Not an expert at numbers . Valuation wise there is no doubt its expensive and may remain so till growth keeps coming .
My understansing of business from a business perspective is with time per store economics may go up / sales per store .
Also most of retailers open up multiple store close the ones with lower economics and over a period of time you get good output.
Also lot of cross sell & spend per customer goes up over period may be economics of business may improve
Note : this is my understanding not an expert but a observation from a pure dhando perspective
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