QuickLinks -- Click here to rapidly navigate through this document

EXHIBIT 12.2

SARA LEE CORPORATION AND SUBSIDIARIES

Computation of Ratio of Earnings to Fixed Charges

And Preferred Stock Dividend Requirements

(In millions, except ratios)

		Twenty-Six Weeks Ended
		December 30, 2000 (1)			January 1, 2000
Fixed charges and preferred stock dividend requirements:
	Interest expense	$	151		$	114
	Interest portion of rental expense		37			32
	Total fixed charges before capitalized interest and preferred stock dividend requirements		188			146
	Capitalized interest		11			5
	Preferred stock dividend requirements (2)		9			10
	Total fixed charges and preferred stock dividend requirements	$	208		$	161
Earnings available for fixed charges and preferred stock dividend requirements:
	Income from continuing operations before income taxes	$	529		$	835
	Less undistributed income in minority-owned companies		(5	)		(4	)
	Add minority interest in majority-owned subsidiaries		31			17
	Add amortization of capitalized interest		12			9
	Add fixed charges before capitalized interest and preferred stock dividend requirements		188			146
	Total earnings available for fixed charges and preferred stock dividend requirements	$	755		$	1,003
	Ratio of earnings to fixed charges and preferred stock dividend requirements		3.6			6.2

(1)

During the second quarter of fiscal 2001, the Corporation provided a $344 million business reshaping charge for the cost of several actions approved by management that will result in the disposition of selected non-core businesses and the exit of a number of inefficient, high-cost activities.

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

(2)

Preferred stock dividends in the above computation have been increased to an amount representing the pretax earnings that would have been required to cover such dividends.

26

QuickLinks

Computation of Ratio of Earnings to Fixed Charges
And Preferred Stock Dividend Requirements