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Tempur Sealy shares plunge 22% after dismal sales guidance

Fairgoers sample mattresses at the Iowa State Fair in Des Moines, Iowa.
Tom Williams | CQ Roll Call | Getty Images
Fairgoers sample mattresses at the Iowa State Fair in Des Moines, Iowa.

Tempur Sealy International shares plunged more than 22 percent Wednesday after the mattress maker handed in a disappointing full-year sales guidance.

Tempur Sealy announced late Tuesday it expects net sales for 2016 to be down between 1 to 3 percent versus the prior year.

"While our net sales are below expectations, our operational initiatives are going well and are continuing to drive considerable margin expansion," Chief Executive Officer Scott Thompson said in a press release.

Tempur Sealy five-day performance