Sara Lee 2011 Annual Report Download - page 121

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PERFORMANCE GRAPH
118/119 Sara Lee Corporation and Subsidiaries
its international household and body care business, respectively, for
the preceding year. Sara Lee’s operating profit is calculated using
the current year’s financial statement presentation, which may be
adjusted or restated to reflect items such as business acquisitions
or divestitures. As a result, the investment allocation was re-weighted
each year to reflect the profit percentage change that occurred in
Sara Lee’s business mix during the prior year.
During fiscal 2011, Sara Lee made substantial progress toward
completing the divestiture of its international household and body
care (“H&BC”) businesses and expects to complete the sale of its
remaining H&BC business by the end of calendar year 2011. Once
the H&BC divestiture is complete, Sara Lee will no longer operate
in the household products industry sector. As a result, this is the
last year in which the “S&P Peer Composite” line will appear in the
graph. Going forward, the “S&P Packaged Foods & Meats Index,”
which is shown separately in the graph above, will replace the
S&P Peer Composite Index.
Comparison of Five-Year Cumulative Total Stockholder Return
Historically, Sara Lee has utilized a weighted composite of the S&P
Packaged Foods & Meats and Household Products (Non-Durables)
Indices because no single standardized industry index represents
a comparable peer group. As of July 2, 2011, the two indices were
comprised of the following companies: the S&P Packaged Foods &
Meats Index – Campbell Soup Company, ConAgra Foods Inc., Dean
Foods Company, General Mills, Inc., H.J. Heinz Company, Hershey
Foods Corporation, Hormel Foods Corporation, Kellogg Company,
Kraft Foods Inc., McCormick & Company Inc., Sara Lee Corporation,
Smucker (JM) Company, and Tyson Foods Inc.; and the S&P Household
Products Index – The Clorox Company, Colgate-Palmolive Company,
Kimberly-Clark Corporation and The Procter & Gamble Company.
The returns on the Peer Composite index were calculated as follows:
at the beginning of each fiscal year, the amount invested in each
S&P industry sector index was equivalent to the percentage of
Sara Lee’s operating profits in its food and beverage businesses and
$100 invested on 07/01/06 in stock or index, including reinvestment of dividends. Fiscal year ending the closest Saturday to June 30 (July 2, 2011 for fiscal 2011).
$50
$75
$100
$125
$150
$175
Sara Lee $100 $««93 $««77 $116 $165
S&P Peer Composite
$100 $110 $102 $124 $150
S&P Packaged Foods & Meats
$100 $109 $102 $124 $154
$131
$119
$121
S&P 500
$100 $105 $««77 $««88 $116$121
S&P Peer Composite
Sara Lee
S&P Packaged Foods & Meats
S&P 500
2006 2007 2008 2009 2010 2011