EXHIBIT 12.1

SARA LEE CORPORATION AND SUBSIDIARIES

COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES

(In millions except ratios)

	Years Ended
	June 29, 2002(1)			June 30, 2001(2)
Fixed charges:
Interest expense	$	304		$	270
Interest portion of rental expense		60			64
Total fixed charges before capitalized interest and preference security dividends of consolidated subsidiaries		364			334
Preference security dividends of consolidated subsidiaries		21			36
Capitalized interest		7			14
Total fixed charges	$	392		$	384
Earnings available for fixed charges:
Income before income taxes continuing operations	$	1,185		$	1,851
Less undistributed income in minority owned companies		(3	)		(2	)
Add minority interest in majority-owned subsidiaries		20			27
Add amortization of capitalized interest		24			24
Add fixed charges before capitalized interest		364			334
Total earnings available for fixed charges	$	1,590		$	2,234
Ratio of earnings to fixed charges		4.1			5.8

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

(2) During fiscal 2001, the corporation recorded a pretax charge of $554 in connection with certain reshaping actions.

During the second quarter of fiscal 2001, the corporation recorded a pretax gain of $105 million in connection with the IPO of its Coach division.

During the fourth quarter of fiscal 2001, the corporation recorded a pretax gain of $862 million in connection with the exchange of its stock for the stock of Coach.