Shiseido has reported its first annual loss in eight years – and now has plans to close some of its Bare Escentual stores in the U.S.

Shares in the company dropped 4.1 percent to 1,516 yen, which is the largest loss since February 1st, and the company reported a net loss of 14.7 billion yen in the year ended March. A net income of 10.5 billion yen had been forecasted.

Sales for Bare Escentuals were lower than expected, the company reports. Shiseido purchased the brand for $1.8 billion in 2010.

For the future, Shiseido said it will still focus on growing the Bare Escentuals brand through upcoming promotions and the QVC network.