May 7, 2008

Sara Lee Q3 earnings up 10.5 percent, retail meat sales up 2 percent
 

Sara Lee announced that net sales for the third quarter of fiscal 2008 ended March 29 were US$3.2 billion, up 10.5 percent compared with US$2.9 billion in the same period of the previous year.

The increase was attributed to favourable foreign currency exchange rates, most notably the Euro, price increases to cover higher input costs and a corporate unit volume increase of 2.4 percent.

Sara Lee reported operating income of $242 million for the third quarter of fiscal 2008, compared to $150 million in the third quarter of fiscal 2007, an increase of 61.2%.

Adjusted operating income - which excludes the impact of significant items and acquisitions/divestitures and presents fiscal 2007 results at fiscal 2008 foreign currency exchange rates - was $249 million in the third quarter of fiscal 2008, compared to $242 million in the prior year period.

Diluted EPS as reported were $.30 per share in the third quarter of fiscal 2008 versus $.16 per share for the year-ago period.

Net sales for North American retail meats was up 2 percent to US$590 million.

Each of the company's major retail meat brands namely, Jimmy Dean, Hillshire Farm, Ball Park and Sara Lee all increase market share according to Information Resources Inc share data.