Exhibit 11



                               THE MAY DEPARTMENT STORES COMPANY
                             COMPUTATION OF NET EARNINGS PER SHARE


                                                                    13 Weeks Ended        
(millions, except per share)                                   May 4,           April 29,
                                                                1996              1995    

                                                                              
Net earnings from continuing operations                     $     97,613      $    87,010 
ESOP Preferred Dividends, net of tax
  benefit on unallocated shares                                   (4,534)          (4,771)
Preferred Dividend requirements                                      (38)             (23)

Net earnings available for
  common shareowners:
     Continuing operations                                        93,041           82,216 
     Discontinued operation                                       11,443           26,530 
Total net earnings available for
  common shareowners                                        $    104,484      $   108,746 

Average common shares outstanding                                  249.4            248.5 

Net earnings per share:                                     
     Continuing operations                                  $       0.37      $      0.33 
     Discontinued operation                                         0.05             0.11 
Total net earnings per share                                $       0.42      $      0.44 

Primary Computation:

Net earnings available from
  continuing operations                                     $     93,041      $    82,216 
Deferred comp. dividend adjustment                                   322              301 

Adjusted net earnings available:
     Continuing operations                                        93,363           82,517 
     Discontinued operation                                       11,443           26,530 
Total adjusted net earnings available                       $    104,806      $   109,047 

Average common shares outstanding                                  249.4            248.5 
Common share equivalents (CSE's)                                     1.4              0.9 

Average common stock and CSE's                                     250.8            249.4 

Primary earnings per share:
     Continuing operations                                  $       0.37      $      0.33 
     Discontinued operation                                         0.05             0.11 
Total Primary Earnings per share                            $       0.42      $      0.44 







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


                                                                    13 Weeks Ended             
(millions, except per share)                                   May 4,           April 29,
                                                                1996              1995    

                                                                          
Fully Diluted Computation:

Adjusted net earnings available
  from continuing operations-PRIMARY                        $     93,363      $    82,517 
Earnings impact of assumed conversion of
  ESOP Preference Shares, net of tax
  benefit on unallocated common shares                             2,896            2,662 

Adjusted net earnings available-FULLY DILUTED:
     Continuing operations                                        96,259           85,179 
     Discontinued operation                                       11,443           26,530 
Total adjusted net earnings
  available-FULLY DILUTED:                                  $    107,702      $   111,709 

Average common shares and CSE's                                    250.8            249.4 
Additional CSE's attributable to treasury
  stock method                                                       0.4                - 
ESOP Preference Shares                                              14.6             15.1 

Average Common Shares Outstanding on
  fully diluted basis                                              265.8            264.5 

Fully Diluted earnings per share:
     Continuing operations                                  $       0.36      $      0.32 
     Discontinued operation                                         0.05             0.10 
Total Fully Diluted Earnings per share                      $       0.41      $      0.42