NEW YORK (TheStreet) -- Shares of Dollar Tree (DLTR - Get Report) are down nearly 8% Tuesday after the company missed earnings per share and revenue expectations. 

The company's guidance was not the best, but management tends to be conservative, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, explained on CNBC's "Mad Dash" segment. 

Cramer has been bullish on Dollar Tree and reiterated that last week competitor Dollar General (DG - Get Report) reported not-so-hot results. He had thought that Dollar Tree would have a better quarter because it is a better operator than Dollar General, Cramer said. 

DLTR Chart
Dollar Tree DLTR data by YCharts

Cramer pointed out the earnings and revenue misses were very slight, so he remains optimistic, especially with the merger with Family Dollar (FDO) still on track. Dollar Tree shares are currently at around $70.50. He said Dollar Tree is still a very good company and if the stock falls to $65, investors should buy, buy, buy even with fears of an economic slowdown. 

Dollar Tree does well in a slowing economy and it's doing well right now because it has the right products for a frugal economy, Cramer concluded. 

 

At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.