Sara Lee

(SLE)

posted first-quarter earnings that met analysts' expectations.

The consumer products company responsible for Hanes T-shirts and Sara Lee baked goods earned $254 million, or 29 cents a share, compared with $258 million, or 28 cents a share, last year. The latest figures include income from its $1.57 billion sale of the PYA/Monarch food service unit. Seven analysts' polled by

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First Call/Thomson Financial

called for a consensus estimate of 29 cents a share.

Sales for the quarter were $4.46 billion, up 5% from $4.24 billion in the year-ago period.

Sara Lee also forecast second-quarter earnings of 42 cents to 44 cents a share, compared with 42 cents a share last year, and full-year earnings of $1.40 a share, up from $1.34 a share last year. Analysts expect the company to earn 44 cents for the second quarter and $1.40 a share for the year.