Apparel maker HanesBrands (asi/59528) increased full-year net sales 5% to $6.03 billion in 2016 following a fourth quarter in which revenue soared 12% to $1.58 billion. While the growth included record-setting annual operating cash flow of $606 million, the good news was tempered by the fact that Q4 sales and earnings per share fell short of analysts’ expectations – a reality that triggered a drop in stock price following the Friday financial performance announcement.

HanesBrands reported that adjusted earnings per share increased 20% in the fourth quarter to $0.53. Analysts had, according to Thomson Reuters consensus estimates, projected EPS of $0.58 and revenue of $1.7 billion. A weaker-than-expected retail market in the U.S. hurt fourth quarter sales and earnings, HanesBrands said. Markets reacted Friday to the missed Q4 marks when HanesBrands’ stock price fell 16%, dropping to around $19 after having been above $22. The stock was up slightly Monday, but still below $20.

For all of 2016, HanesBrands reported that earnings per share increased 11% to $1.85. The gain occurred during a year in which the apparel maker accelerated GAAP operating profit 30% to $776 million and adjusted operating profit 6% to $914 million.

“We had a strong year of sales, profit and cash flow growth with many accomplishments, including the expansion of our X-Temp product lineup, the successful launch of our HanesFreshIQ underwear innovation, acquisition integration, and new acquisitions in Europe and Australia,” Hanes CEO Gerald W. Evans Jr. said in statement. “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.”

For 2017, Hanesbrands is predicting what it says will be a fifth consecutive year of record net sales, operating profit and EPS. The company projects net full-year sales of $6.45 billion to $6.55 billion, adjusting earnings per share of $1.93 to $2.03, and GAAP operating profit of $845 million to $895 million.