Sara Lee Swings to Loss But Raises Outlook

Sara Lee says it lost money during its fiscal third quarter, pulled down by a tax charge and other items.

But the food company raised its 2010 adjusted earnings guidance, which is now expected to top Wall Street's expectations.

Sara Lee lost $336 million, or 49 cents per share, compared with net income of $165 million, or 24 cents per share, a year ago.

Removing a tax charge and other items totaling 79 cents per share, profit was 29 cents per share. That tops the 21 cents-per-share analyst estimate.

Revenue for the period ended March 27 was flat at $2.58 billion, below Wall Street's $2.71 billion estimate.

Sara Lee Corp. saw strength in its North American retail and international drinks businesses.