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Excluding those items in both years, SG&A expenses increased 7 percent in Tiffany Horse charm bracelet second quarter and 10 percent in the first half; on that adjusted basis, SG&A expenses as a percentage of net sales was 40.3 percent in the second quarter, versus Tiffany Bangles.2 percent a year ago, and the ratio was 40.6 percent in the first half, versus 42.7 percent last year. Interest and other expenses, net of $11.1 million in the second quarter and $23.3 million in the first half were modestly lower than the Tiffany I Love You drop pendant periods. Effective income tax rates were 34.0 percent in the second quarter and 32.5 percent in the first half; the first half rate included nonrecurring items recorded in the first quarter (see "NonGAAP Measures" schedule). During the quarter, the Company opened a store in the new Marina Bay Sands Resort in Singapore (its fourth in Singapore) and a store in the IFC Mall in Shanghai (its Tiffany I Love You lock charm in China).