Five Below's comps are decelerating, but they're still impressive, says Jim Cramer

MOST RETAILERS WERE KILLED FOR 14%. WHILE SURE MATHEMATICALLY, FIVE BELOW SAME STORE SALES ARE INDEED DECELERATING. BUT COME ON. I MEAN, THAT'S JUST THE LAW OF LARGE NUMBERS. THESE COPS WERE MUCH, MUCH, MUCH, MUCH, MUCH BETTER THAN EXPECTED 14% WHEN WALL STREET WAS LOOKING FOR 10%. I DON'T KNOW HOW ANYONE LOOKS AT THAT AND SEES A SIGN OF WEAKNESS. AND YES, FOR THE FULL YEAR, FIVE BELOW SAYS TO EXPECT 10 TO 12% SAME STORE SALES GROWTH, WHICH REPRESENTS ANOTHER DECELERATION VERSUS THE FIRST TWO QUARTERS OF THE FISCAL YEAR. YOU SEE WHY THE STOCK WENT DOWN, BUT THEY'RE ALSO LAPPING INCREASINGLY STRONG NUMBERS. AND LET'S NOT FORGET, THE COMPANY HAS STARTED TO DEVELOP A REPUTATION FOR UPOD. THEY UNDER-PROMISE AND THEN THEY OVERDELIVER. WITH WINNIE PARK AT THE HELM EVER SINCE SHE TOOK OVER FIVE, BELOW HAS BEATEN THE COMPS IN SIX OUT OF SIX QUARTERS. SO HERE'S WHAT I'M FOCUSED ON. FIVE BELOW JUST RAISES FULL YEAR EARNINGS OUTLOOK BY 14% IN THE MIDPOINT. YET IT'S NOT ACTUALLY WENT DOWN TODAY. SUDDENLY THIS THING HAS GOTTEN A LOT CHEAPER. YESTERDAY FIVE BELOW WAS SELLING FOR 27.5 TIMES THIS YEAR'S EARNINGS. NOW IT'S SELLING FOR LESS THAN 24 TIMES THIS YEAR'S EARNINGS. SO IT'S BACK ON THE MARKET MULTIPLE. BUT IT'S SUCH A BETTER STOCK THAN THE THAN THE AVERAGE STOCK IN THE MARKET. NOW WITH THE MIDPOINT OF THE NEW HIGHER EARNINGS FORECASTS IMPLYING MORE THAN 50% GROWTH VERSUS LAST YEAR, THAT STRIKES ME AS INCREDIBLY FAIR PRICE TO PLAY. HONESTLY, I'M CALLING THIS ONE A STEAL. SO LET ME GIVE YOU THE BOTTOM LINE. LAST NIGHT, FIVE BELOW REPORTED YET ANOTHER EXTRAORDINARY QUARTER, THE LATEST IN A STRING OF THEM UNDER NEW CEO WINNIE PARK. I THINK HER STRATEGY IS OBVIOUSLY WORKING AND THE STOCK SIMPLY NOT GETTING MUCH CREDIT AT ALL BECAUSE WALL STREET'S WORRIED ABOUT HIGHER OIL PRICES PUTTING PRESSURE ON THE CONSUMER. AND I JUST THINK PEOPLE ARE JUST FINDING ENDLESS REASONS TO QUIBBLE OVER AN OBJECTIVELY GREAT SET OF NUMBERS. STOCK DESERVED TO JUMP NEARLY 7%. IT SHOULDN'T HAVE BEEN THE HEAD FAKE THAT IT WAS. AND THESE INSANE GAINS THAT THEY EVAPORATED. YOU KNOW WHAT I SAY ABOUT THAT? I SAY. >> BYE BYE BYE.