In fact, lfl sales growth of 12.5 % for the first 7 weeks of FY...

In fact, lfl sales growth of 12.5 % for the first 7 weeks of FY 25 is not exceptional for Universal.
Looking at the past 10 years, Uni had an average lfl sales growth of 10.7 % (despite the low figures during the last 3 years*).
We have also to take into account the average age of their stores : it was probably easier to grow by 10 % per year, when stores were rather new.

So, it is more cautious to expect less lfl growth going forward for the Universal Store chain.
However, it is offset by the growth of their store format (Perfect Stranger**) which had 14 stores in FY 24 (vs 80 stores for Universal Store chain).
Perfect Stranger opened its first store in FY 21 and had lfl growth of 11.5 % during H2 24 and 24.2 % for the first 7 weeks of FY 24.

If Uni is again able to sustain lfl sales growth of 10 % (including Perfect Strangers), we can probably expect earning growth above 20 % (reminder : underlying EBIT growth of 32 % during H2 24 with lfl sales of + 6.6 %).
In that case, PE of 15 x looks rather cheap, as the company has probably a significant potential of growth with its new store format*** (Perfect Stranger).

* - 3 % in FY 22, + 1.2 % in FY 23 and - 0.3 % in FY 24.
** the company mentioned in FY 23 that Perfect Stranger has a higher store profit contribution vs the average Universal Store, despite lower floor space (due to higher GM).
*** source : company FY 24 results presentation : "Perfect Strangers has validated the opportunity for a significant store rollout over the next 5 to 10 years".