NEW YORK (TheStreet) -- The strong U.S. dollar has weighed on corporate earnings results for many multinational companies, but it didn't slow down sales for Estee Lauder (EL). Shares are up 6% on Tuesday after the company beat on top and bottom line expectations.
"Strong dollar be damned here, it didn't matter" for Estee Lauder, TheStreet's Jim Cramer, portfolio manager of the Action Alerts PLUS portfolio, said on CNBC's "Mad Dash" segment.
"This is a very well-run company," he added, pointing out that sales in the U.S. and Europe were strong.
This is the type of price action you get from a stock when the company is able to charge a lot of money for its cosmetics and perfumes, Cramer said. Shares are up 15.7% on the year, and have rallied 19% in the past 12 months.
Most consumer packaged good stocks -- such as Procter & Gamble (PG), Colgate-Palmolive (CL) and Coca-Cola (KO) -- have struggled recently due to the stronger dollar. But Estee Lauder faces the same headwinds as they do, and it was still able to outperform.
That just goes to show that consumers really want the company's products, Cramer explained. Estee Lauder is now a "blue chip" stock among consumer packaged goods companies.