Sara Lee CEO buys 10,000 shares as stock hits low

NEW YORK Thu Feb 28, 2008 3:47pm EST

NEW YORK Feb 28 (Reuters) - The chief executive of Sara Lee Corp SLE.N revealed on Thursday that she bought 10,000 shares of the bread maker this week, as the stock hit its lowest level in almost eight years.

In a U.S. Securities and Exchange Commission filing, Brenda Barnes said she bought 10,000 shares at $12.99 apiece.

She was the first Sara Lee insider to buy shares on the open market in more than two years, according to insider filing tracker InsiderScore.com.

The $129,900 purchase brought her total direct and indirect stock holdings to about 785,000 shares, excluding options, according to the filing.

Sara Lee shares fell on Wednesday to $12.93, their lowest level since March 2000.

The company said this month it would raise bread prices during the April-June period for the fourth time in the last year-and-a-half as it tries to cope with soaring wheat costs.

In late-afternoon trading on Thursday, Sara shares edged down 8 cents to $12.94 on the New York Stock Exchange.

(Reporting by Emily Chasan, editing by Richard Chang)

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