Ascena has a track record of delivering on its acquisitions, said Cramer. Twelve months after Ascena's last two acquisitions, shares were up 97% and 145% and Cramer said he expects similar gains again this time. The key to Ascena's success is managing expectations, said Cramer, something not seen at J.C. Penney ( JCP). Ascena takes things slow, he said, under-promising and overdelivering. Ascena is one company that knows how to revitalize retail brands and give customers exactly what they're looking for. Cramer said he would be a buyer of Ascena at current levels.