It is time for J.C. Penney to stop blaming the old management regime and start taking responsibility for recent mishaps, CNBC's Jim Cramer said.
"At a certain point, you own the stores. At Target, [CEO Brian] Cornell comes in and says, 'In six months, I'm getting rid of Canada,'" Cramer said Friday on CNBC's "Squawk on the Street." He added that, while J.C. Penney reported seeing growth opportunities in several sectors, it is still blaming previous strategies for its poor performance. "You can't do that anymore. It's yours," Cramer said.
The retailer's stock plummeted in after-hours trading on Thursday after missing fiscal fourth-quarter profit estimates of 11 cents per share. Nevertheless, J.C. Penney reported sales of $3.89 billion, besting Wall Street's estimates for $3.87 billion.