@retail_loyalty_fan 55x earnings for a retailer growing 8%. you are paying for quality yes but at some point quality is priced in. great company bad stock at these levels

93% membership renewal rate. thats the entire thesis. recurring high margin membership revenue. everything else is break even. the moat is the membership flywheel

PE of 55 is steep for a retailer growing 8%. You are paying for quality and consistency. Fair but not a screaming buy at these levels.

Membership renewal rates at 93%. That's the entire thesis. Recurring high-margin membership revenue is the moat. Everything else is break even.