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Industry News

Cramer: Macy’s, other retailers, defy Amazon

Several retailers, including Macy’s, have kicked off the holiday season with robust sales, defying some analysts’ predictions that they’d take a battering from Amazon, notes CNBC’s Jim Cramer.

"Don't you think it's interesting that Macy's strong traffic leads Macy to hire 7,000 more holiday workers?" Cramer asked on Squawk on the Street.

Macy’s shares were up 1.2 percent on Friday.

"This group is defying. It's defying what we thought," said Cramer, host of CNBC's Mad Money. "Whether it be Kroger against the Death Star. Whether it be Macy's against the Death Star. Whether it be Walgreens against the Death Star," he said, likening Amazon to the Death Star of the Star Wars movies.

Last week Cramer observed that Kroger’s quarterly earnings indicate that Amazon is not about to “wreck” the supermarket chain’s margins, despite Amazon’s acquisition of Whole Foods.

By Edmund Mander

Director, Editor-In-Chief/SCT

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