With another round of retailers gearing up to release earnings, Jim Cramer looked back at some of the sector’s latest reports to see if they are really as bleak as their stock movements suggest.

“If you take a second look at the crucial reports from Macy’s, Kohl’s, Nordstrom [and JC] Penney, you find things that you can like about these, even as none of them truly stands out as must-own stocks,” the “Mad Money” host said, turning to Macy’s first to prove his point.

Though the market responded accordingly to Macy’s big earnings miss, sending the stock down to six-year lows after the department store chain reported a whopping 4.6 percent drop in same-store sales, Cramer said the 6.4 percent yield could be a safety net for investors while Macy’s shutters its less profitable stores.

Cramer said that the stock might not have gone down so much if there was not so much idle buzz about a possible takeover. And, he added, Macy’s still has some real estate value left despite moving too slowly to monetize it.

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“Management seems to have an awareness of what they can do to raise their numbers: give clear value, exclusivity and simplicity,” Cramer said. “Shoes have become a winner and they’re still doing well at fine jewelry. Makeup’s doing well. It’s not a total debacle, although I could argue Macy’s is the weakest of the four.”

Kohl’s, on the other hand, has a number of tailwinds behind it, with a strong balance sheet, a safe 6 percent yield, and an aggressive buyback initiative that took Kohl’s share count from 270 million to 170 million over the last five years, the “Mad Money” host said.

“Kohl’s has the most optionality here. It also has stores in strip malls, which makes it easier for the company to leverage an ‘order online, pick up at the store’ strategy,”…