EXHIBIT 11
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                        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                                   39 Weeks Ended
                                       October 28, 1995       October 29, 1994        October 28, 1995        October 29, 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    197,017      $ (46,395)   126,600     $ 44,343    187,508      $(170,320)   126,545     $  80,337
Earnings (loss) per share                $(.24)                     $.35                   $(.91)                     $.63

PRIMARY COMPUTATION:
 Average number of common
  share equivalents:
   Shares to be issued to the U.S.
     Treasury                          81                       122                      81                       122        
   Deferred compensation plan         164                        85                     155                        62
   Warrants                           798                         -                     295                         -
   Stock options                    1,294              -        217            -        840              -        249             -
     Adjusted number of common                                                                                                    
      and common equivalent
      shares outstanding and
      adjusted net income (loss)  199,354        (46,395)   127,024       44,343    188,879       (170,320)   126,978        80,337
     Primary earnings (loss) per
      share                              $(.23)                     $.35                   $(.90)                     $.63

FULLY DILUTED COMPUTATION:
 Additional adjustments to a fully
  diluted basis:
   Convertible notes                    -              -      8,564        2,651          -              -          -             -
   Warrants                             -              -          -            -        221              -          -             -
   Stock options                        -              -          -            -        150              -          -             -
     Adjusted number of shares
      outstanding and net income
      (loss) on a fully diluted
      basis                       199,354      $ (46,395)   135,588     $ 46,994    189,250      $(170,320)   126,978      $ 80,337

     Fully diluted earnings (loss)
      per share                          $(.23)                     $.35                   $(.90)                     $.63
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