Exhibit 11
                                 THE MAY DEPARTMENT STORES COMPANY
                               COMPUTATION OF NET EARNINGS PER SHARE

                                                                     13 Weeks Ended        
                                                               April 30,           May 1,
                                                                 1994               1993   
(millions, except per share)

                                                                               
Net earnings                                                 $       112        $        96
ESOP Preferred Dividends, net of tax
  benefit on unallocated shares                                       (5)                (4)
Dividend requirements on redeemable
  preferred stock                                                      -                  -

Net earnings available for 
  common shareowners                                         $       107        $        92

Average common shares outstanding                                  248.5              248.2

Net earnings per share                                       $      0.43        $      0.37

Primary Computation

Net earnings available for 
  common shareowners                                         $       107        $        92
Net earnings adjustment for 
  dividend equivalents                                                 -                  -

Adjusted net earnings                                        $       107        $        92

Average common shares outstanding                                  248.5              248.2
Common share equivalents under stock 
  option and deferred compensation plans,
  based upon the treasury stock method                               1.5                1.6

Average common and common equivalent shares                        250.0              249.8

Primary earnings per share                                   $      0.43        $      0.37  

Fully Diluted Computation

Adjusted net earnings                                        $       107        $        92
Impact of assumed conversion of
  ESOP Preference Shares                                               2                  2

Adjusted net earnings                                        $       109        $        94

Average common and common equivalent shares                        250.0              249.8
Additional common stock equivalents 
  attributable to application of the 
  treasury stock method                                                -                  -
Assumed conversion of ESOP 
  Preference Shares                                                 15.3               15.7

Average common and common equivalent shares,
  assuming full dilution                                           265.3              265.5

Fully diluted earnings per share                             $      0.41        $      0.35