Hard day’s night for Tem­pur

Daily Freeman (Kingston, NY) - - BUSINESS -

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.

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