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Sara Lee Reports Third Quarter Earnings

As a consequence of the spin-off, Sara Lee expects to release approximately $700 million of deferred tax liabilities currently on its balance sheet related to the repatriation of foreign earnings. This reversal, which will be reflected as a reduction to income tax expense, is expected to occur in the same quarter as the spin-off.

Dividends

Sara Lee previously announced that as part of the spin-off process, Sara Lee will spin-off all of the shares of its U.S. subsidiary that holds its Coffee & Tea business. Immediately after that spin-off occurs, the U.S. subsidiary will pay a $3.00 special dividend to Sara Lee shareholders who receive shares of the spun-off business.

Sara Lee Corporation does not expect to declare or pay any additional dividends before spin-off.
 

Diluted Earnings Per Share
 
 

Third Quarter
Continuing Operations   Total Company
2012   2011   2012   2011
Diluted EPS as reported $0.06   $0.20 $0.00   $0.25
Less:
Gain (Loss) on sale of discontinued operations - - (0.10 ) 0.05
Tax related items 0.01 - 0.04 -
Other significant items (0.15 ) (0.02 ) (0.15 ) (0.09 )
Adjusted EPS* $0.20 $0.22 $0.21 $0.30
* Amounts are rounded and may not add to the total.
 
 

First Nine Months
Continuing Operations Total Company
2012   2011   2012   2011
Diluted EPS as reported $0.06 $0.43 $0.42 $1.85
Less:
Gain on sale of discontinued operations - - 0.68 0.96
Tax related items (0.17 ) 0.01 0.07 0.35
Other significant items (0.42 ) (0.13 ) (1.04 ) (0.26 )
Adjusted EPS* $0.65 $0.55 $0.72 $0.81
* Amounts are rounded and may not add to the total.
 

Webcast and Form 10-Q

Sara Lee Corporation’s review of its results for the third quarter will be broadcast live via the Internet today at 9:00 a.m. CDT. The live webcast can be accessed in the Investor Relations section on www.saralee.com and is anticipated to conclude by 10:00 a.m. CDT. For people who are unable to listen to the webcast live, a recording will be available on the website at 7:00 p.m. on the day of the webcast until November 3, 2012. Sara Lee has also provided slides containing additional information that will be reviewed during its third quarter webcast. The slides can be accessed in the Investor Relations section on www.saralee.com under Investor News and Events.

Amounts included in the release are preliminary, pending Sara Lee Corporation’s filing of its Form 10-Q with the Securities and Exchange Commission on or before May 10, 2012. The Form 10-Q will be available in the Investor Relations section (Financial/SEC Information page) on www.saralee.com.

About Sara Lee Corporation

Sara Lee Corp. (NYSE: SLE) and it's leading portfolio of food and beverage brands, including Ball Park, Douwe Egberts, Hillshire Farm, Jimmy Dean, Pickwick Teas, Sara Lee and Senseo, generate nearly $8 billion in annual net sales from continuing operations and employ approximately 20,000 people worldwide. In January 2011, Sara Lee Corp. announced that it will divide the company into two pure-play publicly-traded companies, one focused on the international coffee and tea market and the other on North American meats. For more information on the company, please visit www.saralee.com.

Forward-Looking Statements

This release contains forward-looking statements regarding Sara Lee’s business prospects and future financial results and metrics, including statements contained under the heading “Fiscal 2012 Guidance.” In addition, from time to time, in oral statements and written reports, the corporation discusses its expectations regarding the corporation’s future performance by making forward-looking statements preceded by terms such as “anticipates,” “we are confident,” “expects,” “likely” or “believes.” These forward-looking statements are based on currently available competitive, financial and economic data and management’s views and assumptions regarding future events and are inherently uncertain.

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