USA: Sara Lee Corporation Reports increased sales for the first quarter of fiscal 2002
Sara Lee Corporation today reported that sales for the first quarter of fiscal 2002, ending September 29, 2001, were $4.5 billion, up 1%, and diluted earnings per share (EPS) were $.26, a decrease of 10% compared to $.29 one year ago. All results exclude unusual items unless otherwise noted. In May 2000, Sara Lee Corporation announced a Reshaping program to focus the company's operations on three business segments - Food and Beverage, Intimates and Underwear, and Household Products - and a number of non-core business units were sold or exited during fiscal 2001 and fiscal 2002 in conjunction with this program. Excluding these divested businesses, sales increased 9% in the first quarter of fiscal 2002, reflecting the acquisition of The Earthgrains Company on August 7, 2001, combined with base business gains in Packaged Meats, Knit Products and Household Products.
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