Chicago-based Sara Lee said its fiscal second-quarter profits excluding one-time items rose 5 percent, as higher sales in coffee and apparel offset weaker showings in meats and baked goods. Chicago’s largest consumer goods company posted net income of $389 million, or 42 cents a share, in the quarter, matching Wall Street expectations. Revenue rose 1 percent, to $5.33 billion.
%% In millions except for per-share data.
2nd Qtr. Jan. 1 1999 1998
Revenues 5,330 5,286
One-time loss a76
Net income (loss) 389 322
Per share (basic) 0.44 0.35
Per share (diluted) 0.42 0.34
Avg. shares (diluted) 924 955
6 mos. 1999 1998
Revenues 10,280 10,146
One-time gain b137
One-time loss a76
Net income (loss) 647 660
Per share (basic) 0.73 0.72
Per share (diluted) 0.70 0.69
Avg. shares (diluted) 922 956
Quarter and six-month period in 1998 ended Dec. 26.
a–Pretax loss associated with recall of hot dogs and
other packaged meat products potentially contaminated
with Listeria bacteria.
b–Pretax gain on the sale of the company’s international
tobacco operations. %%
