BY KATIE ROGERS — MEDILL REPORTS
Shares of Downers Grove-based food company Sara Lee Corp. (SLE: 9.72 -1.08 (-10.00%) plunged despite a narrower loss in its fiscal 2009 fourth quarter, as it released lackluster guidance for the 2010 fiscal year.
Sara Lee posted a quarterly loss of $14 million, or 2 cents per share, a paltry sum compared with a loss of $672 million, or 95 cents per share, for the same quarter a year ago.
The narrower loss didn’t impress investors, as the company released a revenue outlook for the current fiscal year that disappointed analysts.
Sara Lee said it expects earnings between $1.03 to $1.09 per diluted share on net sales of between $12.9 billion and $13.2 billion for the 2010 fiscal year. Sara Lee reported net sales of $12.9 billion for fiscal year 2009, a 2.5 percent drop from $13.2 billion for the year before.
Shares of the company dropped $1.08, or 10 percent, to close at $9.72 Wednesday.