CNBC’s Jim Cramer on Wednesday offered investors a list of apparel stocks they should consider adding to their shopping lists.
“I’m still bearish on apparel and footwear in general, but if you’re selective, some of these are definitely worth owning,” he said, adding that investors should wait to buy the stocks until the market becomes oversold.
Here are his picks:
Retail stocks have been hit hard this year as inventory gluts, brought on by persistent inflation and a shift in consumer spending habits from goods to experiences, forced companies to offload products at discounted prices.
And while people could cut back on discretionary spending if the Federal Reserve’s rate hikes do send the economy into a recession, consumers seem largely resilient for now, Cramer said, pointing to the third quarter’s stronger-than-expected GDP number.
“Sure, the Fed’s on the war path … and it’s beginning to bruise a lot of retail, but it hasn’t wrecked all of it,” he said.