub-$100 selections. There's a question of how much damage e-commerce will inflict on retailers like Foot Locker going forward. That trend happened so fast, Cramer said, adding that Foot Locker management was blindsided by it.

"They did not see anything coming," Foot Locker has a weak omni-channel and shares can see further pressure, he explained. Is there a sneaker recession taking hold?

Foot Locker is closing some of its locations, but still has a sizable buyback in place, roughly $1.2 billion. That's about one-quarter of the market cap, Cramer noted. However, he's concerned about its outcome. "It could be a buyback like Bed Bath & Beyond (BBBY) ," Cramer reasoned, where management buys back a ton of stock and shares still get hammered because of the underlying business.

"I was aghast" by the quarter, he said. "This is a really troubled franchise...the read-through for Nike is terrible and the read-through for Under Armour (UA) (UAA) is terrible," Cramer concluded. Here's the surprising take analysts came away with following Foot Locker's earnings. 

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At the time of publication, Cramer's Action Alerts PLUS had no position in any companies mentioned.

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