Sales Climb at Sara Lee - TheStreet

Sara Lee

( SLE) swung to a fiscal second-quarter loss, hurt by several one-time charges, though the packaged food maker posted sales growth across all of its segments.

For the quarter ended Dec. 30, Sara Lee recorded a loss of $62 million, or 8 cents a share, reversing the year-earlier profit of $438 million, or 6 cents a share.

The results included several items, including impairment charges and a tax loss, that cut results by 29 cents a share. Analysts polled by Thomson Financial expected earnings of 16 cents a share, before items.

Sales rose to $3.18 billion from $2.97 billion a year earlier, topping Wall Street's forecast of $3.08 billion. The company, which makes products such as Jimmy Dean sausage and Senseo coffee, attributed the improved results to a strong performance in its North American retail bakery, food service, international beverage and household and body care businesses.

"The underlying operating results for Sara Lee continue to show solid top- and bottom-line improvements, building on the strong foundation that we created with our transformation and the successes that we've achieved in recent quarters," said Brenda Barnes, chairman and chief executive, in a statement.

The company has been in the midst of a restructuring plan over the past two years involving a sharpened focus on its food brands. The plan resulted in the spinoff of its underwear business,


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, last year.

For fiscal 2007, Sara Lee projects earnings of 58 cents to 64 cents a share, including several one-time items. The company predicts full-year sales growth of 5% to 6%, or more than $12 billion.