Ellison said, in the company's earnings news release, "We are still in the early stages of our transformation, and with the changes we are putting in place. We expect to deliver improved gross margin performance over the balance of the year." He also said, "The unanticipated impact of the convergence of cost pressure, significant transition in our merchandising organization, and ineffective legacy pricing tools" as being behind the company's missed earnings.
Most of these mistakes were brought over from past executives, Cramer said. "Marvin's doing everything he has to do," he added. "I think the hand he got wasn't so great.", which fell short of estimates, and prompted the home improvement retailer to cut its forecast for the year.
Charlie, you to settle your investment 'tab'
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