The big box retailer posted an earnings and revenue beat on Tuesday, impressing Wall Street and sending the stock to a new 52-week high, up 3% by the close.
Walmart highlighted growth in its e-commerce segment and advertising business as factors that contributed to its success.
But to Cramer, the main reason Walmart's quarter impressed Wall Street is its affordable merchandise and price reductions.
Walmart and peer retailers that focus on value — like Amazon and Costco — are what consumers want right now, and these retailers are some of the only ones that can afford large price rollbacks, he added.
"There's something going on underneath, something that's hurting every department store, every dollar store, every mall store," Cramer said.
Persons:
CNBC's Jim Cramer, Cramer, Wall
Organizations:
Walmart, Costco
Locations:
U.S