The concensus Forward P/E (which is generally what the market cares more about) for KKD is actually 22. Trailing P/E is about 48.
You have to be careful when using P/E as the sole metric for determining if a company is over valued or not.
For growth companies and those in a turnaround (unprofitable to profitable), trailing P/E is about as useful as a parka coat in the middle of a desert. Forward P/E is more reliable but still not perfect.