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.