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Sara Lee


said it's on track to hit the profit guidance it issued in July for its current quarter and fiscal year.

The guidance calls for earnings of 23 cents to 28 cents in the first quarter ending Sept. 30 and earnings of $1.51 to $1.61 a share for all of fiscal 2004. Analysts surveyed by Thomson First Call are forecasting earnings of 26 cents a share in the quarter and $1.55 a share for the full year.

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Sara Lee said its current strategy is to achieve annual revenue growth of 2% to 4% and annual per-share earnings growth of 8% to 10%.

"We are confident that our strategies are correct and that we can return value to our shareholders by investing in our business to drive top-line growth and lower costs, and by returning incremental funds to our shareholders as we increase our cash flow," the company said in a release.

Sara Lee closed at $18.97 Monday, up 25 cents, or 1.3%.