Thursday, Nov. 5, 2009

Sara Lee posts 23 percent higher 1Q profit

DOWNERS GROVE, Ill. (AP) - Food maker Sara Lee says cost-cutting, increased market share and a decline in commodity costs drove its fiscal first-quarter profit up 23 percent.

Solid sales of new products also contributed to Sara Lee raising its earnings outlook for 2010. More favorable exchange rates are also expected to help.

The company reported Thursday earnings of $239 million, or 41 cents per share, up from $284 million , or 32 cents per share, it earned in the same quarter last year.

Earnings per share from continuing operations were unchanged at 27 cents.

Revenue declined 7 percent to $2.59 billion as it sold fewer products.

Analysts polled by Thomson Reuters expected the company to earn 16 cents per share on $3.16 billion in revenue.

2009-11-05     12:53:33 GMT

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