CNBC’s Jim Cramer on Wednesday offered investors a list of clothing stocks they should consider adding to their shopping lists.
“I’m still bearish about clothes and shoes in general, but if you’re being selective, some of them are definitely worth owning,” he said, adding that investors should wait to buy stocks until the market will not become oversold.
Here is his choice:
- Colombian sportswear
- On hold
Retail inventory has been hit hard this year as excess inventory driven by persistent inflation and changing consumer spending habits from merchandise to experiences has forced companies to sell items at discounted prices.
And while people may cut discretionary spending if the Federal Reserve’s rate hike does send the economy into recession, consumers seem largely resilient for now, Cramer said, pointing to a stronger-than-expected third-quarter GDP performance.
“Of course, the Fed is on the warpath…and it’s starting to hurt retail, but not completely,” he said.