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Cramer's Retail Reality

Few could have guessed it, but retail stocks were the "bright spot in an otherwise dreary day," Cramer said Thursday.

Retail sales data at stores open at least a year, or same-store sales, came in better-than-expected in March. Shares of Walgreen, Costco and teen clothing retailers Hot Topic and Zumiez gained after reporting strong March sales on Thursday.

But not all retailers delivered upbeat March sales, as firms such as Target and Gap disappointed.

Bed, Bath & Beyond, meanwhile, soared more than 10 percent after the home goods retailer reported a 25 percent earnings boost. In addition, Credit Suisse and Wedbush raised their price targets on the firm. And Pier 1 Imports alsojumped after the home furnishing chain delivered a 65 percent gain in fiscal fourth-quarter profits.

Rite Aid gained after the drugstore chain operator said that its quarterly loss was slightly smaller than a year earlieras its revenue stabilized after more than two years of declines.

Most retailers rallied, though, and rallied hard. Even as news broke Japan was struck with yet another earthquake, many retail stocks kept going higher. How could this be?

On Thursday's "Mad Money," Cramer weighed in on the retail space. Watch the video to see his complete commentary.

—CNBC.com with wires

Call Cramer: 1-800-743-CNBC

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