Sara Lee swings to 4th-quarter loss on charges

DOWNERS GROVE-ILLINOIS: Sara Lee says it had a fiscal fourth-quarter loss as reduced the value of some assets on its books amid a softening economy and soaring wheat costs.

Downers Grove, Illinois-based Sara Lee posted a loss of $695 million, or a loss of 98 cents per share, compared with profit of $117 million, or 16 cents per share, a year ago. Results include impairment charges of $1.20 per share.

Revenue rose 12 per cent to $3.51 billion from $3.13 billion, helped by a weak dollar, price increases, and higher sales in all segments.

Analysts expected earnings of 26 cents and sales of $3.48 billion, according to a Thomson Financial. Analysts usually exclude one-time items from their estimates. The food company also forecast adjusted fiscal 2009 profit below expectations.