Sara Lee swings to 4Q loss on charges

DOWNERS GROVE, ILL. -- Sara Lee Corp. posted a loss for its fiscal fourth quarter on Thursday as it reduced the value of some assets amid a softening economy and soaring wheat costs.

The company said it lost $695 million, or 98 cents per share, compared with profit of $117 million, or 16 cents per share, a year ago. The results included $1.26 in various charges, including an impairment charge of $1.20 per share, for its Spanish bakery and North American Foodservice bakery operations and write-downs of other assets in North America.

Sara Lee owns the Heiner's Bakery in Huntington.

Revenue rose 12 percent to $3.51 billion from $3.13 billion, helped by a weak dollar, price increases, and higher sales in all segments.

Chairman and Chief Executive Brenda C. Barnes said in a statement that higher prices helped improve business and offset rising costs for commodities, such as wheat and fuel.

"We also are very encouraged that the strength of our brands allowed us to offset the unprecedented levels of commodity and other input costs through pricing and helped deliver market share gains and increased operating margins," Barnes said.