×
509
Fashion Jobs
FOUR SEASONS RECRUITMENT
Ecommerce Manager
Permanent · LONDON
FOUR SEASONS RECRUITMENT
Sales Supervisor
Permanent · LONDON
TOO FACED
Too Faced Business Manager, Boots - Oxford
Permanent · OXFORD
TOO FACED
Too Faced Business Manager - Boots, Leeds Trinity
Permanent · LEEDS
FOUR SEASONS RECRUITMENT
Merchandising Manager
Permanent · LONDON
360 RESOURCING
Account Manager
Permanent · LONDON
BIMBA Y LOLA
Sales Assistant Brompton Road
Permanent · LONDON
BIMBA Y LOLA
Part Time Sales Assistant Brompton Road
Permanent · LONDON
BIMBA Y LOLA
Sales Assistant Richmond
Permanent · LONDON
HAYS RETAIL
Retail Operations Manager
Permanent · LONDON
NEXT RETAIL LTD
Home Design Consultant
Permanent · CAMBERLEY
NEXT RETAIL LTD
Warehouse Administrator
Permanent · DONCASTER
HAYS RECRUIMENT
E-Commerce Manager
Permanent · LONDON
HAYS RECRUIMENT
Eyewear Account Manager South London
Permanent · LONDON
NEXT RETAIL LTD
Home Design Consultant
Permanent · CARDIFF
NEXT RETAIL LTD
Sales Coordinator - Permanent
Permanent · LONDON
360 RESOURCING
Head Office Recruitment Consultant - Fashion Retail
Permanent · LONDON
360 RESOURCING
Temps Controller / Temps Recruitment Consultant - Fashion Retail
Permanent · LONDON
OUTSIDE THE BOX RECRUITMENT
Production Manager-Shoes & Slg-Luxury- London Salary up to £70k
Permanent · LONDON
DEPLOY LONDON
International Sales & Marketing Manager
Permanent · LONDON
FOUR SEASONS RECRUITMENT
Digital Marketing Manager
Permanent · LONDON
TOO FACED
Too Faced Business Manager - Boots Brentwood, UK
Permanent · BRENTWOOD
Advertisements

Sara Lee buys back $500 million in shares

By
Reuters
Published
today Mar 2, 2010
Reading time
access_time 2 minutes
Share
Download
Download the article
Print
Click here to print
Text size
aA+ aA-

CHICAGO, March 2 (Reuters) - Sara Lee Corp (SLE.N) plans to quickly repurchase $500 million of its shares using the funds from the pending sale of its household and body-care businesses.


Sanex, a Sara Lee brand - Photo: www.sanex.net

Sara Lee will buy back the shares from Goldman Sachs Group Inc (GS.N) on an accelerated basis, Sara Lee spokesman Mike Cummins said. Goldman will then repurchase the shares over time in the open market.

The repurchase, part of the bakery and deli meat maker's plan to buy back $2.5 billion to $3 billion in stock over the next three years, will reduce Sara Lee's outstanding shares by about 36 million to 661 million, the company said.

It expects earnings before one-time items of $1.02 to $1.07 for fiscal year 2010. Analysts on average forecast $1.02, according to Thomson Reuters I/B/E/S.

The company is slated to sell its European body care business to Unilever (UNc.AS: Quote, Profile, Research) and parts of its Ambi Pur air freshener business to Procter & Gamble Co (PG.N).

Sara Lee said on Tuesday 2 March it hedged 1.6 billion euros in proceeds for from the sale at $1.35 per euro.

It is still trying to sell the remaining parts of the business, shoe care and insecticides.

The company expects to take a one-time charge of $550 million, or 80 cents per share, for taxes related to the deal as it will have to repatriate cash from the deal to the United States.

Sara Lee shares were up 8 cents at $13.81 on Tuesday 2 March on the New York Stock Exchange. ($1.36=1 euro)

(Reporting by Brad Dorfman, editing by Maureen Bavdek and Derek Caney)

© Thomson Reuters 2020 All rights reserved.