Sales Rise at Sara Lee

Net sales for the fiscal year should be $11.75 billion, an increase of 2% to 3%.
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Sara Lee (SLE) said net sales for the fiscal first quarter rose 4.7% from the year-ago period as revenue grew in all of its businesses.

Revenue totaled $2.89 billion for the quarter ended Sept. 30, an increase from $2.76 billion in the prior-year period.

Net income was $333 million, or 44 cents a share, up from last year's $67 million and 9 cents a share. Earnings from continuing operations were 34 cents in the latest quarter.

Looking ahead, Sara Lee expects fiscal 2007 profits of 86 cents to 92 cents a share, which includes 8 cents of earnings from discontinued operations, a 16-cent gain from the 1999 sale of its tobacco business and a charge of 1 cent for other items. Sara Lee said its core operations should earn 63 cents to 69 cents a share.

Sara Lee currently expects net sales for the fiscal year of $11.75 billion, an increase of 2% to 3% from fiscal 2006.