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 27, 2004 (1)			March 29, 2003 (2)
Fixed charges:
Interest expense	$	195		$	205
Interest portion of rental expense		50			46
Total fixed charges before capitalized interest and preference security dividends of consolidated subsidiaries		245			251
Preference security dividends of consolidated subsidiaries		—			13
Capitalized interest		8			8
Total fixed charges	$	253		$	272
Earnings available for fixed charges:
Income before income taxes	$	1,117		$	1,126
Less undistributed (loss) income in minority-owned companies		(1	)		5
Add minority interest in majority-owned subsidiaries		2			12
Add amortization of capitalized interest		13			17
Add fixed charges before capitalized interest and preference security dividends of consolidated subsidiaries		245			251
Total earnings available for fixed charges	$	1,376		$	1,411
Ratio of earnings to fixed charges		5.4			5.2

(1) During the first nine months of fiscal 2004, the corporation recorded a pretax charge of $11 million in connection with certain exit activities and business dispositions.

(2) During the first nine months of fiscal 2003, the corporation recorded a pretax credit of $13 million in connection with certain exit activities and business dispositions that were completed for amounts more favorable than originally estimated.

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