Is Lululemon Athletica (LULU) - Get Report  a one-trick pony? It sure is, says TheStreet's Jim Cramer, but it's one that's doing a lot better than back in June when its founder, Chip Wilson, blamed his former company's board, among many reasons, for the yoga apparel firm's lack of performance.  

"I like the one-trick for now and Lulu's going to have a really good quarter, I believe," Cramer said Tuesday, noting Lululemon leads in an area that Nike (NKE) - Get Report and Under Armour (UA) - Get Report can only wish they led.

A lot has changed since Wilson's June blast, said Cramer on on CNBC's "Squawk on the Street." 

Wilson's pinning of blame on some long-standing board members prompted Real Money's "Fill or Kill" team to do some digging. One board member they uncovered was Rhoda Pitcher, whose "qualifications" raised some eyebrows, Cramer said.

Well, Pitcher is now gone, according to a recent filing showing she resigned. Cramer, the co-manager of the Action Alerts PLUS portfolio, believes Pitcher had enough with the reports and Chip Wilson.

As for Lululemon's stock, Cramer couldn't say enough good things about it. Shares are up a whopping 50% on the year and the stock is approaching its all-time highs set back in 2013.

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At the time of publication, Cramer's Action Alerts PLUS had no position in companies mentioned.