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Strong Profits Growth at Refocusing Sara Lee

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Strong Profits Growth at Refocusing Sara Lee

Strong Profits Growth at Refocusing Sara Lee
August 13
13:14 2010

Despite a 0.8% drop in net sales to $10.8b, reflecting lower volume sales and prices, Sara Lee increased operating income by 88.6% to $918m in its 2010 financial year, driven by improved profits from across all of the US-based food and beverages group’s five continuing business segments. In particular, the North American Retail and International Beverage segments showed impressive results, while the North American Foodservice segment increased operating income in a challenging environment. Group net income jumped 39% to $506m.

Sare Lee’s discontinued International Household and Body Care businesses also reported strong fiscal 2010 results.

Sara Lee made substantial progress toward divesting its International Household and Body Care businesses in its 2010 financial year. The company announced and closed transactions for the disposal of the air care business to Procter & Gamble for Eur320m (closed in early fiscal 2011) and the Indian insecticides business to Godrej for Eur185m.

Sare Lee is working on the sale of its global body care business to Unilever for Eur1.275b and on the disposal of the non-Indian insecticides business to SC Johnson for Eur153.5m. Both proposed transactions are expected to close in calendar year 2010.

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