- International Herald Tribune -
Sara Lee said third-quarter profit more than doubled on European coffee sales and new air fresheners.
Sara Lee said third-quarter profit more than doubled on European coffee sales and new air fresheners. Net income climbed to $116 million, or 16 cents a share, 3 cents above analysts' estimates. Profit a year earlier was $42 million, or 6 cents a share, Sara Lee said. Revenue increased 9.2 percent to $3 billion in the quarter through March.
Sara Lee, which is based in Downers Grove, Illinois, lifted sales with new Senseo coffee flavors in Europe, Ambi Pur air fresheners in Britain and Jimmy Dean frozen breakfasts in the United States. It spent 28 percent more to market new products.
"We're seeing a gradual improvement in innovation," said Colin Symons, who manages shares at Symons Capital Management in Pittsburgh. "It's an awfully big company with an awfully wide array of products."
Sara Lee raised its 2007 profit forecast to 60 cents to 66 cents a share, 2 cents above previous guidance.