Sara Lee books Q3 loss – but lifts EPS target

Posted by Josette Dunn on 7th May 2010

US food group Sara Lee yesterday (6 May) reported a loss for its fiscal third quarter but lifted its forecast for underlying earnings for the full year.The company posted a net loss of US$336m for the three months to 27 March thanks to one-off items, including a tax charge. Last year, Sara Lee reported third-quarter net income of $165m.

However, Sara Lee said “improved operational performance” meant it could lift its guidance for full-year adjusted earnings per share to $1.06-1.10 a share. In March, the company forecast adjusted earnings per share of $1.03-1.06.

Net sales were flat at $2.58bn as higher sales from its North American retail and international beverage and bakery divisions were offset by lower revenues from its North America foodservice business.

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