Hanesbrands Shares Plunge After Dividend Cut, Gloomy Earnings and Forecast

Hanesbrands Inc. shares lost nearly a fifth of their value after the apparel maker eliminated its dividend to shore up its balance sheet as sales continue to slump.

The company, reporting earnings on Thursday, said it swung to a fourth-quarter loss on a 16% decline in sales during the period, as consumers pulled back in the U.S. and international markets, and retailers cut orders to reduce their inventory positions.