NEW YORK (TheStreet) -- Shares of Lululemon Atheltica (LULU - Get Report) are advancing 1.42% to $69.11 on heavy trading volume late Wednesday morning after the company reported solid revenue for the 2016 first quarter and upped its full-year revenue outlook.

"This was a good quarter," TheStreet's Jim Cramer said on CNBC's "Squawk on the Street" this morning. The company's direct to consumer business was "very strong," Cramer added.

Direct to consumer net revenue rose 17% to $97.6 million during the period.

"I like the Lulu number very much," Cramer said of the quarter.

Lululemon is distinguishing itself with "very strong comps," Cramer added. Same-store sales rose 3% and the athletic retailer also boosted its revenue forecast to $2.31 billion to $2.35 billion vs. its previous view of $2.29 billion to $2.34 billion.

Cramer noted that Lululemon has a "very powerful brand," which can't be destroyed by its mall-based location.

He also mentioned that the company is being run far better than under founder Chip Wilson, who blasted the current management last week.

There are a handful of brands that are doing well in retail, Cramer noted.

PVH's (PVH) Calvin Klein underwear has "shined" and Under Armour's (UA) Steph Curry shoe is doing well, he said.

About 4.24 million of the company's shares were traded so far today vs. its average volume of 1.9 million shares per day.

Separately, TheStreet Ratings Team has a "Buy" rating with a score of B- on the stock.

The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, notable return on equity, growth in earnings per share and good cash flow from operations.

The team believes its strengths outweigh the fact that the company is trading at a premium valuation based on our review of its current price compared to such things as earnings and book value.

Recently, 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 articles's author.

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