If you don't want to see a specific profile anymore, you can add this profile to your blacklist.
Visit the profile, scroll down and click/tap on Add to blacklist. The profile will no longer be visible in Members and Favorites.
Although you will no longer see them in the newsfeed, you may still see older posts from this person. You will still have access to any messages you exchanged.
If you change your mind, visit My blacklist via the menu and click/tap on Remove. The profile will return to wherever you last found it.