Express' (EXPR) is a turnaround story, down ~75% from its highs a few years ago. Last quarter, shares spiked on a perceived turnaround. However, I don't see much evidence for this and think the market has it wrong.
The company has large lease liabilities and losses are trending higher. These subtle factors are far more important than basic metrics such as price:sales which make the company seem cheap. I will connect the poor financial results with my opinion on Express' inferior business model and product quality. Finally, I conclude with a simple valuation