<PAGE>   1

================================================================================

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549
                                   FORM 10-Q/A
                          AMENDMENT NO. 1 TO FORM 10-Q

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

For the quarterly period ended February 1, 1997

                                       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 0-12628

                                 CML GROUP, INC.
             (Exact Name of Registrant as Specified in its Charter)

         Delaware                                       04-2451745
(State of Incorporation)                    (IRS Employer Identification Number)


 524 Main Street, Acton, Massachusetts                    01720
(Address of principal executive offices)               (Zip Code)

Registrant's telephone number, including area code:  (508) 264-4155

                                 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 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
                     ---

Number of shares  outstanding  of each of the issuer's  classes of common stock:
49,767,249 shares of common stock, $.10 par value, as of March 6, 1997.

================================================================================

<PAGE>   2

     The undersigned registrant hereby amends the following items, financial
statements, exhibits or other portions of its Quarterly Report on Form 10-Q for
the fiscal quarter ended February 1, 1997 as set forth in the pages attached
hereto:

     The Exhibit Index referred to in Paragraph (a) of "Item 6: Exhibits and
Reports on Form 8-K" is hereby amended and replaced in its entirety by the
Exhibit Index following the signature page to this Amendment No. 1 on Form
10-Q/A. The registrant is also filing Amendment Numbers 1, 2, 3 and 4 to its
revolving credit agreement as exhibits to this Amendment No. 1 on Form 10-Q/A.


<PAGE>   3

         Pursuant to the  requirements  of the  Securities  and  Exchange Act of
1934,  the  registrant has duly caused this amendment to be signed on its behalf
by the undersigned, thereunto duly authorized.

                                               CML GROUP, INC.


Date:  May 13, 1997                            By: /s/ Paul J. Bailey
                                                   ------------------
                                                   Paul J. Bailey
                                                   Controller


<PAGE>   4

                                  EXHIBIT INDEX


                                                                      Page No.
                                                                      --------

11    --  Statement Regarding Computation of Earnings 
          (Loss) Per Share                                               *

27    --  Financial Data Schedule                                        *

10(a) --  Amendment No. 1 to the Revolving Credit Agreement,
          dated as of April 17, 1996, among CML Group, Inc., 
          NordicTrack, Inc., Nordic Advantage, Inc.,
          OTNC, Inc., Smith & Hawken, Ltd., Biscuit Factory 
          Publications, Incorporated, The First National 
          Bank of Boston and BankAmerica Business
          Credit, Inc.

10(b) --  Amendment No. 2 to the Revolving Credit 
          Agreement, dated as of April 17, 1996, among CML 
          Group, Inc., NordicTrack, Inc., Nordic Advantage, Inc.,
          Smith & Hawken, Ltd., Biscuit Factory Publications, 
          Incorporated, The First National Bank of Boston 
          and BankAmerica Business Credit, Inc.

10(c) --  Amendment No. 3 to the Revolving Credit 
          Agreement, dated as of April 17, 1996, among CML 
          Group, Inc., NordicTrack, Inc., Nordic Advantage, Inc.,
          Smith & Hawken, Ltd., Biscuit Factory Publications, 
          Incorporated, The First National Bank of Boston and 
          BankAmerica Business Credit, Inc.

10(d) --  Amendment No. 4 to the Revolving Credit
          Agreement, dated as of April 17, 1996, among CML
          Group, Inc., NordicTrack, Inc., Nordic Advantage, Inc.,
          Smith & Hawken, Ltd., Biscuit Factory Publications,
          Incorporated, The First National Bank of Boston and
          BankAmerica Business Credit, Inc.

------------
*Previously filed