Sara Lee (SLE) Tops EPS Estimates, SLE Raises FY10 Guidance

Sara Lee (NYSE: SLE) reports Q1 EPS ex-items 32c vs consensus of 16c. Reports Q1 revenue $2.6 billion vs consensus of $3.16 billion.

Sara Lee sees FY10 EPS 90c-96c vs consensus of 89c.

Net sales from continuing operations for the first quarter of fiscal 2010, ending Sept. 26, 2009, were $2.6 billion, a 7.4% decrease over the comparable period last year. The decline in net sales was primarily driven by unfavorable foreign currency exchange rates, the impact of divestitures and planned business exits made during the past year and lower unit volumes. The company’s adjusted net sales from continuing operations decreased 3.3% in the first quarter as a result of lower volumes and planned business exits.