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Sara Lee Now. Sara Lee Corporation 254 Pg 89 IBC_BC_Spine R3:Layout 8/26/09 8:51 PM Page 90 254254 Pg Sara89 IBC_BC_Spine Lee 09AR R7:Layout R3:Layout 1 8/26/09 8:368:51 PM Page c191 2009 Annual Report Sara Lee now. Sara Lee Corporation 2009 Annual Report Sara Lee Corporation 3500 Lacey Road Downers Grove, IL 60515-5424 + 1.800.SARA.LEE + 1.630.598.6000 www.saralee.com 254 Sara Lee 09AR R7:Layout 1 8/26/09 8:36 PM Page c2 254 Pg 89 IBC_BC_Spine R4:Layout 9/1/09 7:09 PM Page 89 Financial highlights Investor information Corporate Information 2009 Annual Meeting of Stockholders Sara Lee Corporation’s 2009 annual report and proxy statement Thursday, October 29, 2009 together contain substantially all the information presented in the 9:30 – 10:30 a.m. Central Time (CDT) corporation’s annual report on Form 10-K filed with the Securities Chicago Marriott Downtown Magnificent Mile 1 1 Dollars in millions except per share data Years ended June 27, 2009 June 28, 2008 % Change and Exchange Commission. Individuals interested in receiving the 540 North Michigan Avenue Results of Operations Form 10-K, investor packets or other corporate literature, as well Chicago, IL 60611 Continuing operations as our latest quarterly earnings announcement, via first-class mail Net sales $12,881 $13,212 (2.5) % should call or write to the Investor Relations Department. This Stock Listing Income before income taxes 588 160 NM information also is available via the Internet with links to our Sara Lee Corporation’s common stock is listed under the symbol Income (loss) 364 (41) NM brand and division Web sites. SLE on the New York, Chicago and London stock exchanges. Income (loss) per share of common stock – diluted 0.52 (0.06) NM Investor Relations Department Dividends Income (loss) from discontinued operations – (14) NM Sara Lee Corporation Sara Lee Corporation’s quarterly dividends on common stock are Gain (loss) on sale of discontinued operations – (24) NM 3500 Lacey Road paid on or about the fifth business day of January, April, July and Net income (loss) 364 (79) NM Downers Grove, IL 60515-5424 October. As of September 1, 2009, the corporation has paid 253 0.52 (0.11) Net income (loss) per share of common stock – diluted NM +1.630.598.8100 consecutive quarterly dividends. Other Information2 www.saralee.com Net cash from operating activities 900 596 51.1 Dividend Reinvestment Total media advertising and promotion expense 503 594 (15.4) Investor Inquiries Stockholders are invited to participate in the Sara Lee Corporation Depreciation 383 398 (3.7) Securities analysts, portfolio managers and representatives of Direct Investment Plan. Our Plan provides a convenient and econom - Capital expenditures 379 509 (25.6) financial institutions seeking information about the corporation ical way to purchase shares directly from the company, reinvest Annualized dividends per share of common stock3 0.44 0.42 4.8 should contact Investor Relations at +1.630.598.8100. your dividends and invest additional cash amounts in Sara Lee 1 See Financial Review and Notes to Financial Statements regarding the exit activities, asset and business dispositions, Corporation common stock. A complete Plan prospectus as well as impairment charges, transformation charges and Project Accelerate charges included in these reported results. Stockholder Inquiries other shareholder services forms can be found on our Web site at 2 Financial amounts include results for businesses reported in continuing operations. 3 Represents the dividend declared in the fourth quarter, annualized for the year. Stockholders with inquiries relating to stockholder records, stock www.saralee.com in the Investor Relations section (Shareholder transfers, change of ownership, change of address, dividend pay- Services/Account Access) or you can request further information by ments and direct deposit of quarterly dividends into checking or contacting BNY Mellon Shareowner Services at +1.888.422.9881 savings accounts should contact our transfer agent and registrar, (Toll free), +1.201.680.6678 (International) or +1.800.231.5469 (TDD). BNY Mellon Shareowner Services. Sara Lee and Sustainability BNY Mellon Shareowner Services For information about Sara Lee Corporation’s sustainability program Attn: Stock Transfer Department, 6th floor and initiatives, please visit the “About Us” section of our corporate 500 Ross Street Web site at www.saralee.com. Pittsburgh, PA 15262 Toll free number: +1.888.422.9881 Sara Lee Foundation Mission Contents International: +1.201.680.6678 The Sara Lee Foundation is the philanthropic arm of Sara Lee Corp- To simply delight you… every day 2 Letter to stockholders Donnelley TDD: +1.800.231.5469 oration. For more information, please visit www.saraleefoundation.org. 4 Coffee, now RR Vision 6 Meat, now Email: [email protected] To be the first choice of consumers 8 Bakery, now Certifications Printing: and customers around the world by 10 Operational excellence, now Sara Lee Corporation has included as exhibits to its Form 10-K, filed bringing together innovative ideas, 12 Household and body care, now with the Securities and Exchange Commission, certifications by the continuous improvement and 14 Financial section Schnepf. corporation’s Chief Executive Officer and interim Chief Financial people who make things happen 88 Directors and senior corporate officers Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. 89 Investor information James Values Sara Lee Corporation also has filed with the New York Stock Exchange Act with integrity 30% (NYSE) the most recent Domestic Company Section 303A Annual Use imagination Cert no. SCS-COC-00648 CEO Certification as required by the NYSE Listed Company Manual. Be inclusive Photography: Work as a team This report was printed using vegetable oil based inks on recycled paper containing Have passion to excel 30% post consumer waste. These inks are made from varnishes that use higher levels Coates. of renewable resources and produce lower levels of VOC emissions. Environmental and savings achieved using this paper: 106 trees preserved for the future, 38,662 gallons of wastewater flow saved, 6,397 lbs solid waste not generated, 36,234 lbs net greenhouse gases prevented and 73,400,000 BTUs energy not consumed. Coates Logos and italicized brand names used throughout this report are trademarks of Sara Lee Corporation and its subsidiaries. Design: Sara Lee Corporation 89 254 Sara Lee 09AR R7:Layout 1 8/26/09 8:36 PM Page 1 Strong in the right categories, now. At Sara Lee, we are market leaders in large, important categories – coffee, meat and bakery – that are even more relevant in today’s challenging economic times. With an emphasis on consumer- and customer-driven innovation and a focus on continuous improvement in everything we do, we are delivering improved results now, while creating new paths for even greater success in the future. Sara Lee Corporation 1 254 Sara Lee 09AR R7:Layout 1 8/26/09 8:36 PM Page 2 Dear fellow stockholders Now is the time to look back at fiscal 2009, another year of significant progress. We delivered strong results, led by our North American business segments, and were especially pleased with the impressive cash generated from operations. We’re increasingly confident about our prospects to grow profitably and deliver value to shareholders. With a relentless focus on consumers, customers and operations, we strengthened Sara Lee and further positioned the company for success. In this report, you will see examples of innovations that are helping us gain market share, build brand loyalty and significantly expand our business with leading retail and foodservice customers. From an operational perspective, I’m pleased that we have driven greater efficiencies through strengthening our supply chain, managing our procurement activities and implementing centralized information technology. Now is also the time to look forward. I’d like to share with you the seven key strategies that are guiding our company and shaping our success. 2 Sara Lee Corporation 254 Sara Lee 09AR R8:Layout 1 9/1/09 6:59 PM Page 3 Focus resources on core categories and exited two businesses during the year: Use mergers and acquisitions as a tool geographies We continue to manage all Sauces and Dressings and Direct Store We view M&A as a strategic tool to grow of our resources with one goal in mind – to Delivery Coffee. These dispositions allowed shareholder value. This year, we announced deliver the greatest returns for shareholders. us to spend more time and capital on our that we are exploring strategic options for We have strategic plans for each of our stronger, more strategic businesses. In North our International Household and Body Care businesses. In some segments, like North American Retail, we exited our kosher meats segment. While this is an attractive, high- American Fresh Bakery, our focus is primarily business which no longer fit our strategy. margin business, we made the decision to on strengthening margins. In others where evaluate our options in response to over- we already have attractive margins, like Reduce costs, improve efficiency, simplify tures made by outside parties. I can assure International Beverage, our focus is on driving Project Accelerate is an aggressive cost you that any action we take will be with profitable sales growth. By clearly defining reduction and productivity program that our stockholders’ best interests in mind. our opportunities and aligning our resources takes efficiencies to the next level. After appropriately, we can consistently deliver establishing a solid foundation of capabili- Relentlessly improve North America improved results. ties over the past few years, we now have I am very pleased by the outstanding the standardized processes and integrated performance we delivered in fiscal 2009 Expand in high-growth, developing markets IT infrastructure to further reduce our costs across our three North American segments.
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