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Cramer: Macy’s pullback early holiday gift?

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

Christmas might be 2 weeks away, but Jim Cramer thinks Santa just left an early present.

That is, Cramer thinks the recent decline in the market has created a buying opportunity in Macy's the world's largest department store.

"I think you should take advantage of any weakness here to do some buying in this terrific retail stock," Cramer said.

"Macy's is an incredibly well-managed company under the fabulous leadership of CEO Terry Lundgren," Cramer noted. And it's winning market away from rivals right and left.

Jim Cramer interviews Macy’s CEO Terry Lundgren
Tim Dewald | CNBC
Jim Cramer interviews Macy’s CEO Terry Lundgren

In an exclusive conversation on Mad Money, Lundgren confirmed the bullish outlook.

"We're doing very well right now," Lundgren admitted " and it's all due to our talented team and great strategy."

That strategy has everything to do with MOM – an acronym that reflects some of the company's core beliefs and competencies.

The first M is for 'My Macy's', an initiative to sell products based on local shopping patterns. The O is for Omnichannel and the company's focus on new technology to win business. And the last M is for magic selling or a comprehensive training for team members to make the Macy's shopping experience enjoyable.

Cramer thinks the strategy is paying off in spades.

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"Macy's knocked it out of the park when it last reported about a month ago, delivering an 8-cent earnings beat off of a 39-cent basis, with stronger than expected revenues, and a 3.5% increase in same store sales," he said.

"Retail is all about execution right now, and these guys are executing like crazy going into the holidays," he added.

"There haven't been many sales in the market, but off two points, I'd take advantage of the discount and buy Macy's," Cramer said.

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