Sara Lee swings to loss on charges, wheat costs

Sara Lee is reporting a fiscal fourth-quarter loss as it reduced the value of some assets on its books amid a softening economy and soaring wheat costs. Downers Grove-based Sara Lee posted a loss of $695 million, or a loss of 98 cents per share. That compares 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 percent to $3.51 billion from $3.13 billion, helped by a weak dollar, price increases and higher sales in all segments. According to a Thomson Financial survey, analysts expected earnings of 26 cents and sales of $3.48 billion. Analysts usually exclude one-time items from their estimates. The food company also forecast adjusted fiscal 2009 profit below... [read full story]