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Cramer's Fashion Statement on Luxury Retail

"The market can be pretty darned stupid sometimes," Cramer said Tuesday. "And that’s a good thing, too, because when the market’s dumb, it gives us some terrific opportunities."

Take Saks , for example. The department store operator reported a narrower-than-expected quarterly loss and forecast same-store sales growth for the rest of the year, but said it is cautious about falling sales. Overall, Cramer thinks it was a strong quarter.

"We know that we have a Dickensian, bar-bell economy right now in America," Cramer said. "High-end retailers are thriving as the rich get richer and the low-end is also working, as everybody else trades down, while the middle just gets squeezed."

(More: Cramer's Top Picks for a Vanishing Middle Class)

Saks is as high-end as it gets, Cramer said. Is this stock a buy, though? To learn more, he spoke with CEO Steve Sadove. Watch the video to see the full interview.

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  • Jim Cramer

    Jim Cramer is host of CNBC's "Mad Money" and co-anchor of the 9 a.m. ET hour of CNBC's "Squawk on the Street."

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