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, 2000

                                       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 10, 2000, was 7,956,722 shares.
<PAGE>
<TABLE>
<CAPTION>


                    SWISS ARMY BRANDS, INC. AND SUBSIDIARIES
                                     INDEX
<S>     <C>                                                          <C>
PART I:  FINANCIAL INFORMATION                                        Page No.

Item 1.     FINANCIAL STATEMENTS

            Consolidated Balance Sheets as of
            March 31, 2000 (unaudited) and December 31, 1999.          3 - 4

            Consolidated Statements of Operations for the
            Three Months Ended March 31, 2000 and 1999 (unaudited).        5

            Consolidated Statements of Stockholders' Equity
            for the Three Months Ended March 31, 2000 and
            1999 (unaudited).                                              6

            Consolidated Statements of Cash Flows for the
            Three Months Ended March 31, 2000 and 1999 (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                                               11

Part II:  OTHER INFORMATION

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

Signatures                                                                  13
</TABLE>

The Exhibit Index Appears on Page 12.

<PAGE>
<TABLE>
<CAPTION>


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

                                                 March 31,        December 31,
                                                   2000               1999
                                                ----------        ------------
                                                (unaudited)
<S>                                             <C>               <C>

Current assets:
   Cash and cash equivalents                     $   995           $   1,302

   Accounts receivable, less
    allowance for doubtful accounts
    of  $1,060 for both periods                   24,776              33,718

   Inventories                                    38,703              30,227

   Deferred income taxes                           2,242               2,235

   Prepaid and other                               4,147               3,058
                                                ---------          ----------
      Total current assets                        70,863              70,540
                                                ---------          ----------
Deferred income taxes                              1,460               1,474

Property, plant and equipment, net                 4,752               4,856

Investments                                        6,204               4,476

Intangible assets, net                            11,246              11,548

Other assets                                      14,748              14,710
                                                ---------          ----------
Total Assets                                    $109,273            $107,604
                                                =========          ==========
</TABLE>



The accompanying notes to consolidated financial statements are an integral part
of these balance sheets.
<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,
                                                   2000               1999
                                                -----------       ------------
                                                (unaudited)
<S>                                              <C>               <C>

Current liabilities:
    Current portion of long-term debt             $  875            $   875

    Accounts payable                              11,690              7,732

    Accrued liabilities                            8,538             10,562
                                                  -------          ---------
                                                  21,103             19,169

Long-term liabilities:
    Long-term debt                                10,388             11,362

    Other                                            792                693
                                                  -------          ---------

    Total Liabilities                             32,283             31,224
                                                  -------          ---------
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 -
      8,866,968 and 8,868,218, respectively          886                886

    Additional paid-in capital                     49,126             49,137

    Accumulated other comprehensive
      income (loss)                                   (85)              (401)

    Retained earnings                              35,852             35,576
                                                  --------           --------
                                                   85,779             85,198

    Less:  Treasury stock; 1,014,108 shares
           for both periods                        (8,711)            (8,711)

           Deferred compensation                      (78)              (107)
                                                  --------           --------
Total stockholders' equity                         76,990             76,380
                                                  --------           --------
Total Liabilities and Stockholders' Equity       $109,273           $107,604
                                                 =========          =========

</TABLE>

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

<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,
                                                     2000            1999
                                                     ----            ----
<S>                                               <C>             <C>

Net sales                                          $25,310         $23,570

Cost of sales                                       15,769          14,621
                                                   -------         -------
Gross profit                                         9,541           8,949

Selling, general and administrative expenses        10,485           9,990
                                                   -------         -------
Operating loss                                        (944)         (1,041)

Investment gain (loss), net                          1,419             420

Interest income (expense), net                        (214)              7

Other income                                           226             -
                                                   -------         --------
Total other income, net                              1,431             427
                                                   -------         --------
Income (loss) before income taxes                      487            (614)

Income tax provision (benefit)                         211            (261)
                                                   -------         --------
Net income (loss)                                     $276           ($353)
                                                   =======         ========

Earnings per share:
    Basic                                            $0.03          ($0.04)
                                                   =======         ========
    Diluted                                          $0.03          ($0.04)
                                                   =======         ========
Weighted average number of
   shares outstanding:
    Basic                                            8,169           7,885
                                                   =======         ========
    Diluted                                          8,217           7,885
                                                   =======         ========

</TABLE>


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

<PAGE>
<TABLE>
<CAPTION>
                    SWISS ARMY BRANDS, INC. AND SUBSIDIARIES
    CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND COMPREHENSIVE INCOME
               FOR THE THREE MONTHS ENDED MARCH 31, 2000 AND 1999
                       (in thousands, except share data)
                                  (unaudited)
                                                      Accumulated
                                       Additional        Other
                     Common Stock        Paid-In      Comprehensive     Retained     Treasury    Comprehensive
                   Par Value    $.10      Capital      Income (Loss)    Earnings      Stock       Income (Loss)
                   -----------------   ----------     --------------    --------     --------    --------------
<S>               <C>          <C>      <C>               <C>           <C>          <C>             <C>

BALANCE
December 31, 1998  8,858,218    $885     $46,472           $177          $35,456     ($8,194)

Net loss for the
three months ended
March 31, 1999         -          -          -               -              (353)        -           ($353)

Change in unrealized
gain on  marketable
securities             -          -          -             (788)              -          -            (788)

Foreign currency
translation
adjustment             -          -          -               55               -          -              55
                                                                                                    --------
Comprehensive
income                                                                                             ($1,086)
                                                                                                    ========
Repurchase of
common stock           -          -          -              -                 -        (448)

Stock options
exercised            10,000        1          53            -                 -          -
                 -----------   ------    --------       ---------        --------   --------
BALANCE
March 31, 1999    8,868,218     $886     $46,525         ($556)          $35,103    ($8,642)
                 ===========   ======    ========       =========        ========   ========


BALANCE
December 31, 1999 8,868,218     $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    8,866,968     $886     $49,126          ($85)          $35,852    ($8,711)
                  ==========   =====     ========         ======         =======     =======
</TABLE>


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

                    SWISS ARMY BRANDS, INC. AND SUBSIDIARIES
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (In thousands)
                                  (unaudited)


                                                           Three Months Ended
                                                                March 31,
                                                           2000           1999
                                                           ----           ----
<S>                                                       <C>           <C>
Cash flows from operating activities:
   Net income (loss)                                       $276         ($353)
   Adjustments to reconcile net income (loss) to net
   cash provided from operating activities:
      Stock compensation expense                             18            18
      Depreciation and amortization                         896           720
      Investment gain (loss), net                        (1,419)         (420)
      Deferred income taxes                                   7           (16)
                                                         -------        -------
                                                           (222)          (51)
Changes in other current assets and liabilities:
   Accounts receivable                                    8,982         8,361
   Inventories                                           (8,456)       (5,910)
   Prepaid and other                                     (1,091)        2,141
   Accounts payable                                       3,928        (1,480)
   Accrued liabilities                                   (1,920)       (1,194)
                                                        --------       -------
      Net cash provided from operating activities         1,221         1,867
                                                        --------       -------
Cash flows from investing activities:
   Capital expenditures                                    (343)         (189)
   Additions to other assets                               (183)         (350)
   Sale of long-term investments                             -          1,972
                                                        --------       -------
      Net cash provided from (used in)
        investing activities                               (526)        1,433
                                                        --------       -------
Cash flows from financing activities:
   Repurchase of common stock                                -           (448)
   Borrowings under bank agreement                       12,380        10,110
   Repayments under bank agreement                      (13,354)       (9,190)
   Proceeds from exercise of stock options                   -             54
                                                        --------       -------
      Net cash provided from (used in)
          financing activities                             (974)          526
                                                        --------       -------
Effect of exchange rate changes on cash                     (28)           34
                                                        --------       -------
Net increase (decrease) in cash and cash equivalents       (307)        3,860
   Cash and cash equivalents, beginning of period          1,302        1,309
                                                        --------       -------
   Cash and cash equivalents, end of period              $   995     $  5,169
                                                        ========       =======

Cash paid during the period:
   Interest                                              $   264     $     27
                                                        ========       =======
   Income taxes                                          $   869     $     -
                                                        ========       =======
</TABLE>


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

<PAGE>

                    SWISS ARMY BRANDS, INC. AND SUBSIDIARIES
                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                            MARCH 31, 2000 and 1999
                                  (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, 1999.  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, 2000    December 31, 1999
                                             --------------    -----------------
                                                    (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)                      1,728                -
        Preferred units of
            Victory Ventures LLC (C)                  851                851
        Common stock of Chaparral Resources,
             Inc.(D)                                   12                 12
                                                   -------            -------
               Total investments                  $ 6,204             $4,476
                                                   =======            =======
</TABLE>

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

     (B) In January 2000, the Company  received 95,707 shares of common stock of
     John Hancock  Financial  Services,  Inc.  ("John  Hancock")  related to the
     demutualization  of John  Hancock.  As a result,  the  Company  recorded an
     investment gain of $1,627,000.  The Company accounts for this investment at
     fair  value,  with  changes  between  cost and fair  value  reflected  as a
     separate component of stockholder's equity.

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

<PAGE>

     (D)Chaparal Resources, Inc. ("Chaparal"),  a publicly traded company, is an
     independent oil and gas exploration  and production  company.  At March 31,
     2000,  the Company  owned 87,634 shares of Chaparal  common  stock.  In the
     three  months  ended  March 31,  2000,  the  Company  recorded  a  $208,000
     write-down of its  investment  in Chaparal due to the other than  temporary
     impairment in the value of the investment.

INCOME TAXES
------------
     Income taxes are provided at the projected  annual  effective tax rate. The
income tax provision  (benefit) for the interim 2000 and 1999 periods exceed the
federal statutory rate of 34% due primarily to state income taxes.






<PAGE>



                    SWISS ARMY BRANDS, INC. AND SUBSIDIARIES
          MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
                           AND RESULTS OF OPERATIONS
                   THREE MONTHS ENDED MARCH 31, 2000 AND 1999
                                  (unaudited)

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

     Net sales for the three  months  ended  March 31,  2000 were $25.3  million
compared  with  $23.6  million  for the same  period  in 1999,  representing  an
increase of $1.7 million or 7.4%.  The sales  increase was due primarily to $1.6
million in sales related to Bear Cutlery,  Inc. ("Bear"),  which was acquired in
April 1999, and an increase in sales of Victorinox  products offset in part by a
decrease in watch sales and a decrease in sales  related to special  promotional
programs with one customer.

     Gross  profit of $9.5  million  for the three  months  ended March 31, 2000
increased $0.6 million or 6.6% from 1999. The gross profit margin percentage for
the of 2000 period of 37.7% was lower than the gross profit margin percentage of
38.0% reported for the same period in 1999, primarily due to unfavorable product
mix. 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 2001. 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, 2000 of $10.5 million were $0.5 million or 5.0% higher than the amount
for the  comparable  period in 1999.  The increase was primarily due to expenses
related  to  Bear.   As  a  percentage  of  net  sales,   selling   general  and
administrative expenses decreased from 42.4% in 1999 to 41.4% in 2000.

     Investment  gain (loss),  net was a gain of $1,419,000  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 Chaparal  Resources,
Inc. The investment  gain in 1999 of $420,000 was due to a sale of the Company's
investment in Iron Mountain, Inc.

     Interest income (expense), net was expense of $214,000 for the three months
ended  March 31,  2000  compared  to income of $7,000 in 1999.  The  change  was
primarily  due to the  interest  expense  incurred  on the debt  related  to the
acquisition of Bear.

     Other income of $226,000  represents royalty income related to the November
1999 introduction of the Victorinox Travel Gear Program.
<PAGE>

     As a result of these  changes,  income  (loss)  before income taxes for the
three  months  ended  March 31,  2000 was  income of  $487,000  versus a loss of
$614,000 for the same period in 1999, a change of $1,101,000.

     Income tax provision  (benefit) was provided at an effective  rate of 43.3%
in 2000 and 42.5% in 1999.

     As a result,  net income  (loss) for the three  months ended March 31, 2000
was income of $276,000  ($0.03 per share - basic and  diluted)  versus a loss of
$353,000  ($0.04 per share - basic and  diluted)  for the same period in 1999, a
change of $629,000.

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

     As of March 31,  2000,  the Company had  working  capital of $49.8  million
compared with $51.4 million as of December 31, 1999, a decrease of $1.6 million.
Significant  uses of working capital  included a $0.2 million  increase in other
assets,  capital expenditures of $0.4 million and repayment of debt. The Company
currently has no material commitments for capital expenditures.

     Cash provided from operating  activities was approximately  $1.2 million in
the three  months  ended  March 31,  2000  compared  with  $1.9  million  in the
comparable period in 1999. The change resulted  primarily from a larger increase
in inventory in 2000  compared to 1999, an increase in prepaid and other in 2000
compared  to a  decrease  in 1999,  offset in part by an  increase  in  accounts
payable in 2000 as compared to a decrease in 1999.

     The Company meets its short-term  liquidity  needs with cash generated from
operations,  and, when  necessary,  bank borrowings  under its revolving  credit
agreement.  As of March 31, 2000,  the Company had  $11,263,000  of  outstanding
borrowings  under its bank  agreement.  The Company has a $23.0  million  credit
facility,  consisting  of a $16.0  million  credit line and a $7.0  million term
loan.  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 in the near-term.











<PAGE>




           QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
           ----------------------------------------------------------
Foreign Exchange Risk

     The  Company  is exposed to 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 deferred and  recognized in
cost of sales when the related inventory is sold. At March 31, 2000, the Company
has  entered  into   foreign   currency   contracts   and  options  to  purchase
approximately  90,975,000  Swiss francs in the years 2000 and 2001 at a weighted
average rate $1.537 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, 2000, 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.
<TABLE>
<CAPTION>

<S>            <C>

PART II.        OTHER INFORMATION

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

*(10.1) Amended and Restated Trademark License Agreement,
        dated  as  of  February  17,  2000,  between  the  Registrant  and   TRG
        Accessories, LLC.

(27)    Financial data schedule


 b.)    There were no reports or exhibits on Form 8-K for the three months ended
        March 31, 2000.


</TABLE>

*  Confidential treatment has been requested for portions of this Exhibit.

<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, 2000
                                            By /s/ Thomas M. Lupinski
                                            -------------------------
                                            Name:  Thomas M. Lupinski
                                            Title: Senior Vice President,
                                            Chief Financial Officer, Secretary
                                            and Treasurer


<PAGE>