"I want to highlight a retail comeback story," said Cramer on Thursday's broadcast, "one that's definitely not getting the credit it deserves."
"I'm talking about the amazing turnaround at Gap," he said.
Cramer considers the story more of a saga – one of epic proportion.
"Gap spent a decade in the wilderness, but last year, under the leadership of CEO Glenn Murphy, the company started to get its act together," said Cramer.
"This is one of the few retailers out there with multiple successful concepts; they include The Gap, Banana Republic, and Old Navy. Now that these brands are finally being managed well, with a focus on stocking the stores with merchandise people actually like, I think the stock could have a big multi-year run ahead of it," he said.
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However, beyond the more appealing merchandise and improved marketing efforts, Gap is also doing a number of things to grow the business.
"While the company has been closing stores here in the United States, it's also been opening new outlets and value centers, which are especially popular given that the consumer is a lot more value conscious than he/she used to be."
And the expansion is global.
"Gap is expanding internationally. Last year the company got 20% of its revenues from outside the United States, their plan is to get that number up to 35% over time. For example, they will have opened 30 new stores in China this year, and I think there's a universality to Gap that will resonate over there."
Also, Cramer likes the metrics.
"Gap reported its latest quarter back on November 15th, and the results were pretty darned good, with the company delivering a 6% increase in same store sales driven by strength in all three of its big brands here in North America."
Of course, same store sales numbers in November were worse than expected. But Cramer isn't fazed.
"To me, the idea of dumping Gap just because November was a bit worse than expected is totally ridiculous," he said.
There's also the issue of the recent pullback – is it a signal of downward momentum?
With shares almost 70% higher year to date Cramer thinks the selling is simply investors booking profits on a stock that turned out to be a high flier.
"People are ringing the register in order to take advantage of the current low capital gains tax rates before they go higher at the end of the year," he said.
What's the bottom line?
"Gap is a fabulous turnaround story that's not getting the credit it deserves. To me, this pullback looks like a great opportunity for you to buy Gap on weakness," said Cramer.
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