Shares of this bargain retailer are tumbling. But Jim Cramer is optimistic on the stock

Dollar Tree's (DLTR) post-earnings slide may prove short-lived, CNBC's Jim Cramer said Thursday.

Shares of the bargain retailer, which operates its namesake stores and the Family Dollar chain, were down more than 9% shortly after the opening bell. The stock was weighed down by the company's profit forecast for the current quarter, which came in well below estimates.

Dollar Tree on Thursday said profits were being pressured as consumers shift toward less-profitable consumables, away from discretionary items. The company also cited "unfavorable shrink trends" and higher diesel-fuel prices.

Cramer noted that Dollar Tree is the latest retailer to mention "elevated shrink" — a term capturing lost inventory for reasons that include theft — but he predicted investors would eventually look to buy up the company's stock again.

"The actual quarter was good, so I think people might come back to it, because it is a very good chain at this point in the economic cycle," Cramer said.

The CNBC Investing Club does not own any shares of Dollar Tree, but does maintain positions in a pair of retailers that appeal to value-focused consumers: Costco (COST) and Marshalls parent TJX Companies (TJX).