Valuation per store has never been used to analyze the retail sector. It is not the absolute # of stores that matter at all. It is the Profit Margins, Growth in Sq footage, EPS growth, debt leveles etc that will support the stock price. Using that metrix you would have never owned the stock.
I am sure you're correct about using conventional analysis . . . I may have a form of autism, but, back in the day, when Krispy Kreme was opening stores and reporting remarkable #'s at every new store, I looked at sales/day/store and called mgmt to ask how many cash registers they had in those new stores. Then I did rev/cash register/day, then per hr - truly anal as only an autistic guy could be . . . .wondering how many donuts these people could be eating /hr ???!!! . . . .& so I concluded that the conventional analysts must know better