Jim Cramer says CEO Kevin Plank of Under Armour (UA - Get Report) admitted that he "lost focus" and let the formerly hot athletic-wear company's performance slide -- a confession that Cramer said represents "the beginning of when you want to buy a stock."

Cramer said that after he recently criticized Under Armour on CNBC, Plank called and said: "'You're right, I lost focus. ... I apologize. I didn't do it right.' It makes me intrigued when you have a guy who recognizes what he did."

Cramer added that when Plank sent him a bottle of high-end rye whiskey made by a company the Under Armour CEO operates on the side, "I sent back a note saying: 'I thought you were making Under Armour.' He lost focus. [And Plank replied]: 'I'm done. I'm not going to make any more rye.' And I said, 'Listen, I'm going to go out and say that that's the beginning of when you want to buy a stock.'

UA shares have shed nearly two-thirds of their value over the past year, falling from an intraday high of $33.45 in December 2016 to as low as $11.40 in October. The stock closed Friday at $12.52 after a 4.25% rebound.

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This article was written by a staff member of TheStreet.