Sara Lee Corp. (NYSE: SLE) reported Thursday posted a profit for its second quarter, compared with a $17 million loss a year earlier, according to Associated Press.
Sara Lee, the maker of Jimmy Dean sausages, Hillshire Farm deli meats and its namesake baked goods, raised its guidance on the results.
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Profit for the quarter ending Dec. 26 totaled $371 million, or 53 cents per share, compared with a loss of 2 cents per share a year earlier. Excluding one-time items, it earned 36 cents per share.
Sara Lee's overall volume dropped 1 percent. North American retail business volume fell 2.7 percent as the company exited businesses such as kosher meats. However, the company said it is gaining market share in the category, particularly its Jimmy Dean and Hillshire Farm brands.
Sara Lee's bakery volume fell 4.2 percent in North America. Even higher volume for its store-brand products couldn't compensate for toughened competition for its Sara Lee baked goods.
Volume in the company's North American food service unit dropped 2.9 percent as the loss of a large bakery contract and other declines overwhelmed higher volume in frozen baked goods and store-branded refrigerated dough.
Sara Lee's international beverage volume rose 4.8 percent with the expansion of its single-serve and instant coffee categories and growing overall volume in Brazil and Russia,
Sara Lee's second-quarter revenue was nearly flat at $2.86 billion. The company said the benefit of the stronger dollar was offset by selling some businesses, the slight decline in unit volume and lower selling prices.
The company now expects to earn $1 to $1.05 per share for the year, excluding one-time items, above analyst expectations of 95 cents per share.
Its cost-cutting strategy is expected to save $75 million to $100 million in fiscal 2010.
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