Sara Lee 2nd-Quarter Profit Falls 2.9%

Sara Lee Corp. posted a decline in quarterly earnings and warned that third-quarter profit would miss forecasts because of sluggish demand for its intimate apparel, which generates more than a third of its annual revenue. The company, whose wide range of brands includes Hanes underwear and L’eggs hosiery as well as its namesake baked goods, also said it will sell its 81% stake in leather goods maker Coach Inc. and eight other units, most in Europe. Coach shares have risen 88% since a 19% stake in the company was spun off from Sara Lee in October. Sara Lee’s profit in the fiscal second quarter fell 2.9% to $364 million, or 42 cents a share, as sales edged up 2.7% to $4.76 billion. Its shares fell $1.06 to close at $21.75 on the NYSE.