The company reported a 7% drop in comp sales for its flagship store and Banana Republic, but a 7% increase for its Old Navy stores.
These results will cause investors to ask whether the consumer is truly doing as well as we think, Cramer said.
But retailers will continue having mixed results on a month-to-month basis, unless they consistently have the right product at the right price.
"All I can say is that retail has become one of the toughest businesses out there," he said.
Being long a retail ETF, such as the Market Vectors Retail ETF (RTH) is "going to hurt you," Cramer concluded, since some retailers will do well and some will do poorly.
-- Written by Bret Kenwell in Petoskey, Mich.