The worldwide jewelry retailer’s second-quarter results reflect the fate of the global 1 percent. But earnings were up a mere 2 percent, and sales in stores that were open a year fell 3 percent. Sales stumbled in formerly rapidly growing areas—including China and the U.S. Sales at the flagship Manhattan store were off 9 percent. The good news? Customers in the Persian Gulf are still spending. The company opened five stores in the United Arab Emirates in the second quarter.
