Express, Inc. ($EXPR): Much More Than a Meme Stock

In a Nutshell

• Express, Inc. (EXPR) is a new example of a turnaround in the making, with a new management team taking the right decisions but still pending to demonstrate many things.

• In 2019 EXPR was in a difficult situation and heading to irrelevance: product misses, poor inventory management, brand losing luster, deteriorating customer engagement, etc.

• The new management is completely changing the product strategy, reinvigorating the brand, acquiring new customers and recovering lapsed ones, and doing all of this within a consistent execution.

• Many work ahead but also a lot of stuff that invites to be optimistic for a ~$317m EV company expecting to generate ~$112.5m EBIT by 2024 and trading at ~2.8x EV/E2024EBIT.

(it is recommended to read this post directly in Substack since it is too long for email and might be truncated)

Introduction

Some time ago I wrote an article about Kirkland’s (KIRK) and EXPR reminds me that situation in many aspects. Unlike KIRK, which is part of the home furnish…