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

                                                           13 Weeks Ended        39 Weeks Ended   
                                                         Oct. 29,   Oct. 30,   Oct. 29,   Oct. 30,
(millions, except per share)                               1994       1993       1994       1993  

                                                                               
Net earnings                                             $   139    $   133    $   381    $   346
ESOP Preferred Dividends, net of tax
   benefit on unallocated shares                              (5)        (5)       (14)       (14)  
Dividend requirements on redeemable
   preferred stock                                             -          -          -          -

Net earnings available for 
   common shareowners                                    $   134    $   128    $   367    $   332

Average common shares outstanding                          248.3      248.5      248.4      248.4

Net earnings per share                                   $  0.54    $  0.52    $  1.48    $  1.34

Primary Computation
Net earnings available for 
   common shareowners                                    $   134    $   128    $   367    $   332
Net earnings adjustment for 
   dividend equivalents                                        -          -          1          1

Adjusted net earnings                                    $   134    $   128    $   368    $   333

Average common shares outstanding                          248.3      248.5      248.4      248.4
Common share equivalents under stock 
   option and deferred compensation plans,
   based upon the treasury stock method                      1.3        1.8        1.4        1.5

Average common and common equivalent shares                249.6      250.3      249.8      249.9

Primary earnings per share                               $  0.54    $  0.51    $  1.47    $  1.33

Fully Diluted Computation
Adjusted net earnings                                    $   134    $   128    $   368    $   333
Impact of assumed conversion of
   ESOP Preference Shares                                      3          2          7          7

Adjusted net earnings                                    $   137    $   130    $   375    $   340

Average common and common equivalent shares                249.6      250.3      249.8      249.9
Additional common stock equivalents 
   attributable to application of the 
   treasury stock method                                       -        0.2          -        0.6
Assumed conversion of ESOP 
   Preference Shares                                        15.1       15.4       15.2       15.6

Average common and common equivalent shares,
   assuming full dilution                                  264.7      265.9      265.0      266.1

Fully diluted earnings per share                         $  0.52(A)$   0.49    $  1.41(A)$   1.28

(A)   The fully diluted earnings per share reported on the face of the Condensed
      Consolidated Statement of Earnings was $.51 in order for reported quarterly
      amounts to sum to the reported year-to-date fully diluted earnings per share
      of $1.41.

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