Food and Beverage
Sara Lee Posts Loss Due to Writedown
The Associated Press
02/04/09 - 08:59 AM EST
Downers Grove, Ill. -- Foodmaker Sara Lee (SLE) says it lost $17 million in its fiscal second quarter, largely due to a writedown related to its North American food service beverage unit.
Downers Grove, Illinois-based Sara Lee Corp. said Wednesday its loss amounted to 2 cents per share for the three months ended Dec. 27. That contrasts with a profit of $182 million, or 25 cents per share, a year ago.
Excluding 23 cents per share related to a write-down in the North American foodservice beverage unit and other items, the company says earnings were 21 cents per share.
That matched the estimates of analysts surveyed by Thomson Reuters.
The maker of Jimmy Dean sausages and Ball Park franks says revenue edged down to $3.34 billion. Analysts expected revenue of $3.4 billion.