What's Wrong at Jones Group?

Cramer on Wednesday asked the same question he always asks when one of his preferred stocks sells off: Was the decline legit, or is this a buying opportunity?

When it comes to Jones Group , there doesn’t seem to be an easy answer. No doubt the stock’s pummeling, down 22 percent after reporting a terrible quarter this morning, was deserved. Higher costs for freight, raw materials and Far East labor weighed on the earnings, as did factory delays. And an inability to generate as much money from off-price products cut into overall gross margins, which were down 210 basis points from last year.

But at the same time, Jones’ core brands were strong, with whole apparel up 14 percent year-over-year, wholesale jeanswear up 11 percent and wholesale footwear up 19 percent. Cramer said the company has great potential to grow overseas as well.

Still, Cramer was trying to wrap his ahead around statements from management like this one: We “continue to manage against these challenging market conditions by controlling our inventory and our costs, but you should be cautious when forecasting gross margin, a very challenging planning environment.” The company also blamed “unpredictable” consumer confidence and consumer spending for potential weakness going forward.

“Not encouraging stuff for retail in general,” Cramer said.

So which is side is right, the bullish case or the bearish? To find out, Cramer invited CEO Wes Card to “Mad Money.” Watch the video for the full interview.

Call Cramer: 1-800-743-CNBC

Questions for Cramer? madmoney@cnbc.com

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