Ulta Beauty Inc (NASDAQ:ULTA) continues to kill it. ULTA stock is up 235% in the past five years and up 42% in the the past 12 months.

Considering it’s simply a consumer discretionary stock of a company that sells beauty products, it’s hard to imagine how it keeps this growth going quarter after quarter, year after year.

Ulta Beauty isn’t just the top-performing beauty products retailer in the U.S. — at this point, it’s the top retailer overall in the U.S.

Ulta reported its fourth-quarter and fiscal 2016 numbers in early March, and they were just as strong as they have always been. According to ULTA management, net sales were up 23.7% compared to the year before, and comparable sales (aka same-store sales), which included e-commerce sales, were up a stunning 15.8%. E-commerce comp sales were up 56.2% and now make up 15.8% of all corporate revenue.

To top it off, margins are continuing to increase.

The list of achievements goes on, as it has for many quarters now. Some would argue that ULTA stock is certainly hot right now, but also that it’s overbought.

I would disagree. Given that its current price-to-earnings ratio is around 44, and it’s actually averaging that kind growth over the long-term, there’s not as much premium built into shares as it may appear.

The real question is whether Ulta Beauty can continue to grow at this pace, and whether ULTA stock will continue to follow suit.

From what I can see, the answer is a resounding “yes.”

Bigger Plans for ULTA Stock

There are some subtle strategies at play that will keep the Ulta story alive, and will for many quarters to come.

For example, Ulta Beauty’s loyalty program has been successful at getting more customers to make purchases in-house — these are consumers who would generally be shopping at Target Corporation (NYSE:TGT), CVS Health Corp (NYSE:CVS) or Kroger Co (NYSE:KR).

Whether you buy online or in-store, grabbing items like shampoo and conditioner is now adding to higher receipts per customer, as ULTA gains market share for these products from retailers that aren’t even directly competing with it.

The company is also adding the best-selling high-end cosmetic line in the U.S. to its stores. This month, Ulta will launch Estee Lauder Comapanies Inc’s (NYSE:EL) MAC brand cosmetics online, and next month will begin rolling it into stores. Management’s goal is to have the MAC line in at least 100 stores by the end of this year.

Speaking of stores, ULTA continues to build out its brick-and-mortar sales fronts. It’s expecting to add 100 new stores to its current 974. The sheer fact that ULTA can continue to build physical stores and grow its comp sales — as well as its salon sales — in a world where many big box retailers are struggling is testament to the company’s unique model and high level of execution.

If that doesn’t make ULTA stock a buy, I don’t know what does.

Louis Navellier is a renowned growth investor. He is the editor of five investing newsletters: Blue Chip Growth, Emerging Growth, Ultimate Growth, Family Trust and Platinum Growth. His most popular service, Blue Chip Growth, has a track record of beating the market 3:1 over the last 14 years. He uses a combination of quantitative and fundamental analysis to identify market-beating stocks. Mr. Navellier has made his proven formula accessible to investors via his free, online stock rating tool, PortfolioGrader.com. Louis Navellier may hold some of the aforementioned securities in one or more of his newsletters.