Michael Kors (KORS) is back in fashion on Wall Street.

The stock notched a fresh 52-week high, racing to $69.95 Wednesday. Kors stock has since cooled off, falling to $67.15, but it's still up 2.8% in the session after beating on revenue estimates and crushing earnings per share expectations.

Michael Kors is definitely back, TheStreet's Jim Cramer said on CNBC's "Mad Dash" segment. Earnings of $1.77 per share came in a whopping 48 cents per share, or 37%, higher than analysts' estimates.

The stock quadrupled between 2011 and 2014, but Michael Kors hit a rough patch, falling from roughly $100 in 2014 to approximately $35 in the summer of 2017. That's when management got aggressive, acquiring Jimmy Choo for $1.2 billion, Cramer noted.

A lot of investors felt that Michael Kors overpaid for Jimmy Choo, but management is proving otherwise. The company's long-term strategic plans are on target and the runway is long, added Cramer, who also manages the Action Alerts PLUS charitable trust portfolio.

Comparable-store sales are up, inventories are lean and footwear is gaining traction, he pointed out.

"This is a rocket ship and it's not done," concluded Cramer, "a lot of people were short this."

Michael Kors stock closed at $66.11 Wednesday, up 1.19%. 

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

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