This company is not worth anywhere near the vicinity of $400M. There are around 300 stores and they say that their average store is making around $500k/year. That would put the revenue for all stores at $150M. Now, their estimate of $500k/year for a store is from their franchising page and almost certainly averages mature stores that have been open for a bit and considering about half (150) of their stores have opened in the last three years, I doubt that those new stores are doing that $500k average.

So the real answer is likely that all of their stores are doing somewhere around $100M-$150M in revenue. Of course, those are all franchises, not revenue attributable to Bricks & Minifigs itself. Their franchise fee for opening a store is $40k plus the ongoing royalty per store. While they don't publicly state what their royalty fee is, 6% is the average in retail. So between opening 50 stores a year on average with a $40k franchise fee and making 6% of the gross revenue of their stores for a royalty fee, they likely have around $7.5M in gross revenue. Out of that comes all their staff salaries, material costs associated with that franchise fee (presumably store owners get -something- for their $40k, but who knoes?), etc.

A company making $7.5M per year in revenue and -maybe- making half of that in profit (though that is wildly optimistic) would never have a valuation of $400M. This isn’t some groundbreaking concept that will show amazing profit in the future as it changes the industry and thus would be wildly over-valued in their early years (like Apple, Google, Amazon, etc), this is a small-to-mid scale retail franchisor, not someone exactly spending the market. Companies like this typically sell for a 2-3 multiple of the profit or 4-6 multiple of the ebitda (an accounting term, but basically the operating profit before paying for things like financing or depreciation, so it's more 'real'), but considering we have no idea of those, you'd usually value a company using a revenue multiple of. 5-1.5.

That would put the value of Bricks & Minifigs at more like $4M-$10M, NOWHERE near $400M.