HanesBrands (asi/59528) took it on the chin in 2022.

The Winston-Salem, NC-headquartered global manufacturer of apparel basics, whose garments sell extensively in the promotional products market, reported Feb. 2 that its total company full-year 2022 sales declined 8.3% year over year to $6.23 billion.

Gross profit plummeted more than 16% to $2.22 billion. For the year, HanesBrands posted an after-tax loss of $127.2 million, or -$0.36 per share.

The fourth quarter was rough. Net sales fell 16% to $1.47 billion, while gross profit retreated 25% to about $501.2 million. Net loss was $418.1 million, or -$1.19 per share.

HanesBrands attributed the poor results to everything from declining demand to unfavorable foreign exchange rates.

In its activewear segment, 2022 sales dropped 16% despite growth in the collegiate channel, which was offset by declines in other channels due to lower point-of-sale trends and higher activewear inventory levels at retail. By brand, Champion sales within the activewear reporting segment decreased 21% as compared to the prior year, while sales of other activewear brands within the segment decreased 8%.

Following the earnings report, shares of HanesBrands were down 24% to $6.62 in early Feb. 2 trading. The company eliminated its dividend to help strengthen its balance sheet.

For 2023, HanesBrands anticipates sales between $6.05 billion and $6.2 billion, down from last year’s $6.23 billion. Earnings for full-year 2023 are expected to be between $0.14 and $0.25 a share.

The company said it’s taking steps to strengthen its business.

“HanesBrands is a stronger, more disciplined company than we were even a year ago, and we’re not standing still,” said CEO Steve Bratspies. “We have created a clear path to improving cash flow and margins as the year progresses. We shifted our capital allocation strategy, eliminating the dividend as we commit to reducing debt. We remain confident in our Full Potential plan and in achieving our long-term financial targets.”