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Cramer said Macy's remains a good story. After a few challenging years, the retailer has emerged as one of the most solvent retailers in the country. The company has six months of visibility in its earnings and sports a stock buyback program that's actually making a difference.
What's more, Macy's is a domestic retailer, noted Cramer, which makes it less volatile.Compare that to Ralph Lauren (RL), which reported a more challenging environment. Cramer said Ralph Lauren is a worldwide company that has exposure to Europe and other ailing markets around the globe. "The price points may be wrong," Cramer added, noting that other retailers like Fossil (FOSL) did not see the same weakness as Ralph Lauren. Look for other retailers like PVH Corp (PVH) and VF Corp (VFC) to be under scrutiny when they report next, Cramer concluded. Watch the full Cramer interview