Jim Kramer here to share with you a sample of my take on the market from today's CNBC Investing Club warning meeting.

Look, I want to address right now, Elf in the room, okay, Foot Locker, let's just go right there.

I expected a bad quarter. We said a bad quarter. I didn't expect this bad quarter.

However, I look at what we may be interested in it was the trajectory of

Ulta and how this happened exactly when she started with Ulta. She is saying keep the faith.

She saw a dramatic weakness at the end of the quarter, particularly among the lower income people.

And look, is it me a culp at time? I will say this. I don't like what happened.

No. But because there's no way.

If you like it, you're obviously not a serious person. But it happened in Ulta. And then it never

looked back. And I didn't want to miss that. Right. We have a chart of Alta if we can look

back and see it too. But I do want to point out, so remember, she bought stock shortly after the Investor Day, and that was just a sign of confidence in her

lace-up. Yep, so you can see very early on. And I did not, well, that's actually a very big drop,

just so you know. So she joined Alta. She became CEO July 2013. That quarter happened in, it was the December, they reported in December.

Same thing and went from this.

Believe it or not, this is 118 to 93.

They missed in lower guidance back then, so you could see the stock build the base.

That's what I was afraid of missing.

We should never be afraid of anything.

The lesson is that we were a small placehold, but it should have been a watch, not a place. Yeah. My bad. Yeah, absolutely. But again, she did buy stock, a nice sign of confidence right after the investor day, but things have slowed down meaningfully in the last month and a half. But Sarah just told me, look, Sarah interviewed her, Sarah Eisen, our partner. Yeah. I said, look, you know, what she's saying is this is exactly where I want to be. Right. She's getting out of the malls. She's moving off mall. She's exiting and she, Mary Dillon, exiting underperforming stores. Right. It's just taking a little longer. It's just going to, it's all going to take longer. And by the way, it's not like Target was great. It was not like Walmart was great about apparel.

But I don't ever dodge you. I did not want her to do this. And Sarah said she knew exactly what she said when she came on our show. She was too bullish. And I talked in the club call the other day about believing.

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