Brayden Dennis

You could, it's hard to not think this was just a one-off quarter.

If the company itself is not adjusting in guidance, if it's a sign of things to come, then you would think that they would have increased that comparable sales guidance and their overall guidance would be much higher.

Yeah, it was trading a very high premium for at least a clothing company.

Yeah, that's my best...

Yeah, that's my best estimate.

I mean, I can see like that's my best guess whether it fell off that much.

And for joint TCI subscribers, I'm just showing the revenue growth percentage.

And it's been an amazing story since essentially now, like February 2025, when it grew 13 percent that quarter.

I mean, it's been above 20 percent since.

But.

If you look at it too, it was 45% revenue growth last quarter, 40% the quarter prior, 36% before that.

So there also could be some indication that things are slowing.

But I mean, who would expect sales to grow that quickly for that long of a period?

At some point, things revert back a little bit.

But that would be my best guess as to why it was just a valuation thing.

It's a fashion company.

And...

I guess the market just expects a whole lot.

If it's going to put a premium on a fashion retailer in terms of the valuation, they better just blow you out of the water.

So that's kind of the overview here.