Exhibit 12
                                         THE MAY DEPARTMENT STORES COMPANY AND SUBSIDIARIES
                                          COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
                                    FOR THE FIVE FISCAL YEARS ENDED FEBRUARY 1, 1997 AND FOR THE
                                          THIRTEEN WEEKS ENDED MAY 3, 1997, AND MAY 4, 1996


                                                          13 Weeks Ended                         Fiscal Year Ended                  
                                                       May 3,       May 4,      Feb. 1,    Feb. 3,   Jan. 28,    Jan. 29,   Jan. 30,
                                                        1997         1996        1997       1996       1995        1994       1993  

                                                                                                        
Earnings Available for Fixed Charges:
Pretax earnings from continuing
   operations                                          $    163     $    164   $  1,232   $  1,160   $  1,079   $    957   $    579 
Fixed charges (excluding interest
   capitalized and pretax preferred
   stock dividend requirements)                              93           81        346        317        293        305        361 
Dividends on ESOP Preference Shares                          (7)          (7)       (26)       (28)       (28)       (28)       (29)
Capitalized interest amortization                             2            2          6          5          4          4          3 
                                                            251          240      1,558      1,454      1,348      1,238        914 

Fixed Charges:
Gross interest expense (a)                             $     91     $     79   $    341   $    316   $    289   $    295   $    338 
Interest factor attributable to
   rent expense                                               6            5         22         20         19         20         24 
Other (b)                                                     -            -          -          -          -          -          5 
                                                             97           84        363        336        308        315        367 

Ratio of Earnings to Fixed Charges                          2.6          2.9        4.3        4.3        4.4        3.9        2.5 


(a)   Represents interest expense on long-term and short-term debt, ESOP debt and amortization of 
      debt discount and debt issue expense.
   
(b)   Represents the company's proportionate share of interest of unconsolidated 50% owned persons and 
      pretax preferred stock dividend requirements.