Select Comfort shares tumble sharply after 3Q results miss forecasts

Select Comfort Corp. lowered its outlook for the rest of the year after announcing third-quarter results that missed expectations.

The results were released Wednesday evening, and the company's stock price fell sharply Thursday, closing down 12 percent at $18.99 a share.

Select Comfort, known for its Sleep Number beds and related products, reported a 19 percent decrease in net profit to $25.8 million and a 1.6 percent decrease in sales to $368 million for the July-to-September period.

The profit amounted to 56 cents a share, a penny below analysts' forecast.

The Plymouth-based company also lowered its full-year earnings outlook to a range of $1.15 to $1.25 a share, down from its previous guidance that ranged from $1.25 to $1.45 a share. In 2015, Select Comfort earned 97 cents a share for the full year.