SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549
                               -------------------

                                    FORM 10-Q

 [X] QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
                                  ACT OF 1934

                  For the Quarterly Period Ended March 31, 2001

                                       OR

          [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
                         SECURITIES EXCHANGE ACT OF 1934

                        For the transition period from to

                         Commission file number 0-1282-3

                             Swiss Army Brands, Inc.
             (Exact name of registrant as specified in its charter)

                               Delaware 13-2797726
          (State of incorporation) (I.R.S. Employer Identification No.)

                 One Research Drive, Shelton, Connecticut 06484
               (Address of principal executive offices) (Zip Code)

       Registrant's telephone number, including area code: (203) 929-6391

                                 NOT APPLICABLE
              (Former name, former address and former fiscal year,
                         if changed since last report.)

     Indicate  by check mark  whether the  registrant  (1) has filed all reports
required to be filed by Section 13 or 15(d) of the  Securities  Exchange  Act of
1934  during  the  preceding  12 months  (or for such  shorter  period  that the
registrant  was required to file such  reports) and (2) has been subject to such
filing requirements for the past 90 days.
                                                                Yes  X    No
                                                                    ---      ---

     The number of shares of Issuer's Common Stock, $.10 par value,  outstanding
on May 14, 2001, was 8,171,458 shares.


<PAGE>
<TABLE>
<CAPTION>

                    SWISS ARMY BRANDS, INC. AND SUBSIDIARIES
                                      INDEX


PART I:  FINANCIAL INFORMATION                                         Page No.
------------------------------                                         --------
<S>              <C>                                                   <C>

Item 1.           FINANCIAL STATEMENTS

                  Consolidated Balance Sheets as of
                  March 31, 2001 (unaudited) and December 31, 2000.       3 - 4

                  Consolidated Statements of Operations for the
                  Three Months Ended March 31, 2001 and 2000 (unaudited).     5

                  Consolidated Statements of Stockholders' Equity and
                  Comprehensive Income (Loss) for the Three Months
                  Ended March 31, 2001 and 2000 (unaudited).                  6

                  Consolidated Statements of Cash Flows for the
                  Three Months Ended March 31, 2001 and 2000 (unaudited).     7

                  Notes to Consolidated Financial Statements               8 -9

Item 2.           MANAGEMENT'S DISCUSSION AND ANALYSIS
                  OF FINANCIAL CONDITION AND RESULTS OF
                  OPERATIONS                                            10 - 11

Item 3.           QUANTITATIVE AND QUALITATIVE DISCLOSURES
                  ABOUT MARKET RISK                                          12

Part II:  OTHER INFORMATION
---------------------------

Item 6.           EXHIBITS AND REPORTS ON FORM 8-K                           12

Signatures                                                                   13

The Exhibit Index Appears on Page 12.
</TABLE>

<PAGE>
<TABLE>
<CAPTION>


                    SWISS ARMY BRANDS, INC. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                                 (in thousands)
                                     Assets


                                                March 31,          December 31,
                                                  2001                 2000
                                               -----------        -------------
                                               (unaudited)
<S>                                          <C>                    <C>

Current assets:
   Cash and cash equivalents                  $    2,036             $ 5,002

   Accounts receivable, less
    allowance for doubtful accounts
    of  $1,260 for both periods                   19,521              34,173

   Inventories                                    41,570              33,461

   Deferred income taxes                           3,259               1,887

   Prepaid and other                               4,379               4,089
                                               ----------          ----------

      Total current assets                        70,765              78,612
                                               ----------          ----------

Deferred income taxes                                710                 675

Property, plant and equipment, net                 7,032               7,506

Investments                                        8,357               8,274

Intangible assets, net                            12,170              12,595

Other assets                                      16,891              16,787
                                               ----------          ----------

Total Assets                                    $115,925            $124,449
                                               ==========          ==========

















     The accompanying notes to consolidated financial statements are an integral
part of these balance sheets.

</TABLE>

<PAGE>
<TABLE>
<CAPTION>

                    SWISS ARMY BRANDS, INC. AND SUBSIDIARIES
                           CONSOLIDATED BALANCE SHEETS
                        (in thousands, except share data)
                      Liabilities and Stockholders' Equity

                                                March 31,          December 31,
                                                  2001                 2000
                                               -----------         ------------
                                               (unaudited)
<S>                                            <C>                   <C>

 Current liabilities:
    Current portion of long-term debt           $ 1,475               $1,493

    Accounts payable                             11,148               11,057

    Accrued liabilities                           8,880                8,452
                                               ---------             --------
                                                 21,503               21,002

 Long-term liabilities:
     Long-term debt                              11,632               16,038

     Other                                          675                  675
                                               ---------             --------

      Total Liabilities                          33,810               37,715
                                               ---------             --------

 Minority interest                                5,359                6,050

 Commitments and contingencies

 Stockholders' equity:
    Preferred stock, par value $.10 per share:
        shares authorized -2,000,000; no shares
        issued                                      -                    -


    Common stock, par value $.10 per
       share: shares authorized -
       18,000,000; shares issued -
       8,971,080 for both periods                   897                  897

    Additional paid-in capital                   49,005               49,005

    Accumulated other comprehensive income
      (loss)                                       (453)               1,234

    Retained earnings                            35,330               37,589
                                               ----------            ---------
                                                 84,779               88,725


    Less:  Treasury stock; 905,734 shares for
              both periods                       (8,003)              (8,003)

              Deferred compensation                 (20)                 (38)
                                                ---------           ---------

 Total stockholders' equity                      76,756               80,684
                                                ---------           ---------

 Total Liabilities and Stockholders' Equity    $115,925             $124,449
                                                =========           =========



     The accompanying notes to consolidated financial statements are an integral
part of these balance sheets.

</TABLE>

<PAGE>
<TABLE>
<CAPTION>

                    SWISS ARMY BRANDS, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                      (in thousands, except per share data)
                                   (unaudited)

                                                        Three Months Ended
                                                             March 31,
                                                        2001          2000
                                                        ----          ----
 <S>                                                 <C>           <C>

  Net revenues                                        $21,273       $25,540

  Cost of sales                                        13,287        15,816
                                                     ---------     ---------

  Gross profit                                          7,986         9,724

  Selling, general and administrative expenses         11,660        10,442
                                                     ---------     ---------

  Operating loss                                       (3,674)         (718)

  Investment gain (loss), net                             -           1,419

  Interest income (expense) and other, net               (218)         (214)
                                                      ---------      --------

  Total other income (expense), net                      (218)        1,205
                                                      ---------      --------

  Income (loss) before income taxes                    (3,892)          487

  Income tax provision (benefit)                       (1,585)          211

  Minority interest                                       (48)          -
                                                      ---------      --------

  Net income (loss)                                   ($2,259)         $276
                                                      =========      ========

  Earnings per share:
      Basic                                            ($0.27)        $0.03
                                                      =========      ========
      Diluted                                          ($0.27)        $0.03
                                                      =========      ========

  Weighted average number of
     shares outstanding:
      Basic                                             8,278         8,169
                                                      =========      ========
      Diluted                                           8,278         8,217
                                                      =========      ========











     The accompanying notes to consolidated financial statements are an integral
part of these statements.
</TABLE>


<PAGE>
<TABLE>
<CAPTION>
                    SWISS ARMY BRANDS, INC. AND SUBSIDIARIES
 CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND COMPREHENSIVE INCOME (LOSS)
               FOR THE THREE MONTHS ENDED MARCH 31, 2001 AND 2000
                        (in thousands, except share data)
                                   (unaudited)

                                                                          Accumulated
                                      Common Stock         Additional        Other
                                      Par Value  $.10        Paid-In     Comprehensive      Retained     Treasury    Comprehensive
                                    Shares       Amount      Capital      Income (Loss)     Earnings       Stock     Income (Loss)
                                    ------       ------    ----------    --------------     ---------    ---------   -------------
<S>                             <C>              <C>        <C>              <C>            <C>           <C>          <C>

BALANCE
December 31, 1999                8,866,218       $886       $49,137          ($401)          $35,576      ($8,711)
Net income for the
three months ended
   March 31, 2000                    -            -             -              -                 276          -         $276

Change in unrealized
gain on  marketable
   securities                        -            -             -              101               -            -          101

Reclassification
   adjustment for loss
   included in net income            -            -             -              208               -            -          208

Foreign currency
   translation adjustment            -            -             -                7               -            -            7
                                                                                                                        -----
Comprehensive
   income                                                                                                               $592
                                                                                                                        ======

Cancellation  of
   stock grant                      (1,250)       -             (11)           -                 -            -
                                -----------   --------      ---------       -------        ----------      --------


BALANCE
March 31, 2000                   8,864,968       $886       $49,126           ($85)          $35,852      ($8,711)
                                ===========   ========      =========       =======        ==========      ========

BALANCE
December 31, 2000                8,971,080       $897       $49,005         $1,234           $37,589      ($8,003)
Net loss for the three
   months ended
   March 31, 2001                    -            -             -              -              (2,259)         -       ($2,259)

Fair value adjustment for
   derivatives for the
   three months ended
   March 31, 2001, net
   of tax                            -            -             -           (1,315)              -            -        (1,315)

Change in unrealized
   gain on  marketable
   securities                        -            -             -               83               -            -            83

Foreign currency
   translation adjustment            -            -             -              (40)              -            -           (40)

Cumulative effect transition
   adjustment for derivatives,
   net of tax                        -            -             -             (415)              -            -          (415)
                                                                                                                      ---------
Comprehensive loss                                                                                                    ($3,946)
                                                                                                                      =========
                                ----------    -------     ----------       --------         ----------    ---------
BALANCE
March 31, 2001                   8,971,080       $897       $49,005          ($453)          $35,330      ($8,003)
                                 =========    =======     ==========       ========         ==========    =========

     The accompanying notes to consolidated financial statements are an integral
part of these statements.
</TABLE>

<PAGE>
<TABLE>
<CAPTION>

                    SWISS ARMY BRANDS, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (In thousands)
                                   (unaudited)
                                                             Three Months Ended
                                                                 March 31,
                                                            2000          2001
                                                            --------------------
<S>                                                      <C>            <C>
 Cash flows from operating activities:
    Net income (loss)                                    ($2,259)        $  276
    Adjustments to reconcile net income (loss) to net
    cash provided from operating activities:
       Stock compensation expense                             18             18
       Minority interest                                     (48)             -
       Depreciation and amortization                       1,159            896
       Investment (gain) loss, net                           -           (1,419)
       Deferred income taxes                                  10              7
                                                         ---------      --------
                                                          (1,120)          (222)

 Changes in other current assets and liabilities:
    Accounts receivable                                   16,722          8,982
    Inventories                                           (8,084)        (8,456)
    Prepaid and other                                       (325)        (1,091)
    Accounts payable                                      (1,978)          3,928
    Accrued liabilities                                   (2,623)        (1,920)
                                                         ---------      --------
       Net cash provided from operating  activities        2,592          1,221
                                                         ---------      --------

 Cash flows from investing activities:
    Capital expenditures                                    (387)          (343)
    Additions to other assets                               (241)          (183)
                                                         ---------      --------
       Net cash used in investing activities                (628)          (526)
                                                         ---------      --------

 Cash flows from financing activities:
    Borrowings under bank agreement                       11,830         12,380
    Repayments under bank agreement                      (16,058)       (13,354)
                                                         ---------      --------
       Net cash used in financing activities              (4,228)          (974)
                                                         ---------      --------

 Effect of exchange rate changes on cash                    (702)           (28)
                                                         ---------      --------

 Net increase (decrease) in cash and cash equivalents     (2,966)          (307)
    Cash and cash equivalents, beginning of period         5,002          1,302
                                                         ---------      --------
    Cash and cash equivalents, end of period              $2,036          $ 995
                                                         =========      ========

 Cash paid during the period:
    Interest                                              $  248          $ 264
                                                         =========      ========
    Income taxes                                          $  187          $ 869
                                                         =========      ========


     The accompanying notes to consolidated financial statements are an integral
part of these statements.
</TABLE>

<PAGE>




                    SWISS ARMY BRANDS, INC. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                             MARCH 31, 2001 and 2000
                                   (unaudited)


CONSOLIDATED FINANCIAL STATEMENTS
---------------------------------
     The consolidated  financial statements included in this Form 10-Q have been
prepared by Swiss Army Brands,  Inc.  ("Swiss  Army" or the  "Company")  without
audit.  Certain  information  and  disclosures  normally  included in  financial
statements prepared in accordance with generally accepted accounting  principles
have been  condensed  or omitted  pursuant to the rules and  regulations  of the
Securities  and Exchange  Commission.  It is suggested  that these  consolidated
financial  statements be read in  conjunction  with the  consolidated  financial
statements  and notes thereto  included in the  Company's  Annual Report on Form
10-K for the year ended  December 31, 2000.  In the opinion of management of the
Company,   the  interim  financial   statements   included  herein  reflect  all
adjustments,  consisting only of normal recurring  adjustments,  necessary for a
fair  presentation  of the financial  position,  results of operations  and cash
flows for the interim periods presented. The preparation of financial statements
in conformity with generally accepted accounting  principles requires management
to make estimates and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial  statements and the reported amounts of
revenues and expenses during the reporting  period.  Actual results could differ
from those estimates.  Due to the seasonal nature of the Company's business, the
results of operations  for the interim  periods  presented  are not  necessarily
indicative of the operating results for the full year.

INVENTORIES
-----------
     Domestic  inventories  are stated at the lower of cost  (determined  by the
last-in,  first-out (LIFO) method) or market.  Foreign inventories are valued at
the  lower  of  cost  or  market  determined  by the  FIFO  method.  Inventories
principally consist of finished goods.

INVESTMENTS
-----------
<TABLE>
<CAPTION>

       Investments consist of the following:
                                             March 31, 2001    December 31, 2000
                                             --------------    -----------------
                                                      (in thousands)
      <S>                                        <C>                <C>

       Preferred units of Highgate
           Capital LLC (A)                        $3,613             $3,613
       Common stock of John Hancock Financial
            Services, Inc. (B)                     3,881              3,798
       Preferred units of
           Victory Ventures LLC (C)                  851                851
       Common stock of Chaparral Resources,
           Inc.(D)                                    12                 12
                                                  --------           --------
       Total investments                          $8,357             $8,274
                                                  ========           ========
</TABLE>

(A) Highgate Capital LLC, is a private equity firm specializing in middle market
acquisitions, re-capitalization and expansion capital investments.

(B) John Hancock Financial  Services,  Inc. a publicly traded company, is a life
insurance company.  The Company accounts for this investment at fair value, with
changes  between  cost and fair  value  reflected  as a  separate  component  of
stockholders' equity.

(C) Victory Ventures LLC is a private equity firm  specializing in small venture
capital investments.


<PAGE>


(D) Chaparral Resources,  Inc., a publicly traded company, is an independent oil
and gas exploration and production company.


INCOME TAXES
------------
     Income taxes are provided at the projected  annual  effective tax rate. The
income tax provision  (benefit) for the interim 2001 and 2000 periods exceed the
federal statutory rate of 34% due primarily to state income taxes.

ACCOUNTING FOR DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES
------------------------------------------------------------
     Effective  January 1, 2001,  the Company  adopted  Statement  of  Financial
Accounting   Standard  No.  133  (  "SFAS  133"),   "Accounting  for  Derivative
Instruments  and Hedging  Activities" (as amended by SFAS No. 138). SFAS No. 133
establishes  new accounting and reporting  standards for derivatives and hedging
activities,  which requires that all  derivative  instruments be reported on the
balance  sheet at fair  value  and  establishes  criteria  for  designation  and
effectiveness of transactions entered into for hedging purposes. The adoption of
SFAS No. 133 did not result in a cumulative  effect adjustment being recorded to
net  income  for the  change in  accounting.  However,  the  Company  recorded a
cumulative effective transition adjustment charge of approximately $415,000 (net
of tax) in accumulated other comprehensive loss in the first quarter of 2001.

     The Company is exposed to foreign  currency  risks relating to purchases of
inventories  as part of its  ongoing  business  operations  and uses  derivative
financial  instruments,  where  appropriate,  to manage these risks. In general,
instruments  used as hedges must be effective  at reducing  the risk  associated
with  the  exposure  being  hedged  and  must be  designated  as a hedge  at the
inception of the contract.  At the  inception of the  contract,  the Company has
designated its use of derivatives for foreign currency  forecasted  transactions
as cash flow hedges.  At such time that  inventory is received,  the position is
re-designated  from a cash flow hedge to a fair value hedge. Gains and losses on
derivatives  qualifying as cash flow hedges are recorded in other  comprehensive
income to the extent that hedges are effective until the underlying transactions
are recognized in earnings. Gains and losses from fair value hedges are included
in  earnings.  It is expected  that  approximately  $1.2 million (net of tax) of
unrealized losses included in other comprehensive income at March 31, 2001, will
be reclassified into earnings in the next twelve months.  The Company hedges its
exposure to variability in future cash flows for forcasted  transactions up to a
maximum of 24 months.  Net losses included in  comprehensive  income as of March
31, 2001,  including the transition  adjustment,  were approximately  $1,730,000
(net of tax).  Gains and losses  related to the  ineffective  portion of hedging
instruments,  which are  included in net income,  and gains and losses from fair
value hedges, were insignificant during the first quarter of 2001.








<PAGE>


                    SWISS ARMY BRANDS, INC. AND SUBSIDIARIES
           MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                            AND RESULTS OF OPERATIONS
                   THREE MONTHS ENDED MARCH 31, 2001 AND 2000
                                   (unaudited)


                              RESULTS OF OPERATIONS
                              ---------------------

Comparison of the Three Months Ended March 31, 2001 and 2000
------------------------------------------------------------
<TABLE>
<CAPTION>

       Net revenues consist of the following:
                                                        2001              2000
                                                        ----              ----
                       <S>                           <C>               <C>

                        Product sales, net            $20,716           $25,310
                        Royalty income                    557               230
                                                      -------           --------
                                                      $21,273           $25,540
                                                      =======           ========
</TABLE>

     Product  sales for the three months ended March 31, 2001 were $20.7 million
compared with $25.3 million for the same period in 2000, representing a decrease
of $4.6 million or 22.2%.  The sales decrease was primarily due to a decrease in
watch and knife sales, offset in part by an increase in sales related to Xantia,
S.A.  ("Xantia") of approximately $1.0 million,  in which the company acquired a
controlling  interest in July,  2000.  Royalty  income  relates to the licensing
program of Victorinox(R) Travel Gear, which was introduced in the fourth quarter
of 1999.

     Gross  profit of $8.0  million  for the three  months  ended March 31, 2001
decreased  $1.7 million or 17.9% from 2000.  The gross profit margin  percentage
for the 2001 period of 37.5.% was lower than the gross profit margin  percentage
of 38.1%  reported for the same period in 2000,  primarily  due to a decrease in
watch sales and charges  related to discontinued  products, offset in part by an
increase in royalty income,  which has a higher gross margin than product sales,
and favorable exchange rates. The Company's gross profit margin is a function of
both  product  mix and Swiss franc  exchange  rates.  Since the Company  imports
virtually all of its products from  Switzerland,  its costs are affected by both
the spot rate of  exchange  and by its foreign  currency  hedging  program.  The
Company enters into foreign currency contracts and options to hedge the exposure
associated with foreign  currency  fluctuations.  Based upon current Swiss franc
requirements,  the Company  believes it is hedged  through the second quarter of
2002.  However,  such hedging  activity cannot  eliminate the long-term  adverse
impact on the  Company's  competitive  position and results of  operations  that
would  result  from a sustained  decrease in the value of the dollar  versus the
Swiss  franc.  These  hedging  transactions,  which are meant to reduce  foreign
currency risk,  also reduce the beneficial  effects to the Company if the dollar
increases  relative to the Swiss franc.  The Company plans to continue to engage
in hedging transactions;  however, the extent to which such hedging transactions
will reduce the effect of adverse currency fluctuations is uncertain.

     Selling,  general and  administrative  expenses  for the three months ended
March 31,  2001 of $11.7  million  were $1.2  million or 11.7%  higher  than the
amount for the  comparable  period in 2000.  The increase was  primarily  due to
special  charges of $0.8 million  related to personnel  costs  related to senior
management  realignments  and asset  write-downs,  and $0.5  million of expenses
related to Xantia.
<PAGE>

     Investment  gain (loss),  net was $0 in 2001,  and a gain of  $1,419,000 in
2000 due to a  $1,627,000  gain from the common  stock  received  related to the
demutualization  of John Hancock  Financial  Services,  Inc. offset in part by a
$208,000 loss related to the write-down of the Company's common stock investment
in Chaparral Resources, Inc.

     Interest  income  (expense) and other,  net was expense of $218,000 for the
three months ended March 31, 2001  compared to $214,000 in 2000.  The change was
primarily  due to the  interest  expense  incurred  on the debt  related  to the
acquisition of Xantia,  offset in part by a decrease in the Company's  effective
interest  rate  and  reduced  borrowings  under  the  Company's  line of  credit
agreement.

     As a result of these  changes,  income  (loss)  before income taxes for the
three  months  ended March 31, 2001 was a loss of  $3,892,000  versus  income of
$487,000 for the same period in 2000, a change of $4,379,000.

     Minority  interest  was  income of  $48,000  in 2001 and $0 in 2000 and was
related to the Company's acquisition of a controlling interest in Xantia in July
2000.

     Income tax provision  (benefit) was provided at an effective  rate of 40.7%
in 2001 and 43.3% in 2000.

     As a result,  net income  (loss) for the three  months ended March 31, 2001
was a loss of $2,259,000  ($0.27 per share - basic and diluted) versus income of
$276,000  ($0.03 per share - basic and  diluted)  for the same period in 2000, a
change of $2,535,000.

                         LIQUIDITY AND CAPITAL RESOURCES
                         -------------------------------

     As of March 31,  2001,  the Company had  working  capital of $49.3  million
compared with $57.6 million as of December 31, 2000, a decrease of $8.3 million.
Significant  uses of working capital  included a $0.2 million  increase in other
assets,  capital  expenditures of $0.4 million and net repayment of debt of $4.2
million.   The  Company  currently  has  no  material  commitments  for  capital
expenditures.

     Cash provided from operating  activities was approximately  $2.6 million in
the three  months  ended  March 31,  2001  compared  with  $1.2  million  in the
comparable period in 2001. The change resulted  primarily from a larger decrease
in accounts  receivable in 2001 as compared to 2000 offset in part by a decrease
in accounts payable in 2001 as compared to an increase in 2000.

     The Company meets its liquidity needs with cash generated from  operations,
and, when necessary,  bank borrowings under its line of credit.  As of March 31,
2001,  the Company had $2,430,000 of  outstanding  borrowings  under its line of
credit.  Also, the Company has  approximately  $10,677,000  of outstanding  term
loans and debt related to  acquisitions.  The Company has a $16.0 million credit
line of which  $13,570,000  is  available  for  borrowings.  The credit line was
renewed in May 2001 under similar  terms and  conditions as the existing line of
credit and is due to expire in June 2003. The Company's  short-term liquidity is
affected by seasonal changes in inventory levels,  payment terms and seasonality
of sales.  The Company  believes  its  current  liquidity  levels and  financial
resources  will be sufficient to meet its operating  needs at least for the next
twelve months.


<PAGE>







           QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
           ----------------------------------------------------------

Foreign Exchange Risk

     The Company is exposed to  significant  market risk from changes in foreign
exchange  rates  as  the  Company  imports   virtually  all  its  products  from
Switzerland.  To minimize the risks associated with fluctuations in the value of
the Swiss franc versus the U.S. dollar, the Company enters into foreign currency
contracts  and  options.  Pursuant  to  guidelines  approved  by  its  Board  of
Directors,  the  Company  is to  engage  in these  activities  only as a hedging
mechanism  against foreign exchange rate  fluctuations  associated with specific
inventory  purchase  commitments to protect gross margin and is not to engage in
speculative  trading.  Gains  or  losses  on these  contracts  and  options  are
accounted for under the provisions of SFAS No. 133, and are generally recognized
when the related  inventory is sold. At March 31, 2001,  the Company has entered
into foreign currency contracts and options to purchase approximately 74,500,000
Swiss  francs in the years  2001 and 2002 at a weighted  average  rate of $1.636
Swiss  franc/dollar.  The Company's  ultimate  unrealized  gain or loss on these
contracts and options will  primarily  depend on the currency  exchange rates in
effect at the time the  contracts  and options  mature.  At March 31, 2001,  the
Company  has  reviewed  its  foreign  exchange  risks and based upon its foreign
currency  hedging  program  and  review  of  its  outstanding  foreign  exchange
contracts, it believes that a near-term increase in the value of the Swiss franc
versus the U.S. dollar would not have a material effect on the Company's results
of operations or financial condition.



PART II.        OTHER INFORMATION

Item 6.                 Exhibits and Reports on Form 8-K
                        --------------------------------

     a.) Exhibits

          (11)  Statement  regarding  computation  of per share  earnings is not
          required  because the relevant  computation can be clearly  determined
          from the  material  contained  in the  Financial  Statements  included
          herein.

     b.) The Company  filed a report on Form 8-K on March 19,  2001,  related to
     changes in its executive management.

 .


<PAGE>




     Pursuant to the  requirements  to the Securities  Exchange Act of 1934, the
Registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned thereunto duly authorized.

                                                         Swiss Army Brands, Inc.
                                                         (Registrant)

Date:  May 15, 2001
                                              By /s/ Thomas M. Lupinski
                                              Name:  Thomas M. Lupinski
                                              Title: Senior Vice President,
                                              Chief Financial Officer, Secretary
                                              and Treasurer