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 29, 2003(1)		March 30, 2002(2)
Fixed charges:
Interest expense	$	205	$	224
Interest portion of rental expense		46		46
Total fixed charges before capitalized interest and preference security dividends		251		270
Preference security dividends of consolidated subsidiaries		13		16
Capitalized interest		8		4
Total fixed charges	$	272	$	290
Earnings available for fixed charges:
Income before income taxes	$	1,126	$	755
Less undistributed income in minority-owned companies		5		(4	)
Add minority interest in majority-owned subsidiaries		12		14
Add amortization of capitalized interest		17		18
Add fixed charges before capitalized interest and preference security dividends		251		270
Total earnings available for fixed charges	$	1,411	$	1,053
Ratio of earnings to fixed charges		5.2		3.6

(1) During the first nine months of fiscal 2003, the Corporation recorded a pretax credit of $13 million 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 nine months of fiscal 2002, the Corporation recorded a pretax charge of $183 million in connection with certain exit activities and business dispositions.

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