The Associated Press August 7, 2008, 7:58AM ET

Sara Lee swings to 4th-quarter loss on charges

DOWNERS GROVE, ILL.

Sara Lee has swung to a fiscal fourth-quarter loss on charges to write down certain assets amid a softening economy and soaring wheat costs.

Sara Lee posted a loss of $695 million, or a loss of 98 cents per share, compared with a 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.

Analysts expected earnings of 26 cents and sales of $3.48 billion, according to a Thomson Financial poll. Analysts usually exclude one-time items from their estimates.

Sara Lee also forecast adjusted fiscal 2009 profit below expectations.


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