Hanesbrands Inc. reported fourth-quarter net income of $157 million, falling short of analyst expectations despite increasing 31.8 percent from the same quarter a year ago, according to a Securities and Exchange Commission filing.

The global manufacturer and marketer of basic apparel reported adjusted earnings per share of 53 cents, compared to analyst expectations of 58 cents per share. Hanes also announced weaker-than-expected 2017 revenue guidance.

Shares of the Winston-Salem-based company fell 16 percent on Friday following the announcement, closing at $18.98 – their lowest point since April 2014.

“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,” Chief Executive Gerald W. Evans Jr, in a statement.

Revenue for the Winston-Salem-based company totaled $1.58 billion in the fourth quarter, up 11.8 percent from the same period a year ago. International sales grew 77.6 percent in the fourth quarter while sales of activewear increased only 2.8 percent.

Meanwhile, sales of the company’s innerwear and direct-to-consumer divisions fell 8.2 percent and 12.3 percent, respectively. Hanes said decreased consumer store traffic has created a challenging environment for U.S. retailers, who as a result, reduced their replenishment orders in the fourth quarter.

“As we navigate the changing consumer marketplace and the trend toward online buying, we are well positioned to generate overall growth and drive total shareholder return,” Evans said.

In the fourth-quarter, online sales accounted for approximately 11 percent of total U.S. sales, compared to approximately 8 percent a year ago.

Hanes said it expects 2017 net sales of $6.45 billion to $6.55 billion – below analyst expectations of $6.7 billion.

The filing can be found here.