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Cramer: Ulta is 'best retailer I follow'

Investors looking to enter the retail space should consider buying Ulta Salon shares, CNBC's Jim Cramer said Friday.

"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 2015Source: FactSet

Disclosure: Cramer's trust did not own Ulta or Amazon shares when this article was published.