CNBC’s Jim Cramer in review WalmartThis suggests that the major retailer’s strong results are due to its successful business strategy and do not necessarily indicate a favorable consumer landscape.

“Don’t make the mistake of assuming that Walmart’s results give you some kind of general picture of the consumer,” Cramer said. “You can’t just extrapolate from the best operator in the industry to everyone else.”

Walmart beat analysts’ earnings and revenue expectations on Thursday and raised its full-year forecast. The stock hit a new 52-week high and closed up 6.58%.

Investors are generally concerned about the state of consumer spending in the retail sector as inflation persists, but CEO Doug McMillon said on the conference call that the company has so far “not seen an overall weaker consumer.” Walmart also reported solid business in China, where many other large consumer-focused companies are lagging.

Although Thursday also brought a stronger-than-expected consumer spending report for July, Cramer said Walmart’s success is down to its affordable prices and convenient services like online delivery. He said when a company keeps prices at a reasonable level, “traffic takes care of itself.” Management indicated on the conference call that the company is seeing more engagement across different income brackets, with higher-income customers making up the bulk of those gains. McMillon said that category is willing to spend more on nonessential items and convenience.

Walmart is one of the first major retailers to report its results for the season, and while Cramer is optimistic about the competition, he thinks Walmart has the edge.

“This quarter is a testament to Walmart’s management continuing to do a great job,” he said. “I hope the rest of retail catches up, but when it comes to brick-and-mortar, Walmart, with the exception of Costco, is in a league of its own. And you know what, I think there’s still room for improvement.”

Walmart did not immediately respond to a request for comment.

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Disclaimer: CNBC Investing Club Charitable Trust holds shares of Costco.