EXHIBIT 11
                        FEDERATED DEPARTMENT STORES, INC.
                                        
         Exhibit of Primary and Fully Diluted Earnings (Loss) Per Share
                      (thousands, except per share figures)
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                                                   13 Weeks Ended                                    26 Weeks Ended
                                      July 29, 1995              July 30, 1994           July 29, 1995             July 30, 1994
                                  Shares         Income      Shares         Income   Shares         Income     Shares  Income
<S>                              <C>     <C>   <C>           <C>      <C>  <C>      <C>      <C>   <C>        <C>       <C> <C>
Net income (loss) and average
    number of shares outstanding 182,830       $ (66,926)    126,578       $ 3,772  182,754        $(123,925) 126,517       $ 35,994
Earnings (loss) per share                $(.37)                       $.03                   $(.68)                     $.28

PRIMARY COMPUTATION:
 Average number of common
  share equivalents:
   Shares to be issued to the U.S.
     Treasury                         81                         122                     81                       122
   Deferred compensation plan        158                          62                    151                        51
   Warrants                           86                           -                     43                         -
   Stock options                     849               -         193             -      613                -      265              -
     Adjusted number of
      common and common
      equivalent shares
      outstanding and adjusted
      net income (loss)          184,004         (66,926)    126,955         3,772  183,642         (123,925) 126,955         35,994
     Primary earnings (loss) per
      share                              $(.36)                       $.03                   $(.67)                     $.28

FULLY DILUTED COMPUTATION:
 Additional adjustments to a fully
  diluted basis:
   Warrants                          663                           -                    663                         -
   Stock options                     450               -           -             -      450                -        1              -
     Adjusted number of shares
      outstanding and net
      income (loss) on a fully
      diluted basis              185,117       $ (66,926)    126,955       $ 3,772  184,755        $(123,925) 126,956       $ 35,994

     Fully diluted earnings (loss)
      per share                          $(.36)                       $.03                   $(.67)                     $.28

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