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EXHIBIT 12.1

SARA LEE CORPORATION AND SUBSIDIARIES
Computation of Ratio of Earnings to Fixed Charges
(In millions, except ratios)

			Thirty-Nine Weeks Ended
			March 31, 2001(1)			April 1, 2000
Fixed charges:
	Interest expense		$	211		$	175
	Interest portion of rental expense			49			46
	Total fixed charges before capitalized interest			260			221
	Capitalized interest			14			7
		Total fixed charges	$	274		$	228
Earnings available for fixed charges:
	Income from continuing operations before income taxes		$	841		$	1,171
	Less undistributed income in minority-owned companies			(4	)		(6	)
	Add minority interest in majority-owned subsidiaries			43			26
	Add amortization of capitalized interest			18			15
	Add fixed charges before capitalized interest			260			221
		Total earnings available for fixed charges	$	1,158		$	1,427
Ratio of earnings to fixed charges				4.2			6.3

(1)

During the first nine months of fiscal 2001, the Corporation provided a $332 million pretax business reshaping charge for the cost of several actions approved by management that will result in the disposition of certain non-core businesses and the exit of a number of defined business activities.

During the second quarter of fiscal 2001, the Corporation's Coach subsidiary completed an initial public offering of 19.5% of its common stock, resulting in a gain of $105 million.

Page 28

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EXHIBIT 12.1

SARA LEE CORPORATION AND SUBSIDIARIES Computation of Ratio of Earnings to Fixed Charges (In millions, except ratios)