Outside of trade war talk, retailers are still reporting earnings.

Both L Brands (LB - Get Report)   and Best Buy (BBY - Get Report) reported stronger-than-expected quarterly earnings, catching investor interest after the bell Wednesday and ahead of the open Thursday. 

Jim Cramer gives his biggest takeaway from each company's earnings report.

Cramer first starts with L Brands saying that investors shouldn't believe its positive earnings report. 

On the other hand, Cramer said, "Best Buy, believe it, because they were nebulous about tariffs, but they're going to win. It's almost target."

Cramer also looks ahead to Foot Locker's (FL - Get Report) earnings, which are expected to be reported before the bell on Friday, May 24.

"Foot Locker should to be very interesting. Remember the note sent by Nike (NKE - Get Report) and Adidas  (ADDYY) to the President saying 'please relent.' Uh, in the meantime, their sales are fabulous. I think it will be fine," Cramer said.

Related. I Like Best Buy but Would Wait to Buy the Stock

More from Cramer Today

Jim Cramer Explains What a Trade War With China Means for Tesla

One Thing Investors Can Do to Protect Themselves in a Trade War

Real Money: Wait for Trade and Infrastructure News to Hit Prices

Watch Jim Cramer's Daily NYSE Show and Replays Below