Cramer: I still have hope for Under Armour despite its weak quarterly earnings

CNBC's Jim Cramer hasn't lost hope in Under Armour 's turnaround, despite Thursday's poor quarterly results and a grim outlook. "Under Armour is an incredibly popular brand but they're just not making a lot of money" Jim said Thursday on "Squawk on the Street.

Part of the grim outlook is related to Under Armour's announcement of a restructuring plan to strengthen the company's financial and operational efficiencies which is expected to "pressure out top and bottom line in the near term," CEO Kevin Plank said in the earnings release. The shakeup is also expected to include layoffs.

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