SECURITIES AND EXCHANGE COMMISSION
                           WASHINGTON, D.C. 20549
                                      
                                FORM 10-QSB


(Mark One)

X    Quarterly report pursuant to Section 13 or 15(d) of the
     Securities Exchange Act of 1934

     For the quarterly period ended June 30, 1997

     or

     Transition report pursuant to Section 13 or 15(d) of the Exchange Act
     For the transition period from                 to

     Commission file Number    0-17805

                          NEW RETAIL CONCEPTS, INC.                   
     (Exact name of Small Business Issuer as Specified in Its Charter)

                Delaware                                13-3275369    
     (State or Other Jurisdiction of                 (I.R.S. Employer 
      Incorporation of Organization)                identification No.)

     2975 Westchester Avenue, Purchase, New York              10577    
       (Address of Principal Executive Offices)            (Zip Code)

                              (914)694-8888                   
              (Issuer's Telephone Number, Including Area Code)
                                      
                                                                 
            (Former name, Former Address and Former Fiscal Year,
                       if Changed Since Last Report)

Check whether  the issuer:  (1) filed  all reports  required to  be filed by
Section 13  of 15(d)  of the  Exchange Act during the past 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 ISSUER
                                      
Shares of  Common Stock  outstanding at August 28, 1997: 6,423,493 (does not
include 729,854 treasury shares held by Company at August 28, 1997).

Transitional Small Business Disclosure Format (check one):

YES                                                       NO    X    

                         NEW RETAIL CONCEPTS, INC.
                            INDEX TO FORM 10-QSB
                     FOR THE PERIOD ENDED JUNE 30, 1997




                                                                        PAGE
                                                                            
PART I - FINANCIAL INFORMATION

   ITEM 1.  Financial Statements

      Condensed Balance Sheet at June 30, 1997 (unaudited)              3-4

      Condensed Statements of Operations for the
      Three Months Ended June 30, 1997 and 1996 (unaudited)               5

      Condensed Statements of Cash Flows for the Three
      Months Ended June 30, 1997 and 1996 (unaudited)                     6

      Notes to Interim Financial Statements                               7

   ITEM 2.  Management's Discussion and Analysis of Financial
             Condition and Results of Operations                          9

PART II - Other Information                                              10

   ITEM 1.  Legal Proceedings                                            10
   
   ITEM 2.  Exhibits and Reports on Form 8-K                             10





















                                   Page 2

                         NEW RETAIL CONCEPTS, INC.
                          CONDENSED BALANCE SHEET
                               JUNE 30, 1997
                                (Unaudited)





                                   ASSETS

CURRENT ASSETS:
  Cash and cash equivalents                                  $   450,462
  Accounts receivable - net of allowance for
   doubtful accounts of $12,000                                  112,026
  Note receivable - NES                                          166,930
  Other current assets                                            46,357

     Total current assets                                        775,775

FIXED ASSETS - AT COST:
  Furniture and equipment                                        101,657
  Less accumulated depreciation                                 (101,657)

                                                                    -

Note receivable - NES                                            462,149
Investment in Candie's, Inc.                                   1,771,515

                                                               2,233,664



                                                             $ 3,009,439


                                      
                                      
                                      
                                      
                                      
                                      
                                      
                                      
                                      




      THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE STATEMENTS
                                      

                                   Page 3

                         NEW RETAIL CONCEPTS, INC.
                          CONDENSED BALANCE SHEET
                               JUNE 30, 1997
                                (Unaudited)
                                      
                                      

                    
                    LIABILITIES AND STOCKHOLDERS' EQUITY

CURRENT LIABILITIES:
  Note payable - current                                     $   300,000
  Accounts payable - trade                                         5,299
  Accrued expenses and other current
   liabilities                                                    88,397


     Total current liabilities                                   393,696


DEFERRED INCOME TAXES                                            100,000

STOCKHOLDERS' EQUITY:
  Preferred stock - par value $.01; authorized,
     1,000,000 shares, no shares issued                              -
  Common stock - par value $.01; authorized,
     25,000,000 shares; issued 6,423,493 shares                   63,250
  Additional paid-in capital                                   3,470,504
  Accumulated deficit                                         (  614,718)

                                                               2,919,036
Less:
  Common stock in treasury at cost;
   711,354 shares                                                403,293

                                                               2,515,743

                                                             $ 3,009,439











    THE ACCOMPANYING STATEMENTS ARE AN INTEGRAL PART OF THESE STATEMENTS


                                   Page 4

                         NEW RETAIL CONCEPTS, INC.
                     CONDENSED STATEMENTS OF OPERATIONS
                                (Unaudited)


                                                Three Months Ended
                                                     June 30,    
                                                1997          1996

Revenues:
  License and marketing fees                 $  140,028  $ 158,124
     
Costs and expenses:
  Selling, general
   and administrative                            96,900    155,437
  Interest expense                                3,750      4,356

   Total costs and expenses                                100,650    
159,793

Operating income (loss)                          39,378     (1,669)

Other income (expense):
  Equity in gains (losses)of
   affiliate                                    174,433     (5,564)
  Other, net                                     12,610     45,649
                                                187,043     40,085
Income before provision
   for income taxes                             226,421               
38,416

Provision for income taxes                        5,000      4,000

Net income                                   $  221,421               $
34,416

Net income per share of
   common stock                                $  0.04    $  0.01

Weighted average number of
   shares outstanding                         6,272,000   6,051,557








      THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE STATEMENTS


                                   Page 5

                         NEW RETAIL CONCEPTS, INC.
                     CONDENSED STATEMENTS OF CASH FLOWS
                                (Unaudited)
                                      
                                      
                                      
                                      
                                      
                                                      Three Months Ended
                                                           June 30,
                                                     1997          1996


Cash flows from operating activities:

     Net cash used in operating activities        $    (7,505)        $
(18,900)


Cash flows from investing activities:
     
     Net cash provided by investing
      activities                                       40,243      40,678

Cash flows from financing activities:
     
     Net cash used in financing
      activities                                      (43,310)   (110,000)

DECREASE IN CASH AND CASH EQUIVALENTS                 (10,572)    (88,222)
Cash and cash equivalents at beginning of period      461,034     245,616

Cash and cash equivalents at end of period        $   450,462  $  157,394
















      THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE STATEMENTS.


                                   Page 6

                         NEW RETAIL CONCEPTS, INC.
                   NOTES TO INTERIM FINANCIAL STATEMENTS
                           June 30, 1997 AND 1996
                                      
                                      

NOTE A - ORGANIZATION AND BASIS FOR PRESENTATION
    
           New Retail Concepts, Inc. ("NRC" or the "Company"), is engaged in
managing its  existing  corporate  assets  and  in  seeking  other  business
opportunities for acquisition or merger.

           The  condensed financial statements included herein are unaudited
and include  all adjustments  which  are,  in  the  opinion  of  management,
necessary for  a fair  presentation of  the results  of  operations  of  the
interim period  pursuant to the rules and regulations of the U.S. Securities
and Exchange  Commission.   Certain  information  and  footnote  disclosures
normally included  in generally  accepted accounting  principles  have  been
condensed or  omitted pursuant  to such  rules and regulations, although the
Company believes  that the  disclosures in  such  financial  statements  are
adequate to  make the information presented not misleading.  These condensed
financial statements  should be  read  in  conjunction  with  the  Company's
Financial Statements  and the notes thereto included in the Company's Annual
Report on Form 10-KSB for the fiscal year ended March 31, 1997.
    
           The  Company has  no  full-time  employees  and  three  part-time
employees which  include the  Chairman of  the Board  and President  and the
Chief Financial Officer of the Company.

NOTE B - CORPORATE ASSETS

          The Company owns 1,227,696 shares of the common stock of Candie's,
Inc. ("Candie's"),  a Delaware  corporation whose  shares are  traded on the
NASDAQ National  Market System,  warrants  to  purchase  700,000  additional
shares of  such common  stock exercisable at an initial price of $1.2375 per
share and  an option  to purchase  for $1.15  per share  100,000  additional
shares of  such common stock.  The Company's holding in Candie's is recorded
on the  equity method  of accounting.   At  June 30,  1997, such holding was
carried at  $1,771,515, including approximately $593,400 of goodwill (net of
amortization), which  is being  amortized over a ten-year period.  Revenues,
gross profit  and net  income of  Candie's for the six months ended July 31,
1997 are as follows:

                    Net Revenues       $46,587,253
                    Gross Profit       $11,725,174
                    Net Income         $ 3,018,277

           The  other corporate  assets involving  management by the Company
include an  account receivable  from No Excuses Sportswear, Ltd. ("NES") and
license agreements  calling for  the payment of royalties to the Company for
the use of the NO EXCUSES(R) trademark and the CRAYONS(R) trademark.

                                   Page 7

NOTE C - MAJOR LICENSEES (CUSTOMERS)

           Two  major licensees  (customers)  accounted  for  88%  and  12%,
respectively, of  total revenues  for the  three months ended June 30, 1997.
Three major licensees accounted for 83.6%, 29.5% and 13.0%, respectively, of
total revenues for the three month period ended June 30, 1996.














































                                   Page 8

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


Results of Operations

Three Months Ended June 30, 1997 and 1996

           Total  revenues for  the three  months ended  June 30,  1997 were
$140,028 as compared to $158,124 for the corresponding period ended June 30,
1996.   This decrease  is primarily  attributable to  a decrease in reported
shipments of its licensee for No Excuses footwear.

         Net income for the three months ended June 30, 1997 was $221,421 or
$.04 per share of Common Stock, as compared to net income of $34,416 or $.01
per share  of Common  Stock, for the three months ended June 30, 1996.  This
increase in  net income  is principally  due to  an due to the equity in the
gains of Candie's, Inc.

           Selling,  general  and  administrative  expenses  decreased  from
$155,437 for  the three  months ended June 30, 1996 to $96,900 for the three
months ended  June 30,  1997.   This decrease  was primarily attributable to
decreases in advertising, royalty and professional fee expenses.

           Interest  expense for  the three  months ended  June 30, 1997 was
$3,750 as  compared to $4,356 for the three months ended June 30, 1996. This
decrease is due to a reduction in notes payable.

Liquidity and Capital Resources

           At  June 30,  1997 the Company had working capital of $382,079 as
compared to working capital of $335,760 at March 31, 1997.  This increase in
working capital  arose primarily  as a  result of  operating income  for the
period.

           The  Company satisfies  its present  working  capital  and  other
financial needs  from royalties  earned on  its licensing agreements and the
proceeds from  the sale  of certain  licensing rights.   Management  of  the
Company believes that the Company will generate sufficient cash flow for the
next twelve  months from its current cash position and licensing fees as the
sublicensor of the NO EXCUSES(R) trademark.
    
          Subsequent to June 30, 1997, the Company repurchased 18,500 shares
of the Company's common stock at an aggregate purchase price of $19,663. All
such shares were repurchased in the open market.
                                      
                                      
                                      
                                      



                                   Page 9

                         NEW RETAIL CONCEPTS, INC.
                                      
                        PART II - OTHER INFORMATION
                                      
                                      
Item 1.  Legal Proceedings

         None

Item 6.  Exhibits and Reports on Form 8-K

(a)  Exhibits

     11 -  Computation of earnings per common share.
     27 -  Financial Data Schedule

(b)  Reports on Form 8-K

       No reports on Form 8-K have been filed during the quarter
        ended June 30, 1997.

                                 SIGNATURES

In accordance  with the  requirements of  the Exchange  Act, the  Registrant
caused this  report to be signed on its behalf by the undersigned, thereunto
duly authorized.

                                             NEW RETAIL CONCEPTS, INC.

DATED: August 29, 1997                       BY: /s/ Neil Cole
                                                Neil Cole
                                                President
                                                Chairman
                                                Chief Executive Officer
                                                Chief Accounting Officer

















                                   Page 10

                               EXHIBIT INDEX
                                      
                                      

Exhibit No.  Description                                        Page

    11       Computation of Earnings per Share                   12
              (Three months ended June 30, 1997 and 1996)

    27       Financial Data Schedule                            13










































                                   Page 11

                                                                  Exhibit 11


                         NEW RETAIL CONCEPTS, INC.
                     COMPUTATION OF EARNINGS PER SHARE




                                          Three Months Ended
                                June 30, 1997           June 30, 1996
                                           Fully                   Fully
                             Primary      Diluted    Primary      Diluted

Net Income                   $221,421    $221,421    $ 34,416    $ 34,416

Weighted average number
 of shares outstanding      5,743,000   5,743,000   5,843,028   5,843,028

Shares issuable upon
 exercise of options
 and warrants                 685,000     685,000     785,000     785,000

Shares assumed to be
 repurchased under the
 treasury stock method       (156,000)   (156,000)   (576,471)   (586,471)
                            6,272,000   6,272,000   6,051,557   6,051,557

NET INCOME PER SHARE          $0.04       $0.04       $ 0.01      $ 0.01





















                                   Page 12