"This [conference call] was a clinic," Cramer said on "Squawk on the Street." "It reminds me of when Isaiah Thomas decided to take it to Michael Jordan [in an ESPN "30 for 30" documentary] … This is the Jordan shoe on steroids."
On Thursday, the company reported fiscal fourth-quarter earnings of 98 cent per share, well above Wall Street's estimates for 83 cents. It also posted revenue of $7.78 billion, above a projection for $7.69 billion.
Cramer added that a great part of Nike's success can be attributed to strong sales in Western Europe, while not many companies have had recent success there due to the rising dollar. "I was waiting for them to say that Greece was good."
"[Under Armour CEO] Kevin Plank has to remember he is up against the colossus," Cramer also said. "These are just the best executers in America."
Nevertheless, investors looking to hop on the Nike bandwagon may be too late.
The company's stock was up more than 4 percent midmorning Friday.
Disclosure: Cramer's trust did not own wither Nike or Under Armour stock when this article was published.