(Click for video linked to a searchable transcript of this Mad Money segment)
You may enjoy shopping at Whole Foods, but chances are, if you're a shareholder, you haven't enjoyed owning it lately.
"The after the company revealed . And it's down 33% for the year after guiding lower for multiple quarters in a row," Cramer said.
That's hardly delicious.
Nonetheless, Cramer believes that Whole Foods is a best of breed stock and therefore, he thinks investors may be looking at the decline as an opportunity.
However, he wouldn't pull the trigger, yet.
"This stock, at 24 times earnings with the average supermarket trading at 16 times earnings, is still too highly valued," Cramer said.
In the near-term, Cramer just doesn't think Wall Street will support the premium, given that Whole Foods has disappointed so frequently.
Also Cramer says the proliferation of companies selling organic and natural foods has become intense with companies as wide ranging as Wal-Mart, Costco, Fairway and Kroger all grabbing share.
"That says to me Whole Foods will have to cut prices, which in turn will hurt gross margins and, ultimately, will ding profitability."
Cramer doesn't believe that will always be the case. At some point shares will decline to a level at which the stock will become attractive, simply because Whole Foods is a well run enterprise with strong growth potential.
But currently, Cramer believes that path of least resistance will remain lower.
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"I have no doubt that Whole Foods will prevail in the long run. The short-run? It's just a hard stock to own. So, keep shopping Whole Foods, but don't shop for the stock, yet."
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