The rest of the market may be struggling Thursday but shares of Ulta Salon, Cosmetics & Fragrance (ULTA)  look beautiful, up more than 5% after management raised guidance for the next quarter and the full year ahead of its analyst day. 

The numbers are much better than investors had expected, TheStreet's Jim Cramer, co-manager of the Action Alerts PLUS portfolio, said on CNBC's "Mad Dash" segment. 

The company now expects earnings per share of $1.35 to $1.38 next quarter, compared to its prior guidance of $1.25 to $1.30. Ulta guided for comp-store sales of 14% to 15% next quarter and 12% to 14% for the year, both above previous expectations of 11% to 13% for both time frames. 

While Ulta was able to top expectations in the previous quarter, the original guidance simply wasn't high enough, given how much the stock had climbed and because of its valuation, Cramer explained. 

However, CEO Mary Dillon could reignite the stock price at Thursday's analyst and investor conference. The new guidance from this morning will help in that regard. 

Investors are gravitating toward growth and Ulta is one of the best in the retail sector. It helps that it's a domestic play, so the strong dollar shouldn't hurt its result like other multinational plays, Cramer reasoned. 

"This one could go higher," he concluded about the stock, currently at $254.40.

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

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