Group and Liz Claiborne paint a different picture one year later. Jones total revenues soared to $ 3.129 billion, practically doubling total revenues from year ended 1998. Liz Claibornes total revenues increased as well, however, only by a mere $ 271 million. Once again, Jones posted higher operating income, but only slight as compared to 1998. Liz Claiborne edged Jones Apparel Group in net income, both as a percentage (6.86 percent compared to 5.98 percent respectively) and as a raw dollar total ($ 192 million compared to $ 188 million respectively). Liz Claiborne credits double-digit sales and earnings-per-share growth in the third and fourth quarter for their strong numbers. (PR Newswire, 2/23/00). They cite their multi-brand, multi-channel strategy as a tool for creating financial growth. Liz felt that sales and earnings across most of their brands contributed to higher revenues and sales. Id. The repurchase of $ 281 million in common stock also occurred during 1999. Jones Apparel Group had a lot to say about their stellar year. Kimmel, the companys chairman, cited numerous reasons for growth. Two significant acquisitions brought Jones to the forefront. Complete integration of previously acquired Sun Apparel gave Jones the diversification they desired. (PR Newswire, 2/9/00). The company is now enabled to break into the mass merchant chains with a new Polo Jeanswear business, targeting younger consumers. The more recent acquisition of Nine West Group gives Jones a foothold in the better footwear market. Id. These asset acquisitions gave Jones little time to generate revenue, hurting their efficiency as evidenced earlier. Improvement of existing brands, such as Jones New York Collection, gave Jones a better presence in the department store segment. Broadened distribution of Evan-Picone, a more moderately priced unit, gave Jones more market exposure. Id. Finally, expansion in the Lauren businesses to accommodate...
