"The buyback is for real. The company is well run." Cramer said on CNBC's "Squawk on the Street."
Cramer made his remarks after the retailer reported quarterly profits of 56 cents per share on revenue of $6.23 billion, missing analysts' expectations on both lines. The company also increased its share buyback program to $2.1 billion from $600 million.
Nevertheless, Cramer said the company remains a good investment since its shares remain up about 10 percent in the last year.
Read More Macy's profit, revenue miss estimates
Macy's shares traded lower in Wednesday morning trading. Click here to see where the stock is trading now.
Disclosure: Cramer does not own Macy's stock.