Sara Lee CEO Brenda Barnes has expressed satisfaction with the progress the company has made following a meeting about the transformation of the company.

A year into its operational costs saving plan, the company forecasts sales growing at 4-5% per year by 2010, when the transformation will be complete.

Barnes said: “Just one year into implementing our plan, we are much closer to our goal of transforming Sara Lee into a world-class integrated operating company and we are confident that we have the right plan and the right people in place to get the job done.

“We are pleased with the tremendous progress we have made in the first year, especially organising our company to be closer to our consumers and customers as well as taking the necessary portfolio actions, including divesting the direct selling, US retail coffee and European branded apparel businesses, to better focus our company.”

She also highlighted improvements in business operations around consumers, geographic markets, operational efficiency and focusing the company portfolio.

Sara Lee Corporation reported a fall in second quarter sales at the start of the month (2 February).