Ulta beat estimates by 11 cents with second-quarter profit of 94 cents per share, and revenue also above estimates. The company also raised its full-year guidance.
"This thing is back. It's bigger than ever," Cramer said on "Squawk on the Street." "This will be the growth stock again in retail."
To Cramer, the blowout quarter is thanks to CEO Mary Dillon, who "came in with guns blazing" earlier this year and lowered Ulta's forward guidance.
The brick-and-mortar retailer has held its own against online rivals, too, because "you can't smell perfume on Amazon," Cramer said.
Looking forward, Cramer recommends investors put the company's October analyst meeting on their calendar.
—By CNBC's Drew Sandholm
DISCLOSURE: When this story was published, Cramer's charitable trust did not own Amazon.com or ULTA.