If you're lamenting the recent decline in this stock, both Jim Cramer and the company's CEO would like a word.
"This is a buying opportunity," insisted Popeyes CEO Cheryl Bachelder on "Mad Money". "Our plan hasn't changed; our performance hasn't changed."
Bachelder was likely referring to the recent pullback in share price, with the stock turning more than 10 percent lower since early summer and then remaining at those levels.
Some of those declines may stem from recent earnings, which seemed to disappoint investors.
" after the close and the stock got hit, falling 3.6 percent the next day," Cramer explained. Although most of the metrics were positive, Popeyes is viewed by pros as a growth stock. Therefore some investors may have been spooked when Popeyes said 13 new store openings were pushed back to the second half.
However, if you're among those sellers, Bachelder told "Mad Money" your decision was misguided. "We're still aggressively building out the footprint. I've said many times this chain has the opportunity to double in size. There's plenty of growth runway in this company and therefore in this stock."
Cramer thinks the pullback may also be due to general skepticism surrounding the entire restaurant sector, with some investors fearing the potential of a slower economy. In turn, they fear lower estimates and are selling into strength.
However, after looking at the metrics and the opportunity, Jim Cramer agreed with Bachelder. If you have a long-term time horizon, the "Mad Money" host thinks the decline presents opportunity.
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"Popeyes reported solid results, with in-line earnings, higher than anticipated sales, better than expected domestic same store sales growth, up 3.8 percent, and management reiterated full-year guidance. When a company does better than it's supposed to and the company goes down, that's when you should buy it," Cramer said.
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