Assume they can double their store count from here and maintain their margins, you're talking about $2.40 a share. Most mature retailers trade at 8-10x P/E, which would come to $24.
Right now, this is priced for growth beyond maturity. Not quite as egregious as LULU, but still strange for a teen retailer. Especially after the CEO pointed out that the benefits from PSUN's decline are in the numbers already.
In 1 year Zumz will have over expanded and margins shrinking. Psun is a better bet when you look at the pps of each. At least there's an upside. ZUMZ is at the top of where it's going. May not fall but it's deffinetlu not going up.