  We have performed an angle-resolved photoemission spectroscopy study of
La$_{0.6}$Sr$_{0.4}$FeO$_3$ using {\it in situ} prepared thin films and
determined its band structure. The experimental band dispersions could be well
explained by an empirical band structure assuming the G-type antiferromagnetic
state. However, the Fe 3d bands were found to be shifted downward relative to
the Fermi level ($E_F$) by $\sim 1$ eV compared with the calculation and to
form a (pseudo)gap of $\sim 1$ eV at $E_F$. We attribute this observation to a
strong localization effect of doped holes due to polaron formation.
