That's a fair analysis. Priced for perfection and they achieve...

That's a fair analysis. Priced for perfection and they achieve it most of the time just about sums it all up.
One bit of info I would add is the net stores aren't the same as new stores. On a net store basis the growth has slowed to around 13% at the current run rate. Once inflation and population growth is taken into account, I think LOV will grow topline 15% yoy for the next 5 to 10 years so the current SP will eventually look OK.
If it could grow at these rates into perpetuity (like tech stocks), a PE of 40 will be cheap. However, a day will come when store growth will slow to mid single digits and eventually peak, at which time the market will not award the stock a PE of 40 as it currently does.