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By
Reuters
Published
Oct 24, 2012
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Jones Group adjusted profit rises on wholesale gains

By
Reuters
Published
Oct 24, 2012

Jones Group Inc (JNY.N), the fashion company behind such brands as Nine West and Jones New York, reported a higher quarterly profit before special items, helped by a rise in sales to U.S. department stores that helped it overcome a steep drop in business at its own stores in the United States.

Third-quarter revenue slipped 0.7 percent to $1.035 billion. Sales at the company's U.S. stores fell 11.1 percent, a decline partially offset by a 2.6 percent bump at its international stores. Sales of shoes to chains such as Macy's Inc (M.N) rose 10.1 percent.

Net income fell to $17.8 million, or 22 cents per share, from $41.2 million, or 49 cents per share, a year earlier. Excluding items related to currency, the company earned 57 cents per share, up from 48 cents a year earlier.

Reporting by Phil Wahba

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