US food group Sara Lee today (6 May) reported a loss for its fiscal third quarter but lifted its forecast for underlying earnings for the full year.

The company posted a net loss of US$336m for the three months to 27 March thanks to one-off items, including a tax charge. Last year, Sara Lee reported third-quarter net income of $165m.

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However, Sara Lee said “improved operational performance” meant it could lift its guidance for full-year adjusted earnings per share to $1.06-1.10 a share. In March, the company forecast adjusted earnings per share of $1.03-1.06.

Net sales were flat at $2.58bn as higher sales from its North American retail and international beverage and bakery divisions were offset by lower revenues from its North America foodservice business.

Click here for the full earnings statement from Sara Lee; click here for coverage of Sara Lee’s earnings call.

 

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