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%.