Jones Group Q3 profit misses Street

New York City Jones Group reported Wednesday that net income for the quarter ended Oct. 4 was $29.1 million, narrowed from net income of $30.4 million in the year-ago quarter and falling short of Wall Street expectations.

Net income was impacted by costs and charges of about $11 million before tax related to the acquisitions of Stuart Weitzman and Robert Rodriguez.

Revenue rose 19.4% to $1.02 billion, from $855.7 million a year earlier.

The company closed 46 retail locations in the third quarter to end the quarter with 834 locations (which includes acquired Stuart Weitzman locations). Consistent with its plan, the company said it anticipates closing an additional 40 unprofitable locations by the end of 2010.