EXHIBIT 11
<TABLE>
                        FEDERATED DEPARTMENT STORES, INC.
                                        
               Exhibit of Primary and Fully Diluted Loss Per Share
                      (thousands, except per share figures)
<CAPTION>
                                                   13 Weeks Ended                                     26 Weeks Ended
                                      August  3, 1996        July 29, 1995              August 3, 1996            July 29, 1995
                                 Shares          Loss    Shares         Loss       Shares         Loss      Shares          Loss
<S>                              <C>    <C>   <C>        <C>    <C>   <C>          <C>    <C>   <C>         <C>    <C>   <C>
Net loss and average number of
 shares outstanding              207,663      $(27,193)  182,830      $(66,926)    207,187      $(65,139)   182,754      $(123,925)
Loss per share                          $(.13)                  $(.37)                    $(.31)                   $(.68)

PRIMARY COMPUTATION:
 Average number of common
  share equivalents:
   Shares to be issued to the 
     U.S. Treasury                    40                      81                        40                       81
   Deferred compensation plan        222                     158                       217                      151
   Warrants                        1,846                      86                     1,614                       43
   Stock options                   1,618             -       849             -       1,576             -        613              -
     Adjusted number of common
      and common equivalent
      shares outstanding and
      adjusted net loss          211,389       (27,193)  184,004       (66,926)    210,634       (65,139)   183,642       (123,925)
     Primary loss per share             $(.13)                  $(.36)                    $(.31)                   $(.67)

FULLY DILUTED COMPUTATION:
 Additional adjustments to a 
  fully diluted basis:
   Warrants                                                  663                       113                      663
   Stock options                       1             -       450             -          96             -        450              -
     Adjusted number of shares
      outstanding and net loss
      on a fully diluted basis   211,390      $(27,193)  185,117      $(66,926)    210,843      $(65,139)   184,755      $(123,925)

     Fully diluted loss per 
      share                             $(.13)                  $(.36)                    $(.31)                   $(.67)

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