Jim Cramer asks, has Wal-Mart lost its way?

Is Wal-Mart reflection of US economy?

Wal-Mart Stores posted first-quarter numbers that missed Wall Street's estimates, making it the latest retailer to blame weak sales on a colder-than-usual winter—but CNBC's Jim Cramer on Thursday wondered if something else is amiss.

Read MoreWal-Mart misses, blames it on the tough winter

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"Has Wal-Mart lost its way? That's obviously not revelatory," Cramer said on "Squawk on the Street."

"I think a lot of people think that Wal-Mart is food stamps. Wal-Mart is unemployment extension benefits. That it's a play on U.S. government stimulus," he said. "I just think that it's also a recognition that people shop elsewhere."

The world's largest retailer reported its smallest growth in quarterly sales in nearly five years, as a severe winter kept shoppers from its stores. Shares fell on the news Thursday morning.

—By CNBC's Drew Sandholm with Reuters.