NEW YORK ( TheStreet) -- Sara Lee ( SLE) says it will repurchase $500 million of common stock under an accelerated share repurchase program to "create value for our shareholders" and has subsequently revised its EPS guidance. Sara Lee recently announced its intention to use anticipated proceeds from the divestiture of its Household & Body Care (H&BC) business and cash on hand to aggressively repurchase shares. The buyback is part of the company's recently announced plan to repurchase $2.5 to $3 billion of stock over a three-year period. Sara Lee intends on repurchasing $1 billion to $1.3 billion of stock in calendar year 2010. The company says its shares outstanding will be reduced from 697 million to about 661 million as a result of the repurchase. Sara Lee says the accelerated repurchase is expected to add 2 cents per share to fiscal 2010 EPS. The company also anticipates taking a one-time $550 million book charge, or 80 cents per share, to provide for taxes. Sara Lee stock is moving 0.4% higher at $13.80. Related stocks have all edged higher shortly after the market open. Procter & Gamble ( PG) has edged 0.4% higher at $ 63.70, while Kraft Foods ( KFT) is up 0.8% at $29. Meanwhile J&J Snack Foods ( JJSF) has risen 0.4% to $42.40. P&G's chief says he will contemplate acquiring businesses across all product lines as part of his goal to increase the average amount consumers spend on P&G products, Bloomberg reports Monday.