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                                                                      EXHIBIT 11
                             FILENE'S BASEMENT CORP.
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                                  Computation of Net Income per Common Share

                                            (dollars in thousands)
-------------------------------------------------------------------------------------------------------------
<CAPTION>
                                    Thirty-Nine Weeks  Thirty-Nine Weeks      Quarter           Quarter
                                          Ended             Ended              Ended             Ended
                                     Novemebr 2, 1996  October 28, 1995   Novemebr 2, 1996  October 28, 1995
                                     ----------------  ----------------   ----------------  ----------------
<S>                                    <C>               <C>                <C>               <C>        
The computation of net in-                                                                  
  come available and adjusted                                                               
  shares outstanding follows:                                                               
                                                                                            
     Net income (loss) as                                                                   
       reported .....................  $     5,292       $      (673)       $     3,513       $     1,605
                                       ===========       ===========        ===========       ===========
                                                                                            
Net income (loss) used for                                                                  
  primary and fully diluted                                                                 
  computations ......................  $     5,292       $      (673)       $     3,513       $     1,605
                                       ===========       ===========        ===========       ===========
                                                                                            
Weighted average number                                                                     
  of common shares                                                                          
  outstanding .......................   20,530,131        20,374,477         20,576,153        20,452,459
                                                                                            
Add (where dilutive):                                                                       
     Assumed exercise of those                                                              
       options that are common                                                              
       stock equivalents net of                                                             
       treasury shares deemed to                                                            
       have been repurchased at                                                             
       average market price for                                                             
       the period ...................      205,690                --            453,750           680,046
                                       -----------       -----------        -----------       -----------
                                                                                            
Weighted average number of                                                                  
  common and common equivalent                                                              
  shares outstanding used for                                                               
  primary computations ..............   20,735,821        20,374,477         21,029,903        21,132,505
                                       ===========       ===========        ===========       ===========
                                                                                            
Add: Additional dilution assuming                                                           
  exercise of options net of                                                                
  treasury shares deemed to have                                                            
  been repurchased at the end of                                                            
  the period market price                       --                --                 --                --
                                                                                            
Weighted average number of                                                                  
  common and common equivalent                                                              
  shares outstanding used for fully                                                         
  diluted computations ..............   20,735,821        20,374,477         21,029,903        21,132,505
                                       ===========       ===========        ===========       ===========
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