I see you're very active in GSW forum.....I answered once to a post similar to yours:
Dear Stan, You are just wrong on the Math. You used revenue per store of $250 a year instead of per month. which means they will need only 1,066 stores to breakeven not 12,800 stores, using your assumptions.
You can find it here:
Ann: Response to ASX Price Query, page-7
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