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UNITED STATES
SECURITY AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities and Exchange Act of 1934
Date of Report (Date of earliest event reported) September 29, 1999
SARA LEE CORPORATION
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(Exact name of registrant as specified in charter)
MARYLAND 1-3344 36-2089049
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(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification Number)
Suite 4600, Three First National Plaza, Chicago, Illinois 60602-4260
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(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code: 312/726-2600
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ITEM 5. OTHER EVENTS
On September 29, 1999, Sara Lee Corporation issued the following press
release:
SARA LEE CORPORATION EXPECTS FIRST QUARTER EARNINGS
TO EXCEED ANALYST ESTIMATES
COMPANY CITES BETTER-THAN-EXPECTED PERFORMANCE IN
NON-FOOD BUSINESSES, PARTICULARLY BRANDED APPAREL
CHICAGO (September 29, 1999) -- Sara Lee Corporation today announced that its
results for the first quarter of fiscal 2000, ended September 30, are
expected to generate earnings per share growth in excess of analysts'
projections. Citing a First Call analyst consensus estimate of $0.26 per
share for the first quarter, Sara Lee said that it expects to report earnings
per share of $0.28 for that period, a 12% increase over last year's
first-quarter results.
"We are pleased to note profit performance that is meeting or exceeding
internal expectations across all of our lines of business," said John H.
Bryan, chairman and chief executive officer of Sara Lee Corporation. "Our
non-food businesses in particular have shown exceptional growth during the
quarter.
"Unit volumes for Sara Lee's Branded Apparel businesses are continuing the
strong trends noted in last year's fourth quarter, with Underwear and
Intimate Apparel contributing significantly to these results," added Bryan.
"Unit volumes in our Household and Body Care line of business are also
exceeding expectations.
"These first quarter results increase our confidence that Sara Lee will
produce double-digit earnings per share gains in fiscal 2000," Bryan noted.
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Sara Lee Corporation Expects First Quarter
Earnings to Exceed Analyst Estimates/Page 2
According to Bryan, new Underwear products marketed under the HANES,
HANES HER WAY, CHAMPION and POLO RALPH LAUREN brand names were complemented
by strong growth in Sara Lee's Intimate Apparel businesses. New seamless
bras and panties marketed under the BARELYTHERE brand have enjoyed continued
strong sales growth since being introduced in fiscal 1996.
Unit volume growth in Sara Lee's Household and Body Care line of business is
also anticipated to exceed expectations for the quarter, driven by
double-digit growth in innovative air fresheners marketed under the AMBI-PUR
name, as well as bath and shower products in many markets in Europe.
Sara Lee will host a previously scheduled meeting for financial analysts in
New York on Thursday, September 30. Media and investors may listen to a
recording of this meeting beginning at 1:00 p.m. CDT, by calling toll-free
1-800-938-0928. International callers may listen to the recording by calling
1-402-220-0381.
Sara Lee Corporation's first quarter earnings announcement will be issued at
8:00 a.m. CDT on Wednesday, October 27. The news release is available via
Sara Lee Corporation's web site, www.saralee.com. Investors may obtain a fax
of the news release by calling 1-800-654-SARA.
Sara Lee Corporation is a global consumer packaged goods company with more
than $20 billion in annual revenues. Its leading brands include SARA LEE,
DOUWE EGBERTS, HILLSHIRE FARM, HANES, COACH, and PLAYTEX.
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Forward-looking statements: This news release contains certain
forward-looking statements concerning Sara Lee's operations, economic
performance and financial condition. These forward-looking statements are
based on currently available competitive, financial and economic data and
management's views and assumptions regarding future events. Such
forward-looking statements are inherently uncertain, and investors must
recognize that actual results may differ from those expressed or implied in
the forward-looking statements. Consequently, the corporation wishes to
caution readers not to place undue reliance on any forward-looking
statements. We have provided additional information in our Form 10-K for
fiscal year 1999, which readers are encouraged to review, concerning factors
that could cause actual results to differ materially from those in the
forward looking statements.
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SIGNATURES
Pursuant to the requirement of the Securities Exchange Act of 1934, the
Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
SARA LEE CORPORATION
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(Registrant)
September 29, 1999 By: /s/ Wayne R. Szypulski
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Wayne R. Szypulski
Vice President - Controller
