EXHIBIT 12.1

SARA LEE CORPORATION AND SUBSIDIARIES

Computation of Ratio of Earnings to Fixed Charges

(in millions, except ratios)

	Twenty-Six Weeks Ended
	December 28, 2002(1)		December 29, 2001(2)
Fixed charges:
Interest expense	$	135	$	154
Interest portion of rental expense		30		30
Total fixed charges before capitalized interest and preference security dividends		165		184
Preference security dividends of consolidated subsidiaries		9		12
Capitalized interest		3		3
Total fixed charges	$	177	$	199
Earnings available for fixed charges:
Income before income taxes	$	798	$	448
Less undistributed income in minority-owned companies		5		(1	)
Add minority interest in majority-owned subsidiaries		8		10
Add amortization of capitalized interest		12		12
Add fixed charges before capitalized interest and preference security dividends		165		184
Total earnings available for fixed charges	$	988	$	653
Ratio of earnings to fixed charges		5.6		3.3

(1) During the first six months of fiscal 2003, the Corporation recorded a pretax credit of $12 in connection with the reversal of certain exit activities and business dispositions and a charge for certain exit activities in the Bakery segment.

(2) During the first six months fiscal 2002, the Corporation recorded a pretax charge of $188 in connection with certain exit activities and business dispositions.