FORM 10-Q


                      SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, DC  20549


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



                        For Quarter Ended May 31, 1997

                        Commission File Number 0-1500

                                  EVANS, INC.
            (Exact name of registrant as specified in its charter)


             DELAWARE                                       36-1050870
   (State or other jurisdiction of                        (IRS Employer
    Incorporation or organization)                     Identification Number)



 36 South State Street, Chicago, Illinois                      60603
 (Address of principal executive office)                    (Zip Code)



Registrant's telephone number, including area code  312-855-2000


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 [ ]

Indicate the number of shares outstanding of each of the issuer's classes of 
common stock, as of the latest practicable date:  as of July 11, 1997 
4,985,771 shares of common stock, $.20 par value, were outstanding.


<PAGE>


                         EVANS, INC. AND SUBSIDIARIES

                                   INDEX

                                                                   Page No.
Part I.   Financial Information


          Condensed Consolidated Balance Sheets -
          May 31, 1997, June 1, 1996
          and March 1, 1997                                           2

          Condensed Consolidated Statements of Operations -
          Thirteen weeks ended May 31, 1997
          and June 1, 1996                                            3

          Condensed Consolidated Statements of Cash Flows -
          Thirteen weeks ended May 31, 1997
          and June 1, 1996                                            4

          Notes to Condensed Consolidated Financial Statements      5 - 6

          Management's Discussion and Analysis of Financial
          Condition and Results  of Operations                      7 - 8

Part II.  Other Information                                           9


          Signatures                                                 10

          Index to Exhibits                                          11



<PAGE>
<TABLE>
                        PART I.   FINANCIAL INFORMATION
                         Evans, Inc. and Subsidiaries
                     CONDENSED CONSOLIDATED BALANCE SHEETS
                                 (Unaudited)

<CAPTION>
                                    May 31, 1997   June 1, 1996   March 1, 1997
                                    ------------   ------------   -------------
<S>                                 <C>            <C>            <C>
ASSETS
------
Current assets:
 Cash and cash equivalents          $   118,000    $   248,000     $   153,000
 Accounts receivable (net)           13,238,000     13,687,000      12,665,000
 Merchandise inventories             15,847,000     13,671,000      17,130,000
 Prepaid expenses and other assets    1,027,000        885,000         899,000
 Assets held for sale                 4,750,000                      4,750,000
 Deferred income taxes                                 573,000
                                    ------------   ------------   -------------
Total current assets                 34,980,000     29,064,000      35,597,000
                                    ------------   ------------   -------------

Property and equipment               11,340,000     20,783,000      11,316,000
Accumulated depreciation and
 amortization                        (7,584,000)   (10,576,000)     (7,398,000)
                                    ------------   ------------   -------------
 Net property and equipment           3,756,000     10,207,000       3,918,000
                                    ------------   ------------   -------------

Other assets                          3,055,000      3,424,000       3,107,000
                                    ------------   ------------   -------------
                                    $41,791,000    $42,695,000     $42,622,000
                                    ============   ============   =============
LIABILITIES AND SHAREHOLDERS' EQUITY
------------------------------------
Current liabilities:
 Notes payable                      $13,112,000    $11,241,000     $ 9,308,000
 Current portion of long-term debt      692,000      1,015,000         692,000
 Accounts payable                     4,847,000      1,895,000       9,318,000
 Accrued liabilities                  6,039,000      5,713,000       4,983,000
                                    ------------   ------------   -------------
Total current liabilities            24,690,000     19,864,000      24,301,000
                                    ------------   ------------   -------------
Long-term debt                        1,141,000      1,833,000       1,224,000
                                    ------------   ------------   -------------
Other liabilities                        36,000         11,000          43,000
                                    ------------   ------------   -------------
Shareholders' equity:
 Preferred stock, 3,000,000 shares
  authorized, none issued
 Common stock, 6,333,435 shares
  issued                              1,267,000      1,267,000       1,267,000
 Capital in excess of par value      15,535,000     15,660,000      15,660,000
 Retained earnings                    3,501,000      8,658,000       4,725,000
                                    ------------   ------------   -------------
                                     20,303,000     25,585,000      21,652,000
                                    ------------   ------------   -------------
Treasury stock (1,347,664 shares
 at cost)                            (4,379,000)    (4,598,000)     (4,598,000)
                                    ------------   ------------   -------------
Total shareholders' equity           15,924,000     20,987,000      17,054,000
                                    ------------   ------------   -------------
                                    $41,791,000    $42,695,000     $42,622,000
                                    ============   ============   =============

<FN>
See accompanying notes to condensed consolidated financial statements.
</FN>
</TABLE>
                                    - 2 -
<PAGE>
<TABLE>
                         Evans, Inc. and Subsidiaries
                CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                                 (Unaudited)


<CAPTION>
                                             Thirteen weeks ended
                                        ------------------------------
                                        May 31, 1997      June 1, 1996
                                        ------------      ------------
<S>                                     <C>               <C>
Net sales                               $ 9,050,000        $8,839,000
Service revenues                          4,767,000         4,664,000
                                        ------------      ------------
                                         13,817,000        13,503,000
Costs and expenses:                     ------------      ------------

   Cost of goods and services sold,
     buying and occupancy costs           8,966,000         8,491,000
   Selling and general expenses           5,555,000         5,930,000
   Provision for doubtful accounts          123,000           113,000
   Interest expense                         399,000           333,000
   Other income, net                         (2,000)
                                        ------------      ------------
                                         15,041,000        14,867,000
                                        ------------      ------------

Loss before credit for income taxes      (1,224,000)       (1,364,000)

Credit for income taxes                                       573,000
                                        ------------      ------------
Net loss                                $(1,224,000)       $ (791,000)
                                        ============      ============

Net loss per common share                    $(0.25)           $(0.16)
                                        ============      ============

Cash dividends per common share              --                --

Weighted average number of common
  shares outstanding                      4,927,198         4,918,301
                                        ============      ============

<FN>
See accompanying notes to condensed consolidated financial statements.
</FN>
</TABLE>
                                    - 3 - 
<PAGE>
<TABLE>
                         Evans, Inc. and Subsidiaries
               CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (Unaudited)

<CAPTION>
                                                   Thirteen weeks ended
                                              ------------------------------
                                              May 31, 1997      June 1, 1996
                                              ------------      ------------
<S>                                           <C>               <C>
Cash Flows from Operating Activities:

Net loss                                      $(1,224,000)        $(791,000)

Adjustments to reconcile net loss to net
 cash used in operating activities:
  Depreciation and amortization                   254,000           341,000
  Provision for doubtful accounts                 123,000           113,000
  Non-cash compensation expense                    24,000

Change in assets and liabilities:
  Accounts receivable                            (696,000)        2,184,000
  Merchandise inventories                       1,283,000         1,090,000
  Prepaid expenses and other current assets       (58,000)          269,000
  Deferred income taxes                                            (573,000)
  Other assets                                     (1,000)          (13,000)
  Accounts payable                             (4,471,000)       (4,716,000)
  Accrued liabilities                           1,056,000           252,000
  Other liabilities                                (7,000)
                                              ------------      ------------
Net cash used in operating activities          (3,717,000)       (1,844,000)

Cash Flows from Investing Activities:

Proceeds from the sale of property
 and equipment                                      1,000
Additions to property and equipment               (40,000)          (67,000)
                                              ------------      ------------
Net cash used in investing activities             (39,000)          (67,000)

Cash Flows from Financing Activities:

Proceeds from short-term borrowing              3,804,000         1,939,000
Principal payments on long-term debt              (83,000)
                                              ------------      ------------
Net cash provided by financing activities       3,721,000         1,939,000
                                              ------------      ------------
Net (decrease) increase in cash and
 cash equivalents                                 (35,000)           28,000
Cash and cash equivalents at beginning
 of period                                        153,000           220,000
                                              ------------      ------------
Cash and cash equivalents at end of period    $   118,000         $ 248,000
                                              ============      ============

Supplemental Disclosures of Cash Flow Information:
--------------------------------------------------
Cash paid during the period for:
  Interest                                       $246,000          $336,000
  Income taxes                                      4,000             4,000

<FN>
See accompanying notes to condensed consolidated financial statements.
</FN>
</TABLE>
                                    - 4 - 
<PAGE>



                         EVANS, INC. AND SUBSIDIARIES

             NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

                                 (Unaudited)


1. The financial information included herein was prepared in conformity with
generally accepted accounting principles and such principles were applied on a
basis consistent with those reflected in the 1997 Form 10-K Annual Report 
filed with the Securities and Exchange Commission.  The accompanying financial
data should be read in conjunction with the notes to consolidated financial 
statements contained in the 1997 Form 10-K Annual Report.

The information furnished herein, other than the Condensed Consolidated
Balance Sheet as of March 1, 1997, is unaudited and includes all adjustments 
and accruals consisting only of normal recurring adjustments which are, in the
opinion of management, necessary for a fair statement of results for the 
interim periods.  The Condensed Consolidated Balance Sheet as of March 1, 1997 
has been derived from, and does not include all the disclosures contained in 
the audited financial statements as of and for the year ended March 1, 1997.

2. Because of the seasonal nature of the Company's business, operating results
for the first thirteen weeks are not considered to be indicative of the 
results that may be expected for the full year.  Historically, the Company 
realizes a major portion of its annual revenues and most of its earnings in 
the fourth quarter of its fiscal year.

3. Common share equivalents were not included in the computation of earnings per
share for the thirteen weeks ended May 31, 1997 and June 1, 1996, because the 
periods resulted in net losses and the effect would be antidilutive.

4. On June 16, 1997, the Company finalized an agreement with a new lender to
refinance the existing senior secured debt and provide for the Company's 
working capital needs.  The agreement provides for a three year $27,000,000 
credit facility which includes a term loan of $2,000,000.  The agreement 
provides for interest at 0.25% over the base rate (prime) for direct 
borrowings under the revolving facility and the term loan.  The agreement 
contains provisions which, among other things, require the maintenance of 
certain financial covenants, the most restrictive of which is the maintenance 
of a certain level of earnings before interest, taxes, depreciation and 
amortization (EBITDA).  The agreement prohibits the payment of cash dividends 
and requires a commitment fee of three-tenths of one percent per annum on the 
unused portion of the revolving loan.  Also, all assets, rights, interest and 
properties of the Company are pledged as collateral for the revolving and term 
loan obligations.

                                    - 5 -
<PAGE>


                         EVANS, INC. AND SUBSIDIARIES

             NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS, Continued

                                 (Unaudited)


5. On June 19, 1997, the Company entered into a contract for the sale and
leaseback of its flagship store and corporate office headquarters building 
located at 36 S. State Street in Chicago, Illinois with a purchase price of 
$5,000,000.  The transaction is expected to close on or before August 2, 1997.  
As part of the agreement, the Company will execute 15-year and 10-year lease 
agreements covering 61,775 square feet for the existing retail premises and 
36,020 square feet for the corporate operation space, respectively.  The 
leases provide for a rental rate of $12.50 per square foot gross with an 
escalation of 2.5% per annum.  The agreement also requires a $500,000 deposit 
to secure the lease obligations.  The net proceeds from the transaction will 
be used first to retire the senior secured long-term payable obligation and 
then to pay down the secured revolving credit facility obligation.

6. On June 25, 1997, the Company signed a Letter of Intent for Evans to purchase
the assets of Triomphe Fourrures Incorporated which are used in connection 
with the operation of the Maximilian Fur Salons in Bloomingdale's Stores.  The 
purchase would allow Evans to expand its Leased Fur Salon Division into 
several markets where it does not operate, primarily the New York, 
Philadelphia and southern California markets.  For the year ended December 31, 
1996, the Maximilian operation generated revenues in excess of $19 million.  
The transaction is expected to close in July, 1997, and is subject to the 
execution of a definitive agreement, due diligence and other contingencies.


                                    - 6 -
<PAGE>


Item 2.  Management's Discussion and Analysis of Financial Condition
         and Results of Operations

Liquidity and Capital Resources

Cash and cash equivalents at May 31, 1997 were $118,000 as compared to 
$153,000 at March 1, 1997.  The decrease was due to cash used in operating 
activities of $3,717,000 and cash used in investing activities of $39,000, 
partially offset by cash provided by financing activities of $3,721,000.

The cash used in operating activities was due primarily to the net loss of 
$1,224,000 and a decrease in accounts payable of $4,471,000, partially offset 
by a decrease in merchandise inventories of $1,283,000.

The cash used in investing activities was largely the result of additions to 
property and equipment of $40,000.

The cash provided by financing activities was due primarily to proceeds from 
short-term borrowings of $3,804,000 partially offset by principal payments on 
long-term debt obligations of $83,000.

Working capital at May 31, 1997 was $10,290,000 as compared to $11,296,000 at 
March 1, 1997.

On June 16, 1997, the Company finalized an agreement with a new lender to 
refinance the existing senior secured debt and provide for the Company's 
working capital needs.  The new agreement provides for a three year 
$27,000,000 credit facility which includes a term loan of $2,000,000.  The 
agreement provides for interest at 0.25% over the base rate (prime) for the 
revolving facility and the term loan.  The agreement provides for monthly 
principal payments of $23,810 beginning October 1, 1997 with the remaining 
unamortized balance due June 15, 2000.

On June 19, 1997, the Company entered into a contract for the sale of its 36 
S. State building in Chicago, Illinois.  The proceeds generated from the sale 
will be used first to pay down the unamortized senior secured long-term 
payable obligation and then the secured revolving loan obligation.  The 
building, as such, has been classified as an asset held for sale within the 
current asset section of the balance sheet as of May 31, 1997.

The credit facility which expires June 15, 2000 is considered adequate to 
finance seasonal inventory requirements as well as commitments for capital 
expenditures during fiscal 1998.

Results of Operations

Total revenues for the first quarter ended May 31, 1997 increased $314,000 
(2.3%) as compared to the same period last year.  Fur merchandise sales 
decreased $315,000 (8.6%) due primarily to a decrease of $1,058,000 (29.9%) in
sales at comparable locations and a decrease of $112,000 in sales associated 
with a leased location closed subsequent to the first quarter of fiscal 1997.  
These decreases were partially offset by sales of $855,000 associated with 
store closing events in the Macy's stores in Texas.  The decrease in fur 
merchandise sales at comparable locations during the first quarter was largely
due to a decrease of $1,021,000 during the month of March,

                                    - 7 -
<PAGE>


Item 2.  Management's Discussion and Analysis of Financial Condition
         and Results of Operations

Results of Operations, continued

which the Company believes was the result of the continued lack of
availability of finished goods at certain affordable retail price levels.  
Women's ready-to-wear sales increased $526,000 (10.1%) due primarily to an 
increase in sales at comparable locations.  The Company believes that women's 
ready-to-wear sales at comparable locations were favorably impacted by the 
refocusing of its efforts on providing product in line with the tastes of its 
target consumers.  Service revenues increased $103,000 (2.2%) due primarily to 
an increase of $168,000 (3.7%) in sales at comparable locations partially 
offset by a decrease of $65,000 in sales associated with a leased location 
closed subsequent to the first quarter of fiscal 1997.

Cost of goods and services sold, buying and occupancy costs as a percentage of 
total revenues for the first quarter were 64.9% as compared to 62.9% for the 
same period last year.  Cost of goods and services sold as a percentage of 
total revenues increased (48.2% versus 45.2%) due primarily to lower overall 
margins during the month of March as the Company attempted to stimulate demand 
at certain lower retail price points.  Buying costs as a percentage of total 
revenues were comparable with prior year levels.  Occupancy costs as a 
percentage of total revenues decreased (13.5% versus 14.1%).

Total selling and general expenses decreased $375,000 (6.3%) as compared to 
the prior year due primarily to a decrease of $350,000 (9.0%) in payroll and 
related fringe benefits and a decrease of $50,000 (5.4%) in advertising 
expense.  The decrease in payroll and related fringe benefits was largely the 
result of additional staff reductions in various corporate departments which 
the Company initiated during the fourth quarter of fiscal 1997.

Interest expense for the first quarter increased $66,000 (19.8%) due primarily 
to higher average short-term borrowings as well as higher weighted average 
interest rates as compared to the same period last year.

The pre-tax loss for the first quarter of $1,224,000 as compared to $1,364,000 
for the prior year period was primarily the result of the increase in total 
revenues and the decrease in selling and general expenses.

The credit for income taxes for the first quarter was offset by an increase in 
the Company's valuation allowance with respect to the future tax benefits of 
the net operating loss as a result of the uncertainty of their ultimate 
realization.

                                    - 8 -
<PAGE>


                         PART II - OTHER INFORMATION


Item 6.  Exhibits and Reports on Form 8-K



         (a)  Exhibits

         Part I.  Exhibit 11

                  Computation of earnings per share.



         (b)  Reports on Form 8-K - There were no reports on Form 8-K filed
              during the thirteen weeks ended May 31, 1997



     Items other than those listed are omitted because they are not required.


                                    - 9 -
<PAGE>


                                 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 of the 
undersigned thereunto duly authorized.





                                            EVANS, INC.






DATE:  July 11, 1997                        PATRICK J. REGAN
                                            PATRICK J. REGAN
                                            President and
                                            Chief Executive Officer




DATE:  July 11, 1997                        WILLIAM E. KOZIEL
                                            WILLIAM E. KOZIEL
                                            Vice President and
                                            Chief Financial Officer



                                   - 10 -
<PAGE>


                         EVANS, INC. AND SUBSIDIARIES






               Exhibit                                  Page Nos.


                 11                                        12



                                   - 11 -
<PAGE>
<TABLE>
                                 EXHIBIT 11
                         EVANS, INC. AND SUBSIDIARIES
                       COMPUTATION OF EARNINGS PER SHARE


<CAPTION>
                                           Thirteen  weeks  ended
                                        ------------------------------
                                        May 31, 1997      June 1, 1996
                                        ------------      ------------
<S>                                     <C>               <C>
Primary:
--------
Weighted average shares outstanding       4,927,198         4,918,301

Incremental shares for 
 exercise of stock options                   --                --
                                        ------------      ------------
Adjusted number of common
  shares outstanding                      4,927,198         4,918,301
                                        ============      ============

Net loss                                $(1,224,000)       $ (791,000)
                                        ============      ============

 Net loss per share                          $(0.25)           $(0.16)
                                        ============      ============


             Fully diluted:

Weighted average shares outstanding       4,927,198         4,918,301

Incremental shares for 
 exercise of stock options                   --                --
                                        ------------      ------------
Adjusted number of common
  shares outstanding                      4,927,198         4,918,301
                                        ============      ============

Net loss                                $(1,224,000)       $ (791,000)
                                        ============      ============

 Net loss per share                          $(0.25)           $(0.16)
                                        ============      ============

</TABLE>

                                   - 12 -