EXHIBIT 11
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                     FEDERATED DEPARTMENT STORES, INC.
            EXHIBIT OF PRIMARY AND FULLY DILUTED LOSS PER SHARE
                    (thousands, except per share data)



<CAPTION>
                                                          13 Weeks Ended
                                           May 4, 1996                          April  29, 1995
                                  Shares                Loss                Shares               Loss
<S>                               <C>      <C>      <C>                     <C>      <C>      <C>
Net loss and average number of
shares outstanding                206,710           $ (37,946)              182,682           $ (56,999)
Loss per share                             $  (.18)                                  $  (.31)

PRIMARY COMPUTATION:
 Average number of common share
   equivalents:
   Shares to be issued to the 
      U.S. Treasury                    40                                        81
   Deferred compensation plan         212                                       143
   Warrants                         1,382                                         -
      Stock options                 1,533                                       377


    Adjusted number of common
     and common equivalent
     shares outstanding and
        adjusted net loss         209,877             (37,946)              183,283           $ (56,999)
    Primary loss per share                 $  (.18)                                  $  (.31)
FULLY DILUTED COMPUTATION:
 Additional adjustments to a 
   fully diluted basis:
   Warrants                           226                                         -
    Stock options                     191                                         1

    Adjusted number of shares
     outstanding and net loss
     on a fully diluted basis     210,294           $ (37,946)              183,284           $ (56,999)

    Fully diluted loss per share           $  (.18)                                  $  (.31)

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