The stock is down 17% from its 52-week highs due to "shortfalls" in the previous quarter, he said.
However, the company reported same-store sales growth of 3.9%, better than the 2.6% growth Cramer was looking for.
He also likes Walgreen (WAG), except the stock has been "pushed to extremes" by hedge funds.
Given Rite Aid's 17% decline, followed by its better-than-expected same-store sales results, it's time to "buy Rite Aid," he concluded.
-- Written by Bret Kenwell in Petoskey, Mich.