Sara Lee has reported flat third-quarter profits thanks in part to higher commodity costs and marketing spending in North America.
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The US-based food and beverage group said today (10 May) that operating income in the three months to 31 March reached US$152m, compared to $151m a year earlier.
Net sales rose 9.2% to $3bn but the rise in revenue was partly offset by higher raw material costs at its retail meats business in North America. Sara Lee also spent 28% more on marketing across the board during the last three months compared to the third quarter last year.
Sara Lee also saw losses from its retail bakery business in North America double to $12m due again to higher commodity costs.
Profits from the company’s international bakery business were flat, Sara Lee said, reaching $14m.
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By GlobalData
