Sara Lee's fiscal 1Q profit rises 15 percent

[November 05, 2008]  DOWNERS GROVE (AP) -- Sara Lee says its fiscal first-quarter profit rose 15 percent as the maker of Hillshire Farm deli meat benefited from a weaker dollar and raised prices to help offset rising commodity costs.

Sara Lee Corp. said Wednesday that profit rose to $230 million, or 32 cents per share, from $200 million, or 28 cents per share, last year.

Revenue for the Downers Grove, Ill.-based company rose 10 percent to $3.35 billion from $3.05 billion a year earlier, as all six of Sara Lee's business units posted sales growth.

Analysts surveyed by Thomson Reuters expected earnings of 23 cents per share and sales of $3.35 billion.

But Sara Lee lowered its outlook for fiscal 2009 because of a stronger dollar and shares outstanding, and suspended its buyback plan.

[Associated Press]

Copyright 2008 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.