| **UNITED STATES  SECURITIES AND EXCHANGE COMMISSION  Washington, D.C. 20549****FORM 10-Q**

  (X)**QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE  SECURITIES        EXCHANGE ACT OF 1934**

  For the quarterly period ended April 29, 2001**OR     **

( )**TRANSITION REPORT  PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES        EXCHANGE ACT OF 1934**

  Commission File Number 0-20269**DUCKWALL-ALCO STORES, INC.******(Exact  name of registrant as specified in its charter)

Kansas                                          48-0201080  (State or other jurisdiction of                (I.R.S. Employer  incorporation or organization)                 Identification No.)  401 Cottage Street                                                     Abilene, Kansas                                67410-2832(Address of principal executive offices)      (Zip  Code)             Registrant's telephone number including area code: (785) 263-3350

     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___

APPLICABLE ONLY TO CORPORATE ISSUERS:

   4,149,599 shares of  common stock, $.0001 par value (the issuer's only class of common stock),  were outstanding as of April 29, 2001. |
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