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Cramer: Macy's at a 'soul-searching moment'

CNBC's Jim Cramer said Wednesday the latest Macy's quarterly results indicate a shift within the retail sector.

"The other guys are doing better, and that's kind of a soul-searching moment for anyone in retail," Cramer said on "Squawk on the Street."

Macy's reported mixed third-quarter results on Wednesday, with earnings per share beating expectations while revenues missed. The company also posted a 3.6 percent same-store sales decline.

Still, Cramer said there is no excuse for the retailer to be performing this poorly.

"It's a competitive world out there, and it looks like they've missed it," he said. "To excuse them is to say that J.C. Penney is not doing right and that [Target CEO Brian] Cornell is not doing right."

Macy's shares tumbled over 13 percent in midmorning trading.

DISCLOSURE: Cramer's trust owned Target's stock when this article was published, but did not own shares of Macy's or J.C. Penney.