Cramer: PVH's Chirico needs to deliver or else

Cramer's Mad Dash: PVH slumps

CNBC's Jim Cramer said Thursday he's greatly disappointed by apparel maker PVH's quarterly earnings results, which he pinned on CEO Manny Chirico.

The company behind the Calvin Klein and Tommy Hilfiger brands earned $1.47 per share for the first quarter, excluding certain items. Its earnings fell 2 cents below consensus estimates. PVH also cut its full-year guidance because of margin pressures in North America.

"This was a bad quarter for PVH. It was a bad quarter on multiple ways," Cramer said on "Squawk on the Street." "I was surprised and let down."

CNBC's Jim Cramer.
Adam Jeffery | CNBC

Chirico, speaking in an interview with Cramer on Wednesday's "Mad Money," blamed the company's subpar performance on heavy promotion in the retail industry and slow sales in May. But most retailers have actually reported just the contrary, Cramer protested, including little promotion and a strong May.

"I'm listening to a story, which basically says alright, we bought Calvin Klein. It hasn't really done that well yet in Europe. We're not seeing any real pickup in the United States," Cramer said. "And he's gone—Manny's gone from being reliable to being a little questionable."

Though Cramer has long praised Chirico, he thinks the apparel maker's head honcho has simply failed to execute lately.

"I really respect his work. He's done a great job. But the stock has got a premium that comes from Manny Chirico and the premium is being drained," Cramer said. "He has to deliver the next quarter or this stock will no longer become the apparel go-to name. It will be all VF Corp." VF's brands include The North Face, Nautica, Lee and Wrangler.

Disclosure: When this story was published, Cramer's charitable trust did not own PVH or VF.