When a company says that it didn't do well because of the economy, people should consider the idea that there might be something more to it, Jim Cramer said on TheStreet.com TV's "Wall Street Confidential" Web video Monday. Whirlpool ( WHR) said on its conference call that demand is not there, he said. The reasons, the company said, are the current housing situation, the fact that it has had to raise prices because of the raw costs, and because "people feel poor." "I totally buy that," Cramer said. "I'm not fighting the notion that there is a problem out there. "What I'm saying is that when a company like Coach ( COH), which has a classic high-end franchise, says that things are slowing down, what I want to do is look beneath that and think, did something change in their franchise?" he said. "Is there new competition? Have they fallen out of style?"
Cramer: I Don't Believe Coach and Comcast
There's a great proliferation of Coach bags, Cramer said, and he's beginning to wonder whether fashion has moved on. "I haven't pinned it down yet, but I feel like there could be something else at work besides the economy that's causing Coach sales to slow," he said. "I'm always attuned to who uses the excuse, and this is an excuse."