Cramer: This stock facing a ‘real turnaround’

Underperformance in this stock may be nearing an end.

Therefore, with shares down 34 percent year to date, Cramer thinks it may be a good time to put Whole Foods on the radar.

Of course, Cramer realizes that Whole Foods has become the object skepticism. "Whole Foods hasn't been able to make as much money as it used to, or attract as many customers as it once did."

Rivals are aggressively winning share. "The rest of the grocery store industry, from Kroger and Costco to Target and Wal-Mart are all offering natural and organic foods. The competition is stiff."

However, as serious as those headwinds may be, Cramer says there are also positives on the horizon. And he thinks they could move the needle.

Jim Cramer on set of Mad Money
CNBC

For example, Whole Foods is adopting Apple's new iPhone 6 mobile payment system. "Given that Whole Foods customer are upscale, I think it will make a difference in take-in rates," Cramer said.

Also Cramer noted that Whole Foods is rolling out a loyalty program which could boost business. "In addition, Whole Foods is now using the customer-friendly Instacart for its pick-up and delivery orders," Cramer said.

And finally, Whole Foods is beginning its first national ad campaign to distinguish itself from competition, which Cramer thinks will remind people that they can rely on Whole Foods to properly source their goods.

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Of course, Cramer realizes that these new programs might not work and headwinds remain strong; therefore he wouldn't establish a position quite yet. "It might be too early to buy," he said, "But I do think you can start kicking the tires."

With shares down 34 percent year to date, Cramer thinks too many investors are negative. "It's the most forward-thinking company in the industry on the eve of its first national ad campaign, an affinity program and more aggressive delivery. I'd start doing homework; a real turnaround could be coming in the not too distant future."

Call Cramer: 1-800-743-CNBC

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