Major Brazilian cosmetics retailer Natura Cosmeticos SA badly missed quarterly profit estimates on Thursday, due to financial expenses and the timing of orders from its franchise holders.

In a securities filing, the firm posted second quarter net income of 31.8 million reais ($8.37 million), down 81 percent from the same period last year, and well below a Reuters consensus estimate of 100 million reais.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) came to 334 million reais, also below a Reuters estimate of 437 million reais.

The firm posted 145 million reais in losses due to financing costs, versus a 14 million-real net profit in the financing and loans category last year, which Natura attributed to costs associated with its 2017 acquisition of The Body Shop.

The second quarter was also hit by one-off calendar effects and the timing of orders from franchisees, upon which Natura is largely dependent, the company said.