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                                                                      Exhibit 11
                               THE MAY DEPARTMENT STORES COMPANY
                             COMPUTATION OF NET EARNINGS PER SHARE
                       FOR THE THREE FISCAL YEARS ENDED FEBRUARY 1, 1997
                                                                                               
(millions, except per share)                                  1996        1995        1994  

<S>                                                       <C>         <C>         <C> 
Net earnings from continuing operations                   $    749    $    700    $    650  
ESOP Preferred Dividends, net of tax
  benefit on unallocated shares                                (18)        (19)        (19)
Preferred Dividend requirements                                  -           -           -  

Net earnings available for
  common shareowners:
      Continuing operations                                    731         681         631  
      Discontinued operation                                    11          55         132  
      Extraordinary loss                                        (5)         (3)          -  
Total net earnings available for
  common shareowners                                      $    737    $    733    $    763  

Average common shares outstanding                            247.2       248.9       248.4  

Net earnings per share:                                   
      Continuing operations                               $   2.95    $   2.73    $   2.54  
      Discontinued operation                                  0.05        0.22        0.53  
      Extraordinary loss                                     (0.02)      (0.01)          -  
Total net earnings per share                              $   2.98    $   2.94    $   3.07  

Primary Computation:

Net earnings available from
  continuing operations                                   $    731    $    681    $    631  
Deferred comp. dividend adjustment                               1           1           1  

Adjusted net earnings available:
      Continuing operations                                    732         682         632  
      Discontinued operation                                    11          55         132  
      Extraordinary loss                                        (5)         (3)          -  
Total adjusted net earnings available:                    $    738    $    734    $    764  

Average common shares outstanding                            247.2       248.9       248.4  
Common share equivalents (CSE's)                               1.5         1.0         1.2  

Average common stock and CSE's                               248.7       249.9       249.6  

Primary earnings per share:
      Continuing operations                               $   2.94    $   2.73    $   2.53  
      Discontinued operation                                  0.05        0.22        0.53  
      Extraordinary loss                                     (0.02)      (0.01)          -  
Total Primary Earnings per share                          $   2.97    $   2.94    $   3.06  

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                                                                      Exhibit 11
                               THE MAY DEPARTMENT STORES COMPANY
                             COMPUTATION OF NET EARNINGS PER SHARE
                       FOR THE THREE FISCAL YEARS ENDED FEBRUARY 1, 1997
                                                                                               
(millions, except per share)                                  1996        1995        1994  

<S>                                                       <C>         <C>         <C>  
Fully Diluted Computation:

Adjusted net earnings available
  from continuing operations-PRIMARY                      $    732    $    682    $    632  
Earnings impact of assumed conversion of
  ESOP Preference Shares, net of tax
  benefit on unallocated common shares                          12          11          10  

Adjusted net earnings available-FULLY DILUTED:
      Continuing operations                                    744         693         642  
      Discontinued operation                                    11          55         132  
      Extraordinary loss                                        (5)         (3)          -  
Total adjusted net earnings
  available-FULLY DILUTED:                                $    750    $    745    $    774  

Average common shares and CSE's                              248.7       249.9       249.6  
Additional CSE's attributable to treasury
  stock method                                                   -         0.4           -  
ESOP Preference Shares                                        15.4        15.0        15.3  

Average Common Shares Outstanding on
  fully diluted basis                                        264.1       265.3       264.9  

Fully Diluted earnings per share:
      Continuing operations                               $   2.82    $   2.61    $   2.43  
      Discontinued operation                                  0.04        0.21        0.49  
      Extraordinary loss                                     (0.02)      (0.01)          -  
Total Fully Diluted Earnings per share                    $   2.84    $   2.81    $   2.92  
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