Sara Lee Corporation Corrects Inaccurate Media Coverage; Refers Shareholders to Corporate Earnings Outlook Provided in Second Quarter Earnings Release and 10-Q Filing

Business Wire, March 4, 2003

Business Editors

CHICAGO--(BUSINESS WIRE)--March 4, 2003

Sara Lee Corporation today advised its shareholders and potential shareholders to refer to the company's second quarter earnings press release, which was issued Jan. 23, 2003, and its second quarter Form 10-Q, which was filed with the Securities and Exchange Commission on Feb. 7, 2003, for guidance regarding expected third quarter results for the entire corporation.

Sara Lee is responding to an inaccurate newspaper story regarding the company's earnings outlook for the third quarter, which ends March 29, 2003. At a quarterly analyst meeting held yesterday, the company provided the investment community with an overview of its $3 billion bakery business, Sara Lee Bakery Group, which represents approximately 17% of Sara Lee Corporation's sales. As stated during that meeting, which was broadcast live via the Internet, and in a press release issued yesterday, the company noted that it is expecting third quarter results for the bakery line of business to be below last year. However, the overall outlook for Sara Lee Corporation's third quarter results is expected to be higher as compared to last year's third quarter, as stated in the company's second quarter earnings announcement.

"I want to assure our shareholders that Sara Lee Corporation did not lower our earnings guidance yesterday," said Theo de Kool, chief financial officer of Sara Lee Corporation. "As it is too early in the quarter to provide an update on our third quarter outlook, we referred analysts and shareholders to our second quarter earnings release and 10-Q filing for guidance regarding our third quarter performance."

For people who would like to listen to the presentation that was given yesterday, it can be found under the "What's New" section of Sara Lee's Web site (www.saralee.com) until 5 p.m. CST on Monday, March 17, 2003.

Sara Lee Corporation (www.saralee.com) is one of the world's leading branded consumer packaged goods companies, selling its products in nearly 200 countries. The company has three global businesses - Food and Beverage, Intimates and Underwear, and Household Products - through which it manufactures and markets products of exceptional quality and value under leading, well-known brand names such as Sara Lee, Earth Grains, Jimmy Dean, Douwe Egberts, Chock full o'Nuts, Hanes, Playtex, Bali, Dim, Kiwi, Ambi-Pur and Sanex.

Forward-looking statements:

This news release contains certain forward-looking statements concerning anticipated third quarter financial results for Sara Lee Corporation and for its bakery business. These forward-looking statements are based on currently available competitive, financial and economic data and management's views and assumptions regarding future events. Such forward-looking statements are inherently uncertain, and investors must recognize that actual results may differ from those expressed or implied in the forward-looking statements. Factors that could cause Sara Lee's actual results to differ materially from such forward-looking statements include the following: (i) significant competitive activity, including advertising, promotional and price competition, and changes in consumer demand for Sara Lee's products; (ii) adverse economic trends, including reduced consumer spending, relating in part to substantial declines in the U.S. equities markets; (iii) Sara Lee's ability to realize the estimated savings and productivity improvements associated with business restructuring initiatives; (iv) fluctuations in the cost and availability of various raw materials and (v) inherent risks in the marketplace associated with new product introductions, including uncertainties about trade and consumer acceptance.

Consequently, the corporation wishes to caution readers not to place undue reliance on any forward-looking statements. We have provided additional information in our Form 10-K for fiscal year 2002 and our Form 10-Q for the second fiscal quarter 2003, which readers are encouraged to review, concerning factors that could cause actual results to differ materially from those in the forward-looking statements. Sara Lee undertakes no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise.