EXHIBIT 12.1

SARA LEE CORPORATION AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(In millions except ratios)

	Years Ended
	June 28, 2003 (1)		June 29, 2002 (2)
Fixed charges:
Interest expense	$	276	$	304
Interest portion of rental expense		64		60
Total fixed charges before capitalized interest and preference security dividends		340		364
Preference security dividends of consolidated subsidiaries		15		21
Capitalized interest		11		7
Total fixed charges	$	366	$	392
Earnings available for fixed charges:
Income before income taxes continuing operations	$	1,484	$	1,185
Less undistributed income in minority owned companies		10		(3	)
Add minority interest in majority-owned subsidiaries		10		20
Add amortization of capitalized interest		23		24
Add fixed charges before capitalized interest		340		364
Total earnings available for fixed charges	$	1,867	$	1,590
Ratio of earnings to fixed charges		5.1		4.1

(1) During fiscal 2003, the corporation recorded a net pretax charge of $2 in connection with certain exit and disposal activities.

(2) During fiscal 2002, the corporation recorded a pretax charge of $170 in connection with certain Reshaping actions.