<PAGE>   1
                              GARDEN BOTANIKA, INC.
                             CALCULATION OF EARNINGS
                     PER COMMON AND COMMON EQUIVALENT SHARE
                                  (EXHIBIT 11)
                  (AMOUNTS IN THOUSANDS EXCEPT PER SHARE DATA)


<TABLE>
<CAPTION>
                                                                                       (UNAUDITED)
                                                                  -------------------------------------------------------
                                                                        QUARTER ENDED               NINE MONTHS ENDED
                                                                  -------------------------    --------------------------
                                                                  NOVEMBER 1,   NOVEMBER 2,    NOVEMBER 1,    NOVEMBER 2,
                                                                     1997          1996           1997          1996
                                                                  -----------   -----------    -----------    -----------
<S>                                                                 <C>           <C>           <C>            <C>     
PRIMARY:
   Earnings -
      Net earnings (loss) applicable to common
      and common equivalent shares                                  $(5,918)      $(3,780)      $(13,305)      $(8,452)
                                                                  ===========   ===========    ===========    ===========

Shares -
   Weighted average common shares outstanding                         7,069         7,067          7,069         5,839
   Net effect of stock options, based on treasury stock method
    using average market price (1)                                       --            --             --            --
                                                                  -----------   -----------    -----------    -----------
  Weighted average common and common equivalent shares                7,069         7,067          7,069         5,839
                                                                  ===========   ===========    ===========    ===========

Primary earnings (loss) per common and
   common equivalent share                                          $ (0.84)      $ (0.53)      $  (1.88)      $ (1.45)
                                                                  ===========   ===========    ===========    ===========
</TABLE>


FULLY DILUTED:
   Fully diluted earnings (loss) per share is not presented, as there were no
potentially dilutive securities.


NOTE:
  (1) In the calculation of weighted average common and common equivalent
      shares, nonqualified stock options and warrants to purchase common stock
      are considered common stock equivalents. Such options and warrants are
      converted using the treasury stock method, which assumes that the shares
      issuable upon exercise of the options or warrants were outstanding for the
      full period. In accordance with generally accepted accounting principles,
      no common stock equivalents are shown for either the third quarter or the
      first nine months of either fiscal 1997 or fiscal 1996, as their effect
      would have been anti-dilutive.