Jim Cramer on Tapestry: Accessories Are the Hottest Area of Retail

Amid strong quarterly results from Coach and Kate Spade parent company Tapestry, TheStreet's founder and Action Alerts PLUS Portfolio Manager Jim Cramer said accessories are the hottest area of retail.
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Amid strong quarterly results from Coach and Kate Spade parent company Tapestry (TPR) - Get Report , TheStreet's founder and Action Alerts PLUS Portfolio Manager Jim Cramer said accessories are the hottest area of retail.

"What [CEO Victor Luis] has been delivering is a traditional accessory story, not unlike Michael Kors (KORS) ," Cramer noted.

Kate Spade's comparable store sales declined 3% during the quarter, though analysts were expecting a decline of roughly 7%.

Tapestry shares surged 12.5% on Tuesday to $53.41 a share.