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In reporting its third quarter results Thursday, the retailer said it is going to have to increase promotions to compete.
The company reported net sales were up 10 percent in the third quarter.
Lower spending by Chinese tourists put a dent in the jeweler’s third quarter results.
Same-store sales rose 4 percent but losses increased for the retailer, which is sinking money into a five-year turnaround plan.
U.S. sales were down 12 percent, with strong sales online not enough to offset the company’s in-store performance.
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