Jim Cramer was left scratching his head in confusion when Skechers stock plunged dramatically on Friday.

The footwear company was considered among the hottest of the hot stocks, up more than 150 percent for the year, going into the quarter. Wall Street had gotten used to Skechers knocking it out of the park each time it reported earnings, so when the numbers were viewed by many as being disappointing, the stock lost 31 percent in a single session.

"Did Skechers truly blow it, or is the market overreacting because the expectations had simply gotten too high?" the "Mad Money" host asked.

Even though Skechers did miss Wall Street's consensus revenue estimate, Cramer did not consider it a big miss. Its sales still increased 27 percent, year over year, though earnings were suboptimal with a 12-cent miss from a 55-cent basis.

Cramer attributed the culprit of the miss being the work of a strong dollar, a $5 million personal injury lawsuit settlement and increased deferred rent expenses of $3.5 billion at the company's Fifth Avenue store in New York City.

"If not for these three items, Skechers would have actually beat the numbers," Cramer said. (Tweet this)

Most important of all, Skechers maintained its guidance for the next quarter. Could this be a rare buying opportunity for the stock? To find out, Cramer spoke with the Skechers chief operating officer and chief financial officer, David Weinberg.

He said that he thinks this was an overreaction, stating, "Business is very good and continues to be very good."

Weinberg also added that Skechers was assured by all of its partners that the sell-through rates and reasons for slight weakness at the end of September were not due to the company, but due to an overall condition. The term sell-through refers to the percentage of units shipped that were actually sold.

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"So, we are feeling pretty good, and we think we have great opportunity both in this quarter, in the first quarter of next year, and still think we can double the business in the next five years," Weinberg said.

Moving forward, Weinberg anticipated strength to build moving into the end of the year and the first quarter of next year. In particular, Skechers thinks that Europe and China will stay strong, and South America will pick up.

"We are going to grow everywhere in the world and put a lot of investment into that infrastructure to make sure we deliver well, deliver on timing, and continue to deliver those great shoes," Weinberg added.

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