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Sara Lee posts 23% increase in profit for the first quarter
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Published: November 6, 2009
Updated: 11/05/2009 11:05 pm
DOWNERS GROVE, Ill. - Sara Lee Corp. reported yesterday that its first-quarter profit jumped 23 percent. The company also raised its outlook for the year.
The company said that its long-term efforts to cut costs and offer better-selling new products helped its bottom line, along with prices for key ingredients stabilizing below last year's highs.
Sara Lee reported that it earned $284 million, or 41 cents a diluted share, up from $230 million, or 32 cents a share a year ago. Adjusted for one-time items in both quarters, the company earned 38 cents a share, up 7 cents.
Revenue, however, fell 7 percent to $2.59 billion, as it sold fewer products, shed some product lines and saw a negative effect from the stronger dollar.
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