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.
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