Jones Apparel posts 3Q profit, despite weak sales

Jones Apparel Group Inc. on Wednesday posted a sharply higher-than-expected profit in its third quarter, despite a drop in sales as the retailer cut costs and tightened inventories.

The company, whose brands include Jones New York, Nine West and Anne Klein, said for the period ended Oct. 3 earnings rose to $29 .1 million, or 36 cents per share, from $26.8 million, or 33 cents per share, last year.

Excluding severance and restructuring costs, it earned 46 cents per share. Analysts surveyed by Thomson Reuters, on average, predicted a profit of 27 cents per share.

Jones continued to experience weakness in sales. The company said its revenue fell 11 …