TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio has little optimism for most retail stocks nowadays. Even AAP holding Costco (COST) is low on his radar ahead of earnings Wednesday, although he predicts this will be the "last bad quarter" before the company starts to see better results.

He's even less enthusiastic Tiffany (TIF - Get Report) , which reports earnings on Wednesday. Cramer is not a buyer of the stock. 

While shares of Tiffany seem like a natural fit for a bounce -- they are down more than 15% on the year -- the jewelry company is not well run. So at a time where retail is really struggling, there's little reason to gravitate toward the stock, Cramer said. Analysts are looking for Tiffany to earn 68 cents per share on $914.9 million revenue.

Yet another company reporting Wednesday is Williams-Sonoma (WSM - Get Report) . Cramer said the company is known for its high-end housewares at a time when lower-end housewares are doing better, as seen by  the strong results from TJX Companies (TJX - Get Report) and its HomeGoods business.

At the time of publication, Cramer's Action Alerts PLUS had a long position in COST.