"Have you been to Victoria's Secret lately? ... "Many others haven't either," Cramer said on "Squawk on the Street." "[They also had] a very big guide-down today, in terms of the comp-store sales for the chain."
On Thursday, the company said its same-store sales rose 1 percent last month, well below the consensus estimate of 4.8 percent, sending the stock more than 10 percent lower in early trading.
L Brands shares ended Thursday down 12 percent.