Hard day’s night for Tempur

Tempur Sealy shares plunged 22 percent Wednesday after the mattress maker cut its earnings outlook after warning that its third-quarter sales are weaker than expected.

Lexington, Kentucky-based Tempur Sealy International said it now expects sales to fall between 1 and 3 percent in 2016. Previously it had been forecasting sales to grow in the low single digits this year. It also cut guidance for operating profit that it had made two months earlier. Chairman and CEO Scott Thompson said that while sales are below expectations, the company is making gains on improving its margins. The maker of Tempur-Pedic and Sealy Posturepedic mattresses, pillows and other bedding is scheduled to report its third-quarter earnings on Oct. 27.