The Winston-Salem, N.C., company's stock at last check was down 21% to $12.90.
HanesBrands posted a 43% drop in earnings to $103.2 million, or 29 cents a share, from $185 million, or 51 cents, in the year-earlier quarter.
Revenue dropped 3.1% to $1.81 billion.
A survey of analysts by FactSet produced consensus estimates for Hanesbrands of GAAP profit of 35 cents a share, or an adjusted 42 cents, on revenue of $1.81 billion.
The company "saw significant improvements across our business and exceeded our expectations for sales, profits and cash flow from operations," said Chief Executive Steve Bratspies in a statement.
Operating profit at Hanesbrands decreased 35% to $175 million, while cash flow from operations was down 18% to $249 million.
"We saw particularly strong performance in our Innerwear and global Champion businesses, and I’m encouraged by our momentum even as we continue to operate in a challenging environment," the executive said.
For fourth-quarter 2020, net sales are expected at $1.6 billion to $1.66 billion, compared with the FactSet estimate of $1.71 billion. GAAP and adjusted EPS are expected to decline by 47% and 39% respectively.
"We are conducting an in-depth review of our business as we build our growth strategy. Parts of our strategy will begin to unfold in the fourth quarter, and I look forward to reporting on our progress in the months ahead," added Bratspies.