"They are buzzing with comparable-store sales," he said on "Squawk on the Street." "This is the best retailer I follow, in terms of comparable-store sales. They've got an incredible omnichannel business; they're 'out-Amazoning' Amazon."
Cramer made his remarks a day after the company posted better-than-expected earnings per share and revenue for the third quarter, as well as a 12.8 percent increase in same-store sales.
However, he conceded the company's price-to-earnings multiple was rather high, but said: "You have to pay up for this kind of growth."
Ulta's stock gained more than 9 percent Friday morning, and has risen nearly 40 percent this year.
Ulta shares in 2015
Disclosure: Cramer's trust did not own Ulta or Amazon shares when this article was published.