NEW YORK (TheStreet) -- ULTA Salon, Cosmetics & Fragrance (ULTA - Get Report) stock is advancing 16.57% to $190.46 on heavy trading volume on Friday afternoon following the beauty products retailer's better-than-expected fiscal 2015 fourth quarter financial report, and the rally will not be over soon.

"Despite what the shorts say, ULTA is not done going higher," TheStreet's Jim Cramer, portfolio manager of the Action Alerts PLUS charitable trust portfolio, said (see video, above).

Cramer explained that CEO Mary Dillon was able to deliver double-digit growth on the top and bottom line with an omni-channel model, in-store beauty parlors, private label and a saturation of stores.

After yesterday's market close, the Bolingbrook, IL-based company posted a profit of $1.69 per share, up 25.2% year-over-year and above estimates of $1.54 per share.

Revenue increased 21.1% to $1.27 billion for the quarter ended January 30, beating estimates of $1.23 billion. Comparable store sales were up 12.5%, surpassing estimates of a 9.4% increase.

ULTA's private label, as well as Urban Decay, Redken, Lancome (LRLCY) and Clinique (EL) were some of the top performing brands for the quarter, Dillon said in the company's conference call yesterday.

So far today, 4.5 million shares of ULTA have exchanged hands, compared with its average daily volume of 1.2 million shares.

Separately, ULTA has a "buy" rating and a letter grade of B at TheStreet Ratings because of the company's revenue, earnings per share and net income growth, good cash flow from operations and solid stock price performance.

You can view the full analysis from the report here: ULTA

TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this article's author.