Shares of

Hanesbrands

(HBI) - Get Report

slid 4% Tuesday after the company posted third-quarter earnings that fell 39% from a year ago due to charges from its recent spinoff.

The underwear and hosiery maker reported earnings of $50.3 million, or 52 cents a share, down from $82.6 million, or 86 cents a share, a year earlier.

Excluding costs from the spinoff from

Sara Lee

( SLE) and restructuring charges, the company posted operating income of $124.6 million in the latest period. A year ago, Hanesbrands reported operating income of $107.7 million.

Revenue fell to $1.12 billion from $1.14 billion.

"Our year-over-year sales decline was expected due to the exit from low-margin sales and as a result of continued sheer hosiery sales declines that are following a decade-long downward trend," Hanesbrands CEO Richard Noll said in a statement. "Core sales were generally consistent with last year."

Shares of Hanesbrands, whose brands include Hanes, Champion, L'eggs and Wonderbra, recently were down 97 cents to $23.28.