"When Macy's is up 10% what it tells me is the consumer is doing quite well," Cramer told Action Alerts PLUS senior analyst Jeff Marks Thursday. "Despite the delta variant, the consumer is not dead."
On Thursday, Macy's reported adjusted earnings per share of $1.29 per share, up from a loss of 81 cents per share over the same period last year.
Revenue beat expectations coming in at $5.647 billion as consumers returned to brick-and-mortar shopping.
The retailer also reinstated its dividend at 15 cents per share, payable on October 1, while authorizing a $500 million share buyback.
As of intraday trading Friday, Macy's stock was up over 2% to $22.10.