Cramer: Lower gas prices ‘spotty’ in retail

Savings from lower gasoline prices have not boosted retail spending as much as investors would expect, CNBC’s Jim Cramer said on Thursday.

“I didn’t think [Kohl’s] was as bad as it was doing because a lot of people feel, including me, that at a certain point lower gasoline should help,” said Cramer on “Squawk on the Street.” “This plus Ralph Lauren tells you that lower gasoline is still not a factor. It is spotty in retail.”

Department store chain Kohl’s, with the ticker symbol KSS, cut its full-year earnings estimate, citing weak sales during the holiday quarter and “significantly” lower gross margins.

The company’s stock fell more than 17 percent at one point to below $42 in morning trading, pulling down shares of other retailers.

“Kohl’s did not give you a kiss,” added Cramer.

Sales at established stores rose 0.4 percent in its fourth quarter, Kohl’s said, adding that sales were “very volatile” and “less than planned” due a slow start in November and weak demand for winter products in January.

Upscale retailer Ralph Lauren reported a bigger-than-expected decline in holiday-quarter established store sales on Thursday, while Macy’s Inc. posted similar results in January, both blaming the warmer-than-usual quarter and a dearth of tourists.

“This was a shocker. I am just blown away by how bad Kohl’s was this morning,” said Cramer.

Reuters contributed to this report.