Shares of underwear maker Hanesbrandsshed 16 percent Friday following an underwhelming earnings report and weak guidance for 2017.
The drop brought shares to levels not seen since April of 2014, a near 3-year low.
The company announced earnings of 53 cents per share and sales of $1.58 billion on Thursday. Analysts had expected earnings per share of 58 cents and revenue of $1.7 billion, according to Thomson Reuters consensus estimates.
"Our business model allowed us to deliver benefits to shareholders, even though our record-high financial results fell short of our expectations as a result of unanticipated fourth-quarter retail weakness," Hanesbrands CEO Gerald W. Evans Jr. said in the earnings release.
"Despite the challenging environment, we were able to manage inventory and generate cash, returning nearly $550 million to shareholders through quarterly cash dividends and share repurchases.
Hanesbrands said for fiscal 2017, it expects earnings per share of $1.93 to $2.03. That range falls short of analyst expectations for about $2.14 a share, according to a Thomson Reuters consensus estimate. Sales projections of $6.45 billion to $6.55 billion also missed the mark, with analysts expecting revenue of $6.68 billion.
With Friday's declines, shares of Hanesbrands are down 37 percent over the past three months.