Higher commodity costs pull Sara Lee 1Q net down
Sara Lee Corp. says its first-quarter net income declined 32 percent, weighed down by higher commodity costs and increased marketing spending.
The maker of Jimmy Dean sausages and Sara Lee breads also said Tuesday that it is selling its North American fresh bakery business. It also raised its 2011 earnings outlook, citing the strong euro and lower interest expense.
Sara Lee earned $192 million, or 29 cents per share. That compares with $284 million, or 41 cents per share, a year earlier.
Adjusted earnings from continuing operations were 13 cents per share.
Analysts expected earnings of 17 cents per share.
Revenue for the period ended Oct. 2 dipped less than 1 percent to $2.58 billion. That beat Wall Street's $2.48 billion. The company is based in Downers Grove.