<PAGE>   1

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                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                   FORM 10-Q

(Mark One)

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

For quarterly period ended August 4, 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: 0-02788

                         THE ELDER-BEERMAN STORES CORP.
             (Exact name of registrant as specified in its charter)

<Table>
<S>                             <C>
             OHIO                   31-0271980
 (State or other jurisdiction    (I.R.S. employer
      of incorporation or       identification no.)
         organization)
3155 EL-BEE ROAD, DAYTON, OHIO         45439
    (Address of principal           (Zip Code)
       executive offices)
</Table>

                                 (937) 296-2700
              (Registrant's telephone number, including area code)

                                 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 [ ]

                     APPLICABLE ONLY TO CORPORATE ISSUERS:

     Indicate the number of shares outstanding of the issuer's classes of common
stock, as of the latest practicable date.

     As of September 10, 2001, 11,416,515 shares of the issuer's common stock,
without par value, were outstanding.

--------------------------------------------------------------------------------
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<PAGE>   2

                         THE ELDER-BEERMAN STORES CORP.

                                     INDEX

<Table>
<Caption>
                                                                         PAGE
                                                                         ----
<S>        <C>                                                           <C>
PART I     FINANCIAL INFORMATION
ITEM 1.    Financial Statements
           Condensed Consolidated Balance Sheets as of August 4, 2001
           (Unaudited) and as of February 3, 2001......................    1
           Condensed Consolidated Statements of Operations for the 13
           weeks ended August 4, 2001 and July 29, 2000 (Unaudited)....    2
           Condensed Consolidated Statements of Operations for the 26
           weeks ended August 4, 2001 and July 29, 2000 (Unaudited)....    3
           Condensed Consolidated Statements of Cash Flows for the 26
           weeks ended August 4, 2001 and July 29, 2000 (Unaudited)....    4
           Notes to Condensed Consolidated Financial Statements
           (Unaudited).................................................    5
ITEM 2.    Management's Discussion and Analysis of Consolidated
           Financial Condition and Results of Operations...............    8
ITEM 3.    Quantitative and Qualitative Disclosures About Market
           Risk........................................................   10
PART II.   OTHER INFORMATION
ITEM 1.    Legal Proceedings...........................................   11
ITEM 2.    Changes in Securities and Use of Proceeds...................   11
ITEM 3.    Defaults Upon Senior Securities.............................   11
ITEM 4.    Submission of Matters to a Vote of Security Holders.........   11
ITEM 5.    Other Information...........................................   11
ITEM 6.    Exhibits and Reports on Form 8-K............................   11
SIGNATURES.............................................................   13
EXHIBIT INDEX..........................................................   14
</Table>
<PAGE>   3

                        PART I. -- FINANCIAL INFORMATION

ITEM 1.  FINANCIAL STATEMENTS.

                THE ELDER-BEERMAN STORES CORP. AND SUBSIDIARIES
                     CONDENSED CONSOLIDATED BALANCE SHEETS
                             (DOLLARS IN THOUSANDS)

<Table>
<Caption>
                                                              (UNAUDITED)
                                                              AUG. 4, 2001    FEB. 3, 2001
                                                              ------------    ------------
<S>                                                           <C>             <C>
ASSETS
Current assets:
  Cash and equivalents......................................    $  6,213        $  7,878
  Customer accounts receivable (less allowance for doubtful
     accounts: August 4, 2001 -- $1,436; February 3,
     2001 -- $2,478)........................................     122,321         135,794
  Merchandise inventories...................................     172,303         154,153
  Other current assets......................................      24,900          23,170
                                                                --------        --------
          Total current assets..............................     325,737         320,995
Property, fixtures and equipment, less accumulated
  depreciation and amortization.............................      92,540          86,450
Other Assets................................................      51,337          47,872
                                                                --------        --------
          Total assets......................................    $469,614        $455,317
                                                                ========        ========
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
  Current portion of long-term obligations..................    $  3,880        $  1,509
  Accounts payable..........................................      54,673          33,236
  Other accrued liabilities.................................      21,085          25,086
                                                                --------        --------
          Total current liabilities.........................      79,638          59,831
Long-term obligations, less current portion.................     162,259         165,632
Deferred items..............................................      12,227           7,873
Shareholders' equity:
  Common stock, no par, 11,416,515 shares on August 4, 2001
     and 11,451,953 shares on February 3, 2001 issued and
     outstanding............................................     241,882         242,049
  Unearned compensation -- restricted stock, net............        (271)           (455)
  Deficit...................................................     (22,733)        (18,950)
  Other comprehensive loss..................................      (3,388)           (663)
                                                                --------        --------
          Total shareholders' equity........................     215,490         221,981
                                                                --------        --------
          Total liabilities and shareholders' equity........    $469,614        $455,317
                                                                ========        ========
</Table>

See notes to condensed consolidated financial statements

                                        1
<PAGE>   4

                THE ELDER-BEERMAN STORES CORP. AND SUBSIDIARIES
                CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                (DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
                                  (UNAUDITED)

<Table>
<Caption>
                                                              13-WEEKS ENDED    13-WEEKS ENDED
                                                               AUG. 4, 2001     JULY 29, 2000
                                                              --------------    --------------
<S>                                                           <C>               <C>
Revenues:
  Net sales.................................................   $   130,468       $   131,358
  Financing.................................................         6,605             6,696
  Other.....................................................           679               676
                                                               -----------       -----------
          Total revenues....................................       137,752           138,730
                                                               -----------       -----------
Costs and expenses:
  Cost of merchandise sold, occupancy, and buying
     expenses...............................................        94,333            92,468
  Selling, general, administrative, and other expenses......        40,825            45,935
  Depreciation and amortization.............................         4,692             3,675
  Interest expense..........................................         3,482             2,859
                                                               -----------       -----------
          Total costs and expenses..........................       143,332           144,937
                                                               -----------       -----------
Loss before income tax benefit..............................        (5,580)           (6,207)
Income tax benefit..........................................        (2,009)           (2,234)
                                                               -----------       -----------
Net loss....................................................   $    (3,571)      $    (3,973)
                                                               ===========       ===========
Loss per common share -- basic and diluted..................   $     (0.32)      $     (0.27)
Weighted average number of shares outstanding...............    11,314,970        14,657,223
</Table>

See notes to condensed consolidated financial statements

                                        2
<PAGE>   5

                THE ELDER-BEERMAN STORES CORP. AND SUBSIDIARIES
                CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                (DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
                                  (UNAUDITED)

<Table>
<Caption>
                                                              26-WEEKS ENDED    26-WEEKS ENDED
                                                               AUG. 4, 2001     JULY 29, 2000
                                                              --------------    --------------
<S>                                                           <C>               <C>
Revenues:
  Net sales.................................................   $   269,962       $   272,940
  Financing.................................................        13,754            13,466
  Other.....................................................         1,383             1,429
                                                               -----------       -----------
          Total revenues....................................       285,099           287,835
                                                               -----------       -----------
Costs and expenses:
  Cost of merchandise sold, occupancy, and buying
     expenses...............................................       193,438           193,926
  Selling, general, administrative, and other expenses......        81,368            92,017
  Depreciation and amortization.............................         9,385             7,380
  Interest expense..........................................         6,819             5,518
                                                               -----------       -----------
          Total costs and expenses..........................       291,010           298,841
                                                               -----------       -----------
Loss before income tax benefit..............................        (5,911)          (11,006)
Income tax benefit..........................................        (2,128)           (3,962)
                                                               -----------       -----------
Net loss....................................................   $    (3,783)      $    (7,044)
                                                               ===========       ===========
Loss per common share -- basic and diluted..................   $     (0.33)      $     (0.48)
Weighted average number of shares outstanding...............    11,314,911        14,655,579
</Table>

See notes to condensed consolidated financial statements

                                        3
<PAGE>   6

                THE ELDER-BEERMAN STORES CORP. AND SUBSIDIARIES
                CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                             (DOLLARS IN THOUSANDS)
                                  (UNAUDITED)

<Table>
<Caption>
                                                              26-WEEKS ENDED    26-WEEKS ENDED
                                                               AUG. 4, 2001     JULY 29, 2000
                                                              --------------    --------------
<S>                                                           <C>               <C>
Cash flows from operating activities:
  Net loss..................................................     $ (3,783)         $ (7,044)
  Adjustments to reconcile net loss to net cash provided by
     (used in) operating activities:
     Depreciation and amortization..........................        9,385             7,380
     Asset impairment.......................................           --               504
     Changes in assets and liabilities......................        8,388            (3,496)
                                                                 --------          --------
          Net cash provided by (used in) operating
            activities......................................       13,990            (2,656)
Cash flows from investing activities:
  Capital expenditures, net.................................       (8,146)           (6,486)
                                                                 --------          --------
          Net cash used in investing activities.............       (8,146)           (6,486)
Cash flows from financing activities:
  Net payments under asset securitization agreement.........      (11,680)          (31,062)
  Net borrowings under revolving lines of credit............        5,702            42,232
  Payments on long-term obligations.........................       (1,469)             (695)
  Other.....................................................          (62)           (2,017)
                                                                 --------          --------
          Net cash provided by (used in) financing
            activities......................................       (7,509)            8,458
                                                                 --------          --------
Decrease in cash and equivalents............................       (1,665)             (684)
Cash and equivalents -- beginning of period.................        7,878             8,276
                                                                 --------          --------
Cash and equivalents -- end of period.......................     $  6,213          $  7,592
                                                                 ========          ========
Supplemental cash flow information:
  Interest paid.............................................     $  6,053          $  5,143
Supplemental non-cash investing and financing activities:
  Capital leases............................................        6,446                --
</Table>

See notes to condensed consolidated financial statements.

                                        4
<PAGE>   7

                THE ELDER-BEERMAN STORES CORP. AND SUBSIDIARIES
              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                  (UNAUDITED)

1. BASIS OF PRESENTATION

   The accompanying unaudited condensed consolidated financial statements
   include accounts of The Elder-Beerman Stores Corp. and its wholly-owned
   subsidiaries (the "Company"). All intercompany transactions and balances have
   been eliminated in consolidation. In the opinion of management, the Company
   has made all adjustments (primarily consisting of normal recurring accruals)
   considered necessary for a fair presentation for all periods presented.

   Certain information and footnote disclosures normally included in the
   financial statements prepared in accordance with accounting principles
   generally accepted in the United States of America have been condensed or
   omitted. The Company's business is seasonal in nature and the results of
   operations for the interim periods are not necessarily indicative of the
   results for the full fiscal year. It is suggested these condensed
   consolidated financial statements be read in conjunction with the financial
   statements and the notes thereto included in the Company's Annual Report on
   Form 10-K for the year ended February 3, 2001.

2. PER SHARE AMOUNTS

   Net earnings (loss) per common share is computed by dividing net earnings
   (loss) by the weighted-average number of common shares outstanding. Stock
   options, restricted shares, deferred shares, and warrants outstanding
   represent potential common shares and are included in computing diluted
   earnings per share when the effect would be dilutive.

3. STOCK-BASED COMPENSATION

   During the second quarter of 2001, a total of 16,500 stock options were
   granted at fair market value to designated employees under the Company's
   Equity and Performance Incentive Plan (the "Plan"). These options granted
   have a maximum term of ten years and vest over five years.

   Nonemployee directors may take all or a portion of their annual base retainer
   fee in the form of a discounted stock option. During the second quarter of
   2001 a total of 25,640 stock options, with an exercise price of $2.32, were
   granted under this plan. These options vest on February 4, 2002.

4. SHAREHOLDERS' EQUITY

   The comprehensive loss for the 13 weeks ended August 4, 2001 and July 29,
   2000, was $3.8 million and $4.0 million; respectively. The comprehensive loss
   for the 26 weeks ended August 4, 2001 and July 29, 2000, was $6.5 million and
   $7.0 million; respectively. The difference between net loss and comprehensive
   loss for the 13 weeks and the 26 weeks ended August 4, 2001 relates to the
   adoption of Statement of Financial Accounting Standards ("SFAS") No. 133,
   "Accounting for Derivative Instruments and Hedging Activities".

5. DERIVATIVE FINANCIAL INSTRUMENTS

   Effective February 4, 2001, the Company adopted SFAS No. 133, "Accounting for
   Derivative Instruments and Hedging Activities", as amended, which requires
   derivatives to be recorded on the balance sheet as assets or liabilities,
   measured at fair value. Gains or losses resulting from changes in fair value
   of the derivatives are recorded either as a separate component of
   shareholders' equity or in the statement of operations depending on whether
   the instruments meet the criteria for hedge accounting.

   The Company utilizes an interest rate swap agreement to effectively establish
   long-term fixed rates on borrowings under the Securitization Facility, thus
   reducing the impact of interest rate changes on future income. This swap
   agreement involves the receipt of variable rate amounts in exchange for fixed
   rate interest payments over the life of the agreement. The Company has
   determined that its swap agreement meets the
                                        5
<PAGE>   8
                THE ELDER-BEERMAN STORES CORP. AND SUBSIDIARIES

       NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS -- CONTINUED

                                  (UNAUDITED)

   criteria for cash flow hedge accounting. The fair value of the Company's swap
   agreement was a $2.9 million liability at February 4, 2001, and a $4.3
   million liability at August 4, 2001. This liability is included in Deferred
   items on the condensed consolidated balance sheet. The adjustment to record
   the initial adoption of SFAS No. 133 was recorded, net of income taxes, in
   other comprehensive loss. The adjustment to record the net change in fair
   value was recorded, net of income taxes, in other comprehensive loss, except
   for an immaterial amount recorded as pre-tax interest expense associated with
   the ineffectiveness of the swap during the second quarter of 2001.

6. ACCOUNTING PRONOUNCEMENTS

   In July 2001, the Financial Accounting Standards Board issued Statements of
   Financial Accounting Standards No. 141 "Business Combinations" ("SFAS 141")
   and No. 142 "Goodwill and Other Intangible Assets" ("SFAS 142"). SFAS 141
   primarily requires that all business combinations completed after June 30,
   2001 be accounted for using the purchase method and establishes criteria for
   recognizing acquired intangible assets separately from goodwill. The Company
   will account for future business combinations under SFAS 141.

   SFAS 142 requires that goodwill and intangible assets with indefinite lives
   no longer be amortized, but will be subject to annual impairment tests.
   Intangible assets with finite useful lives will continue to be amortized over
   their useful lives. SFAS 142 is effective for fiscal years beginning after
   December 15, 2001. Effective February 3, 2002, the beginning of the new
   fiscal year, this statement will be adopted. The amortization of goodwill
   will continue until this statement is adopted. The elimination of goodwill
   amortization is expected to increase pre-tax earnings by approximately $0.7
   million each year. When this statement is adopted the required impairment
   tests will be performed. The Company has not estimated the impact these
   impairment tests will have on its financial position or results of
   operations.

7. SUBSEQUENT EVENT

   On August 21, 2001 the Company announced that Frederick J. Mershad will
   retire as Chairman, President, and Chief Executive Officer of the Company and
   resign from the Board of Directors, effective December 31, 2001 (the
   "Retirement Date"). On September 4, 2001 the Company entered into a
   Separation and Retirement Agreement (the "Separation Agreement") with Mr.
   Mershad. The Separation Agreement superceded Mr. Mershad's Employment
   Agreement. Pursuant to the terms of the Separation Agreement, until the
   Retirement Date, Mr. Mershad will be entitled to his current base salary and
   benefits that would have been payable pursuant to the terms of his Employment
   Agreement. After the Retirement Date, the Company will pay to Mr. Mershad (i)
   his current base salary of $660,000 per year for the period beginning with
   the Retirement Date and ending on December 31, 2004 (the "Retirement Period")
   and (ii) his bonus (if any) earned in 2001. This will be accrued into the
   third quarter of 2001. During the Retirement Period, Mr. Mershad will also be
   entitled to medical benefits equivalent to those provided to him prior to the
   Retirement Date and the automobile benefit that he received prior to the
   Retirement Date. Mr. Mershad's options to purchase shares of Common Stock and
   restricted shares that are unvested as of the Retirement Date will be
   forfeited.

                                        6
<PAGE>   9
                THE ELDER-BEERMAN STORES CORP. AND SUBSIDIARIES

       NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS -- CONTINUED

                                  (UNAUDITED)

8. SEGMENT REPORTING

   The following table sets forth financial information by segment, $(000's):

<Table>
<Caption>
                                              THIRTEEN WEEKS ENDED              TWENTY-SIX WEEKS ENDED
                                         -------------------------------    -------------------------------
                                         AUGUST 4, 2001    JULY 29, 2000    AUGUST 4, 2001    JULY 29, 2000
                                         --------------    -------------    --------------    -------------
   <S>                                   <C>               <C>              <C>               <C>
   Department Store
     Revenues..........................     $131,147         $132,034          $271,345         $274,369
     Operating loss....................       (8,079)          (6,301)          (11,222)          (9,879)
   Finance Operations
     Revenues..........................     $  8,580         $  8,575          $ 17,741         $ 17,332
     Operating profit..................        5,480            5,054            11,581           11,128
   Segment Subtotal
     Revenues (1)......................     $139,727         $140,609          $289,086         $291,701
     Operating profit (loss) (2).......       (2,599)          (1,247)              359            1,249
</Table>

   (1) Segment revenues is reconciled to reported revenues as follows:

<Table>
<Caption>
                                              THIRTEEN WEEKS ENDED              TWENTY-SIX WEEKS ENDED
                                         -------------------------------    -------------------------------
                                         AUGUST 4, 2001    JULY 29, 2000    AUGUST 4, 2001    JULY 29, 2000
                                         --------------    -------------    --------------    -------------
   <S>                                   <C>               <C>              <C>               <C>
   Segment revenues....................     $139,727         $140,609          $289,086         $291,701
   Intersegment operating charge
     Eliminated........................       (1,975)          (1,879)           (3,987)          (3,866)
                                            --------         --------          --------         --------
                                            $137,752         $138,730          $285,099         $287,835
                                            ========         ========          ========         ========
</Table>

   (2) Segment operating profit (loss) is reconciled to loss before income tax
       benefit as follows:

<Table>
<Caption>
                                              THIRTEEN WEEKS ENDED              TWENTY-SIX WEEKS ENDED
                                         -------------------------------    -------------------------------
                                         AUGUST 4, 2001    JULY 29, 2000    AUGUST 4, 2001    JULY 29, 2000
                                         --------------    -------------    --------------    -------------
   <S>                                   <C>               <C>              <C>               <C>
   Segment operating profit (loss).....     $(2,599)          $(1,247)         $   359          $  1,249
   Store closing costs.................                                                           (4,720)
   Restructuring costs.................                        (2,014)                            (2,014)
   Interest expense....................      (3,482)           (2,859)          (6,819)           (5,518)
   Other...............................         501               (87)             549                (3)
                                            -------           -------          -------          --------
                                            $(5,580)          $(6,207)         $(5,911)         $(11,006)
                                            =======           =======          =======          ========
</Table>

                                        7
<PAGE>   10

ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF CONSOLIDATED FINANCIAL CONDITION
        AND RESULTS OF OPERATIONS.

     This Quarterly Report on Form 10-Q contains certain forward-looking
statements that are based on management's current beliefs, estimates and
assumptions concerning the operations, future results and prospects of
Elder-Beerman and the retail industry in general. All statements that address
operating performance, events or developments that management anticipates will
occur in the future, including statements related to future sales, profits,
expenses, income and earnings per share, future finance and capital market
activity, or statements expressing general optimism about future results, are
forward-looking statements. In addition, words such as "expects," "anticipates,"
"intends," "plans," "believes," "estimates," variations of such words and
similar expressions are intended to identify forward-looking statements.

     Because forward-looking statements are based on a number of beliefs,
estimates and assumptions by management that could ultimately prove inaccurate,
there is no assurance that forward-looking statements will prove to be accurate.
Many factors could materially affect our actual future operations and results.
These factors could be exacerbated by the uncertainties following the national
tragedies of September 11, 2001. Factors that could materially affect our actual
and future results include the following: the ability to open new stores on
schedule, including our new stores announced for 2001 in Kohler, WI and
Alliance, OH; increasing price and product competition; fluctuations in consumer
demand and confidence, especially during the Christmas shopping season and in
light of current events and general economic conditions, interest rates and the
capital markets; the availability and mix of inventory, especially from vendors
who rely on goods shipped from overseas; fluctuations in costs and expenses;
consumer response to the company's new merchandising strategies, advertising,
marketing and promotional programs; the ability of the company to achieve its
expense cutting initiatives as it implements its strategic plan; the timing and
effectiveness of new store openings, particularly its new concept stores opened
in the Fall season of 2000 and Spring and Fall seasons of 2001 (Howell, MI; West
Bend, WI; Jasper, IN; Plover, WI and DuBois, PA) and the remaining concept
stores to be opened in the Fall season of 2001; the impact of electronic
commerce; weather conditions that affect consumer traffic in stores, especially
during the Christmas season; the continued availability and terms of financing;
the outcome of pending and future litigation; consumer debt levels; the impact
of any new consumer bankruptcy laws; inflation and interest rates and the
condition of the capital markets.

     Forward-looking statements are subject to the safe harbors created under
the federal securities laws. Elder-Beerman undertakes no obligation to update
publicly any forward-looking statements, whether as a result of new information,
future events or otherwise.

MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS

     The following is a discussion of the financial condition and results of
operations of the Company for the 13 week periods ended August 4, 2001 ("Second
Quarter 2001") and July 29, 2000 ("Second Quarter 2000"), and the 26 week
periods ended August 4, 2001 ("First Half 2001") and July 29, 2000 ("First Half
2000"). The Company's fiscal year ends on the Saturday closest to January 31.
The discussion and analysis which follow are based upon and should be read in
conjunction with the Condensed Consolidated Financial Statements and the Notes
thereto included in Part I, Item I.

RESULTS OF OPERATIONS

  SECOND QUARTER 2001 COMPARED TO SECOND QUARTER 2000

     Net sales for the Second Quarter 2001 decreased by 0.7% to $130.5 million
from $131.4 million for the Second Quarter 2000. Comparable store sales
decreased by 2.3%. Junior sportswear, children's ready-to-wear, domestics,
cosmetics and furniture had the best performance.

     Financing revenue from the Company's private label credit card for the
Second Quarter 2001 decreased by 1.4% to $6.6 million from $6.7 million for the
Second Quarter 2000, reflecting a reduction in accounts receivable due to lower
sales.

                                        8
<PAGE>   11

     Other revenue, which is primarily from leased departments, for the Second
Quarter 2001 and the Second Quarter 2000 was $0.7 million.

     Cost of merchandise sold, occupancy, and buying expenses increased to 72.3%
of net sales for the Second Quarter 2001 from 70.4% of net sales for the Second
Quarter 2000. During the Second Quarter 2001 merchandise gross margins were
reduced 1.7% due to additional markdowns to clear excess inventory as a result
of the comparable sales decrease.

     Selling, general, administrative, and other expenses decreased to 31.3% of
net sales for the Second Quarter 2001 from 35.0% for the Second Quarter 2000.
The decrease is primarily due to expense initiatives that have been implemented
as part of the Company's strategic plan. Also, the Second Quarter 2000 included
an expense of $2.0 million for the development and implementation of the
Company's strategic plan.

     Depreciation and amortization expense increased to 3.6% of net sales for
the Second Quarter 2001 compared to 2.8% of net sales for the Second Quarter
2000. The increase is primarily due to increased capital expenditures related to
the opening of new concept stores, and replacing the point-of-sale cash
registers in all stores.

     Interest expense increased to $3.5 million for the Second Quarter 2001 from
$2.9 million for the Second Quarter 2000. The increase is primarily due to
higher average borrowing because of the Company's stock repurchase program,
which was completed in October 2000.

     An income tax benefit was recorded in the Second Quarter 2001 and the
Second Quarter 2000 at a rate of 36.0%.

  FIRST HALF 2001 COMPARED TO FIRST HALF 2000

     Net sales for the First Half 2001 decreased by 1.1% to $270.0 million from
$272.9 million for the First Half 2000. Comparable store sales decreased by
2.6%. Furniture, junior sportswear, children's ready-to-wear, domestics,
cosmetics and ladies' moderate sportswear had the best performance.

     Financing revenue from the Company's private label credit card for the
First Half 2001 increased by 2.1% to $13.8 million from $13.5 million for the
First Half 2000, due to an increase in late fees charged.

     Other revenue, which is primarily from leased departments, for the First
Half 2001 and the First Half 2000 was $1.4 million.

     Cost of merchandise sold, occupancy, and buying expenses increased to 71.7%
of net sales for the First Half 2001 from 71.1% of net sales for the First Half
2000. During the First Half 2001 merchandise gross margins were reduced 1.1% due
to additional markdowns to clear excess inventory as a result of the comparable
sales decrease. During the First Half 2000 an inventory adjustment of $1.8
million (0.7% of sales) related to the closing of the Company's Wheeling and
Charleston, West Virginia stores was recorded.

     Selling, general, administrative, and other expenses decreased to 30.1% of
net sales for the First Half 2001 from 33.7% for the First Half 2000. The
decrease is primarily due to expense initiatives that have been implemented as
part of the Company's strategic plan. Also, the First Half 2000 included an
expense of $2.0 million for the development and implementation of the Company's
strategic plan, and an expense of $2.9 million related to the closing of the
Company's Wheeling and Charleston, West Virginia stores.

     Depreciation and amortization expense increased to 3.5% of net sales for
the First Half 2001 compared to 2.7% of net sales for the First Half 2000. The
increase is primarily due to increased capital expenditures related to the
opening of new concept stores, and replacing the point-of-sale cash registers in
all stores.

     Interest expense increased to $6.8 million for the First Half 2001 from
$5.5 million for the First Half 2000. The increase is primarily due to higher
average borrowing because of the Company's stock repurchase program, which was
completed in October 2000.

     An income tax benefit was recorded in the First Half 2001 and the First
Half 2000 at a rate of 36.0%.

                                        9
<PAGE>   12

LIQUIDITY AND CAPITAL RESOURCES

     The Company's principal sources of funds are cash flow from operations and
borrowings under the Revolving Credit Facility and Receivable Securitization
Facility (collectively, the "Credit Facilities"). The Company's primary ongoing
cash requirements are to fund debt service, make capital expenditures, and
finance working capital.

     Net cash provided by operating activities was $14.0 million for the First
Half 2001, compared to $2.7 million used in the First Half 2000. A net loss of
$3.8 million was recorded in the First Half 2001, compared to a net loss of $7.0
million in the First Half 2000. The depreciation and amortization component of
the net losses increased $2.0 million to $9.4 million for the First Half 2001,
compared to $7.4 million for the First Half 2000. Trade payables increased $22.7
million in the First Half 2001 primarily due to a change in receipt flow in
July. The seasonal increase in inventory levels was $6.6 million more than in
the First Half 2000.

     Net cash used in investing activities was $8.1 million for the First Half
2001, compared to $6.5 million for the First Half 2000. The increase is due to
the opening of a new concept store in the First Half 2001.

     For the First Half 2001, net cash used in financing activities was $7.5
million compared to $8.5 million provided by financing activities for the First
Half 2000, which represents reduced borrowing required for operating and
investing activities.

     The Company believes that it will generate sufficient cash flow from
operations, as supplemented by its available borrowings under the Credit
Facilities, to meet anticipated working capital and capital expenditure
requirements, as well as debt service requirements under the Credit Facilities.

     The Company may from time to time consider acquisitions of department store
assets and companies. Acquisition transactions, if any, are expected to be
financed through a combination of cash on hand from operations, available
borrowings under the Credit Facilities, and the possible issuance from time to
time of long-term debt or other securities. Depending upon the conditions in the
capital markets and other factors, the Company will from time to time consider
the issuance of debt or other securities, or other possible capital market
transactions, the proceeds of which could be used to refinance current
indebtedness or for other corporate purposes.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

     The Company is subject to the risk of fluctuating interest rates in the
normal course of business, primarily as a result of its variable rate borrowing.
The Company has entered into a variable to fixed rate interest-rate swap
agreement to effectively reduce its exposure to interest rate fluctuations. A
hypothetical 100 basis point change in interest rates would not materially
affect the Company's financial position, liquidity or results of operations.

     The Company does not maintain a trading account for any class of financial
instrument and is not directly subject to any foreign currency exchange or
commodity price risk. As a result, the Company believes that its market risk
exposure is not material to the Company's financial position, liquidity or
results of operations.

                                        10
<PAGE>   13

                         PART II. -- OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

     The Company is currently involved in several legal proceedings arising from
its normal business activities and reserves have been established where
appropriate. However, no legal proceedings have arisen or become reportable
events during this quarter, and management believes that none of the remaining
legal proceedings will have a material adverse effect on the financial
condition, results of operations or cash flows of the Company.

ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS.

     (a) Not Applicable.

     (b) Not Applicable.

     (c) Not Applicable.

     (d) Not Applicable.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

     Not Applicable.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS.

     None.

ITEM 5. OTHER INFORMATION.

     None.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

     (a) The following Exhibits are included in this Quarterly Report on Form
10-Q:

<Table>
         <C>         <S>
           3(a)      Amended Articles of Incorporation (previously filed as
                     Exhibit 3(a) to the Form 10-K filed on April 30, 1998 (the
                     "Form 10-K") and incorporated herein by reference)
           3(b)      Certificate of Amendment to the Amended Articles of
                     Incorporation (previously filed as Exhibit 3(b) to the
                     Company's form 10-Q for the quarterly period ended October
                     28, 2000 ("2000 3rd Quarter 10-Q") and incorporated herein
                     by reference)
           3(c)      Amended Code of Regulations (previously filed as Exhibit
                     3(c) to the 2000 3rd Quarter 10-Q and incorporated herein by
                     reference)
           4(a)      Stock Certificate for Common Stock (previously filed as
                     Exhibit 4(a) to the Company's Form 10/A-1 filed on January
                     23, 1998 and incorporated herein by reference)
           4(b)      Rights Agreement By and Between The Elder-Beerman Stores
                     Corp. and Norwest Bank Minnesota, N.A., dated as of December
                     30, 1997 (previously filed as Exhibit 4.1 to the Company's
                     Registration Statement on Form 8-A filed on November 17,
                     1998 (the "Form 8-A") and incorporated herein by reference)
           4(c)      Warrant Agreement by and Between Beerman-Peal Holdings, Inc.
                     and the Elder-Beerman Stores Corp. for 249,809 shares of
                     Common Stock at a strike price of $12.80 per share dated
                     December 30, 1997 (previously filed as Exhibit 4(d) to the
                     Form 10-K and incorporated herein by reference)
           4(d)      Warrant Agreement by and Between Beerman-Peal Holdings, Inc.
                     and the Elder-Beerman Stores Corp. for 374,713 shares of
                     Common Stock at a strike price of $14.80 per share dated
                     December 30, 1997 (previously filed as Exhibit 4(e) to the
                     Form 10-K and incorporated herein by reference)
</Table>

                                        11
<PAGE>   14
<Table>
         <C>         <S>
           4(e)      Amendment No. 1 to the Rights Agreement, dated as of
                     November 11, 1998 (previously filed as Exhibit 4.2 to the
                     Form 8-A and incorporated herein by reference)
          10(a)      Separation and Retirement Agreement, dated as of September
                     4, 2001, by and between the Company and Frederick J.
                     Mershad.
</Table>

     (b) No reports on Form 8-K were filed during the period.

                                        12
<PAGE>   15

                                   SIGNATURES

     Pursuant to the requirements of 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.

                                         THE ELDER-BEERMAN STORES CORP.,
                                         an Ohio corporation

                                         By: /s/ Scott J. Davido
                                           -------------------------------------
                                           Scott J. Davido
                                           Executive Vice President, Chief
                                             Financial Officer and Treasurer
                                           (on behalf of the Registrant and as
                                             Principal Financial Officer)

Dated: September 13, 2001

                                        13
<PAGE>   16

                                 EXHIBIT INDEX

<Table>
<Caption>
       EXHIBIT
       NUMBER                             DESCRIPTION OF EXHIBIT
       -------                            ----------------------
       <C>             <S>
          3(a)         Amended Articles of Incorporation (previously filed as
                       Exhibit 3(a) to the Form 10-K filed on April 30, 1998 (the
                       "Form 10-K"), and incorporated herein by reference)
          3(b)         Certificate of Amendment to the Amended Articles of
                       Incorporation (previously filed as Exhibit 3(b) to the
                       Company's form 10-Q for the quarterly period ended October
                       28, 2000 ("2000 3rd Quarter 10-Q") and incorporated herein
                       by reference)
          3(c)         Amended Code of Regulations (previously filed as Exhibit
                       3(c) to the 2000 3rd Quarter 10-Q and incorporated herein by
                       reference)
          4(a)         Stock Certificate for Common Stock (previously filed as
                       Exhibit 4(a) to the Company's Form 10/A-1 filed on January
                       23, 1998 and incorporated herein by reference)
          4(b)         Rights Agreement By and Between The Elder-Beerman Stores
                       Corp. and Norwest Bank Minnesota, N.A., dated as of December
                       30, 1997 (previously filed as Exhibit 4.1 to the Company's
                       Registration Statement on Form 8-A filed on November 17,
                       1998 (the "Form 8-A") and incorporated herein by reference)
          4(c)         Warrant Agreement by and Between Beerman-Peal Holdings, Inc.
                       and the Elder-Beerman Stores Corp. for 249,809 shares of
                       Common Stock at a strike price of $12.80 per share dated
                       December 30, 1997 (previously filed as Exhibit 4(e) to the
                       Form 10-K and incorporated herein by reference)
          4(d)         Warrant Agreement by and Between Beerman-Peal Holdings, Inc.
                       and the Elder-Beerman Stores Corp. for 374,713 shares of
                       Common Stock at a strike price of $14.80 per share dated
                       December 30, 1997 (previously filed as Exhibit 4(e) to the
                       Form 10-K and incorporated herein by reference)
          4(e)         Amendment No. 1 to the Rights Agreement, dated as of
                       November 11, 1998 (previously filed as Exhibit 4.2 to the
                       Form 8-A and incorporated herein by reference)
         10(a)         Separation and Retirement Agreement, dated as of September
                       4, 2001, by and between the Company and Frederick J.
                       Mershad.
</Table>

                                        14