24% Earning Hike for Sara Lee

Sara Lee Corp. reported record first-quarter earnings today, a 24.1% increase over the year-ago period.

Earnings for the three months ending Sept. 30, the company’s first fiscal quarter, rose to $93.8 million from $75.6 million for the same period last year, Sara Lee said in a statement.

Earnings per share increased 15.4% to 75 cents, compared with 65 cents a year ago. The lower percentage increase in earnings per share relative to the 24.1% earnings increase is due to a higher level of preferred dividends and more common shares outstanding in the current quarter, the Chicago-based company said.