The Jones Group Inc.'s second-quarter net income fell nearly 80 percent because of costs tied to an acquisition, but the clothing maker's results beat analyst expectations.
The company, whose brands include Nine West, Anne Klein, Stuart Weitzman and others, said Wednesday that net income fell to $5.2 million, or 6 cents per share, from $25.7 million, or 30 cents per share last year.
Excluding charges related to its acquisition of the Kurt Geiger shoe brand, earnings totaled 33 cents per share. Analysts expected 25 cents per share, according to FactSet. Analyst estimates typically exclude one-time items.
Specifically, The Jones Group faced charges including $15 million related to acquiring the Stuart Weitzman shoe business last year and $8 million related to leasing an unused facility.
Revenue rose 3 percent to $887.4 million. Analysts expected $887.2 million.
The company said it is focusing on tight inventory management to cut costs and improve profit margins.
"While consumer confidence and sentiment continues to be impacted by mixed economic signals, we are cautiously optimistic about the retail environment for the second half," CEO Wesley Card said in a statement.