(Click for video linked to a searchable transcript of this Mad Money segment)

How tough has the huge spike in mortgage rates been for the housing related retail names?

"That's one of the big questions I've been pondering," said Cramer on Thursday's Mad Money.

Results from Pier 1 paint a mixed picture.

Pier 1 lowered its full-year EPS outlook to $1.23-$1.29 from a prior outlook of $1.27-$1.32, putting the new guidance firmly below Wall Street forecasts of $1.31.

Yet, "It's a terrific home furnishings retailer with over a thousand stores that has gone through a monumental turnaround," Cramer said.

Looking at the numbers a little more closely, Pier 1 reported flat earnings of 19 cents per share. Analysts polled by Thomson Reuters were expecting 21 cents.

However, there was some optimism. Sales rose 7.6% to $395.6 million, however that too fell short of analysts' estimates of $404.6 million.

"We need to figure out what's going on here and how much it has to do with the deceleration in housing," Cramer said.

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And the Mad Money host went straight to the source. He spoke exclusively with Alex Smith, the President and CEO of Pier 1 Imports.

After the interview Cramer said, "I'm not sure the Street should be this negative on Pier 1." Find out why. Watch the video above.

Call Cramer: 1-800-743-CNBC

Questions for Cramer? madmoney@cnbc.com

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