"That's how I view this disastrous quarter from Foot Locker, results so stunning that I have to tell you, you can never, ever look at this company the same way again," the "Mad Money" host said.
But what was even worse than the headlines, which cited missed estimates and a 6 percent drop in same-store sales, was the management's commentary, Cramer said.
Foot Locker CEO Richard Johnson said the team was working quickly to adjust to an rapidly changing retail landscape to make up for the shocking declines in Nike Jordans sales and Adidas Steve Smith Shoes, but Cramer worried that they couldn't work fast enough.
The biggest shock to Cramer were the chain's stated "double-digit declines in basketball" shoes, a sign that could mean the retailer's problems go deeper than changing tastes.
"That's why I say, even with the stock down from $47 to $31 in two days, it's still not a buy," he said. "I just don't know what can turn it around. And you know what? I don't think they do either."