10-Q/A

                                    UNITED STATES

                          SECURITIES AND EXCHANGE COMMISSION

                               Washington, D.C.  20549

                                     FORM 10-Q/A

[X]       QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
          EXCHANGE ACT OF 1934

For the quarterly period ended     March 28, 1998
                               ---------------------

                                          OR

[ ]       TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
          EXCHANGE ACT OF 1934

Commission file number             1-3344
                      ----------------------------------

                            Sara Lee Corporation
                       -------------------------------
                (Exact name of registrant as specified in its charter)

          Maryland                                     36-2089049
- ---------------------------                  ------------------------------
(State or other jurisdiction of                    (I.R.S. Employer
incorporation or organization)                    Identification No.)

         Three First National Plaza, Suite 4600, Chicago, Illinois 60602-4260
     --------------------------------------------------------------------------
                       (Address of principal executive offices)
                                      (Zip Code)

                                    (312) 726-2600
                 ---------------------------------------------------
                 (Registrant's telephone number, including area code)

     Indicate by check mark whether the registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days.

Yes     X       No
    ---------      ---------

     On March 28, 1998, the Registrant had 467,083,691 outstanding shares of
common stock $1.33 1/3 par value, which is the Registrant's only class of common
stock.

                            The document contains 6 pages.


                                                                          Page 1



                                       PART II

ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K

(a)  Exhibits (numbered in accordance with Item 601 of Regulation S-K)




                                                              Page Number or
    Exhibit                                                 Incorporation herein
    Number               Description                            by Reference to
    -------              -----------                        --------------------
                                                                    
     11      Computation of Net Income Per
             Common Share                                     Previously filed

     12.1    Computation of Ratio of Earnings to
             Fixed Charges                                    Previously filed

     12.2    Computation of Ratio of Earnings to
             Fixed Charges and Preferred Stock
             Dividend Requirements                            Previously filed

     27.1    Financial Data Schedules for the thirteen 
             weeks ended September 27, 1997, the 
             twenty-six weeks ended December 27, 1997, and
             the thirty-nine weeks ended March 28, 1998       Previously filed

     27.2    Financial Data Schedules for the thirteen
             weeks ended September 28, 1996, the 
             twenty-six weeks ended December 28, 1996,
             the thirty-nine weeks ended March 29, 1997
             and the year ended June 28, 1997.                            4

     27.3    Financial Data Schedules for the thirteen
             weeks ended September 30, 1995, the 
             twenty-six weeks ended December 30, 1995,
             the thirty-nine weeks ended March 30, 1996
             and the year ended June 29, 1996.                            5

     27.4    Financial Data Schedule for the year ended 
             July 1, 1995                                                 6


                                                                          Page 2



                                      SIGNATURE

     Pursuant to the requirements of the Securities Exchange Act of 1934, the
Registrant has duly caused this Amendment No. 1 to Form 10-Q to be signed on its
behalf by the undersigned thereunto duly authorized.

                                             SARA LEE CORPORATION
                                             --------------------
                                                  (Registrant)


                                             /s/ Wayne R. Szypulski
                                             ----------------------
                                                  Wayne R. Szypulski
                                                  Vice President and Controller

DATE:     June 2, 1998

                                                                        Page 3

EX-27.2

 


<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE CONSOLIDATED STATEMENT OF INCOME AND CONSOLIDATED BALANCE SHEET
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL
STATEMENTS

 
<MULTIPLIER> 1,000,000
       
                                                                                            
<PERIOD-TYPE>                   3-MOS                   6-MOS                   9-MOS                   YEAR
<FISCAL-YEAR-END>                          JUN-28-1997             JUN-28-1997             JUN-28-1997             JUN-28-1997
<PERIOD-START>                             JUN-30-1996             JUN-30-1996             JUN-30-1996             JUN-30-1996
<PERIOD-END>                               SEP-28-1996             DEC-28-1996             MAR-29-1997             JUN-28-1997
<CASH>                                             228                     264                     218                     247
<SECURITIES>                                        12                      12                      12                      25
<RECEIVABLES>                                    2,306                   2,203                   2,156                   2,046
<ALLOWANCES>                                       227                     241                     212                     205
<INVENTORY>                                      2,947                   2,771                   2,830                   2,973
<CURRENT-ASSETS>                                 5,581                   5,297                   5,305                   5,391
<PP&E>                                           6,203                   6,300                   6,268                   6,204
<DEPRECIATION>                                   3,074                   3,180                   3,235                   3,125
<TOTAL-ASSETS>                                  13,511                  13,099                  12,904                  12,953
<CURRENT-LIABILITIES>                            5,429                   5,020                   4,962                   5,016
<BONDS>                                          1,922                   1,881                   1,943                   1,933
<PREFERRED-MANDATORY>                                0                       0                       0                       0
<PREFERRED>                                        333                     339                     339                     242
<COMMON>                                           645                     641                     640                     640
<OTHER-SE>                                       3,715                   3,763                   3,599                   3,640
<TOTAL-LIABILITY-AND-EQUITY>                    13,511                  13,099                  12,904                  12,953
<SALES>                                          4,886                  10,155                  14,804                  19,734
<TOTAL-REVENUES>                                 4,886                  10,155                  14,804                  19,734
<CGS>                                            3,077                   6,326                   9,218                  12,267
<TOTAL-COSTS>                                    3,077                   6,326                   9,218                  12,267
<OTHER-EXPENSES>                                     0                       0                       0                       0
<LOSS-PROVISION>                                    58                      92                     122                     137
<INTEREST-EXPENSE>                                  43                      87                     126                     159
<INCOME-PRETAX>                                    303                     770                   1,072                   1,484
<INCOME-TAX>                                        97                     247                     343                     475
<INCOME-CONTINUING>                                206                     523                     729                   1,009
<DISCONTINUED>                                       0                       0                       0                       0
<EXTRAORDINARY>                                      0                       0                       0                       0
<CHANGES>                                            0                       0                       0                       0
<NET-INCOME>                                       206                     523                     729                   1,009
<EPS-PRIMARY>                                     0.41                    1.06                    1.48                    2.05
<EPS-DILUTED>                                     0.40                    1.02                    1.42                    1.97
        

 

EX-27.3

 


<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM THE
CONSOLIDATED STATEMENT OF INCOME AND CONSOLIDATED BALANCE SHEET AND IS
QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS.

 
<MULTIPLIER> 1,000,000
       
                                                                                            
<PERIOD-TYPE>                   3-MOS                   6-MOS                   9-MOS                   YEAR
<FISCAL-YEAR-END>                          JUN-29-1996             JUN-29-1996             JUN-29-1996             JUN-29-1996
<PERIOD-START>                             JUL-02-1995             JUL-02-1995             JUL-02-1995             JUL-02-1995
<PERIOD-END>                               SEP-30-1995             DEC-30-1995             MAR-30-1996             JUN-29-1996
<CASH>                                             191                     223                     144                     230
<SECURITIES>                                        31                      28                      23                      13
<RECEIVABLES>                                    2,097                   1,983                   2,023                   1,925
<ALLOWANCES>                                       215                     222                     195                     197
<INVENTORY>                                      2,948                   2,865                   2,917                   2,807
<CURRENT-ASSETS>                                 5,287                   5,084                   5,153                   5,081
<PP&E>                                           5,747                   5,723                   5,757                   5,976
<DEPRECIATION>                                   2,809                   2,831                   2,848                   2,969
<TOTAL-ASSETS>                                  12,635                  12,389                  12,548                  12,602
<CURRENT-LIABILITIES>                            4,913                   4,304                   4,593                   4,642
<BONDS>                                          1,873                   2,068                   1,904                   1,842
<PREFERRED-MANDATORY>                                0                       0                       0                       0
<PREFERRED>                                        330                     335                     336                     338
<COMMON>                                           645                     645                     647                     646
<OTHER-SE>                                       3,401                   3,554                   3,597                   3,674
<TOTAL-LIABILITY-AND-EQUITY>                    12,635                  12,389                  12,548                  12,602
<SALES>                                          4,656                   9,554                  13,997                  18,624
<TOTAL-REVENUES>                                 4,656                   9,554                  13,997                  18,624
<CGS>                                            2,931                   5,951                   8,675                  11,470
<TOTAL-COSTS>                                    2,931                   5,951                   8,675                  11,470
<OTHER-EXPENSES>                                     0                       0                       0                       0
<LOSS-PROVISION>                                    45                      77                      97                     147
<INTEREST-EXPENSE>                                  47                      93                     132                     173
<INCOME-PRETAX>                                    282                     711                     995                   1,378
<INCOME-TAX>                                        96                     242                     338                     462
<INCOME-CONTINUING>                                186                     469                     657                     916
<DISCONTINUED>                                       0                       0                       0                       0
<EXTRAORDINARY>                                      0                       0                       0                       0
<CHANGES>                                            0                       0                       0                       0
<NET-INCOME>                                       186                     469                     657                     916
<EPS-PRIMARY>                                     0.37                    0.95                    1.32                    1.85
<EPS-DILUTED>                                     0.36                    0.91                    1.27                    1.78
        

 

EX-27.4

 


<ARTICLE> 5
<LEGEND>
THIS SCHEDULE CONTAINS SUMMARY FINANCIAL INFORMATION EXTRACTED FROM
THE CONSOLIDATED STATEMENT OF INCOME AND CONSOLIDATED BALANCE SHEET
AND IS QUALIFIED IN ITS ENTIRETY BY REFERENCE TO SUCH FINANCIAL STATEMENTS

 
<MULTIPLIER> 1,000,000
       
                             
<PERIOD-TYPE>                   YEAR
<FISCAL-YEAR-END>                          JUL-01-1995
<PERIOD-START>                             JUL-03-1994
<PERIOD-END>                               JUL-01-1995
<CASH>                                             167
<SECURITIES>                                        35
<RECEIVABLES>                                    1,845
<ALLOWANCES>                                       192
<INVENTORY>                                      2,830
<CURRENT-ASSETS>                                 4,928
<PP&E>                                           5,683
<DEPRECIATION>                                   2,719
<TOTAL-ASSETS>                                  12,431
<CURRENT-LIABILITIES>                            4,844
<BONDS>                                          1,817
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                        334
<COMMON>                                           640
<OTHER-SE>                                       3,299
<TOTAL-LIABILITY-AND-EQUITY>                    12,431
<SALES>                                         17,719
<TOTAL-REVENUES>                                17,719
<CGS>                                           11,023
<TOTAL-COSTS>                                   11,023
<OTHER-EXPENSES>                                     0
<LOSS-PROVISION>                                   164
<INTEREST-EXPENSE>                                 185
<INCOME-PRETAX>                                  1,219
<INCOME-TAX>                                       415
<INCOME-CONTINUING>                                804
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                       804
<EPS-PRIMARY>                                     1.63
<EPS-DILUTED>                                     1.57