Wait and see. 

Jim Cramer advises investors to wait to buy TJX Companies (TJX - Get Report) after the company reported earnings before the bell Tuesday, Aug. 20. 

The company posted net income of $759 million, or 62 cents a share, which is up from $739.6 million, or 58 cents a share, in the same quarter last year. The EPS results matched the consensus estimate of analysts polled by FactSet.

"This quarter marks the 20th straight quarter of customer traffic increases at TJX and Marmaxx," CEO Ernie Herrman said in a statement. "This speaks to the consistency and fundamental strength of our treasure-hunt shopping experience through many types of retail and economic environments."

Cramer responded, "Wait until [Wednesday, Aug. 21] there'll be some analysts who will cut numbers of price targets and that will be your chance. And I know it looks like a daunting thing to get in there and buy TJX at this stage. But TJX is a play on the excess inventory in the channel. So that's what you should be thinking about."

MORE FROM CRAMER TODAY

Full Replay: Time to Shop? Jim Cramer Weighs in on Kohl's Earnings and the Market

Jim Cramer on Kohl's: Turnaround Moment or Better Than Feared?

Premium Pick: Jim Cramer: Want Proof of Economy's Strength? Look to Home Depot

NYSE LIVE Replay: Time to Shop? Jim Cramer Weighs in on Kohl's Earnings and the Market

Retirement Fears Solved: Scared of Running Out of Money? Here's How to Deal With This Retirement Fear

Cryptos: Bitcoin Is Still Nowhere Near Being Money

Trivia: This Landmark Building is Just Blocks From Wall Street: Can You Name It?

TheStreet Explains: The Benefits of Using a Credit Card

Subscribe to our Youtube Channel for more videos : Listen our latest Podcasts on Soundcloud

Catch Up: Today's Top News Videos Below