Form 10-Q

                       SECURITIES AND EXCHANGE COMMISSION
                                Washington, D. C.
                                      20549

(Mark One)

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

     For the quarterly period ended December 1, 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 No. 0-5815

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

              GEORGIA                              58-1033765
  (State or other jurisdiction of       (I.R.S. Employer Identification
   Incorporation or organization)                   Number)


                       55 Hannah Way, Rossville, GA 30741
(Address of principal executive offices)           (Zip Code)

     Registrant's Telephone Number, including Area Code: (706) 861-3347

     (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 each of the issuer's classes of
common stock, as of the latest practicable date.

              Class                              Outstanding at January 10, 2002
COMMON STOCK - $.10 PAR VALUE                             825,987
NON VOTING COMMON STOCK - $.00 PAR VALUE                       --
NON VOTING PREFERRED STOCK - $.00 PAR VALUE                    --


<PAGE>


ITEM 1. FINANCIAL STATEMENTS.

                              FINANCIAL INFORMATION
                            AMERICAN CONSUMERS, INC.
              CONDENSED STATEMENTS OF INCOME AND RETAINED EARNINGS

<TABLE>
<CAPTION>
                                                THIRTEEN WEEKS ENDED         TWENTY-SIX WEEK ENDED
                                            --------------------------    ---------------------------
                                            December 1,    December 2,    December 1,     December 2,
                                                2001           2000           2001            2000
                                            -----------    -----------    -----------     -----------
<S>                                         <C>            <C>            <C>             <C>
NET SALES                                   $ 7,250,881    $ 6,364,584    $ 14,386,117    $ 12,764,680
COST OF GOODS SOLD                            5,655,411      4,850,768      11,137,370       9,743,508
                                            -----------    -----------    ------------    ------------

Gross Margin                                  1,595,450      1,513,816       3,248,747       3,021,172
OPERATING EXPENSES                            1,738,191      1,510,532       3,464,875       3,031,544
                                            -----------    -----------    ------------    ------------

Operating Income (Loss)                        (142,741)         3,284        (216,128)        (10,372)

OTHER INCOME (EXPENSE)
  Interest income                                 5,000          7,150          10,408          13,861
  Other income                                   35,480         19,088          62,934          37,658
  Gain (loss) on sale of assets                  (1,567)            --           3,433              --
  Interest expense                              (20,999)        (6,872)        (40,096)        (12,648)
                                            -----------    -----------    ------------    ------------

Income (Loss) Before Income Tax (Benefit)      (124,827)        22,650        (179,449)         28,499
INCOME TAXES                                     11,573          6,843              --           9,492
                                            -----------    -----------    ------------    ------------

NET INCOME (LOSS)                              (136,400)        15,807        (179,449)         19,007

RETAINED EARNINGS:
  Beginning                                   1,656,003      1,695,165       1,699,105       1,691,965

  Redemption of common stock                        (29)          (192)            (82)           (192)
                                            -----------    -----------    ------------    ------------

  Ending                                    $ 1,519,574    $ 1,710,780    $  1,519,574    $  1,710,780
                                            ===========    ===========    ============    ============

PER SHARE:
  Net income (loss)                         $    (0.165)   $     0.019    $     (0.217)   $      0.023
                                            ===========    ===========    ============    ============

  Cash dividends                            $        --    $        --    $         --    $         --
                                            ===========    ===========    ============    ============

WEIGHTED AVERAGE NUMBER OF
  SHARES OUTSTANDING                            826,559        831,530         826,562         834,841
                                            ===========    ===========    ============    ============
</TABLE>

                        See Notes to Financial Statements


                                       2
<PAGE>

                              FINANCIAL INFORMATION
                            AMERICAN CONSUMERS, INC.
                            CONDENSED BALANCE SHEETS

<TABLE>
<CAPTION>
                                                                    December 1,      June 2,
                                                                       2001           2001
                                                                   -----------    -----------
                                   --ASSETS--
<S>                                                                <C>            <C>
CURRENT ASSETS
  Cash and short-term investments                                  $   785,911    $ 1,245,135
  Certificate of deposit                                               459,526        450,000
  Accounts receivable                                                  139,556        104,917
  Inventories                                                        2,010,096      1,894,146
  Prepaid expenses                                                      36,855         80,003
  Refundable income taxes                                                  685             --
                                                                   -----------    -----------
Total current assets                                                 3,432,629      3,774,201
                                                                   -----------    -----------

PROPERTY AND EQUIPMENT - at cost
  Leasehold improvements                                               256,043        218,332
  Furniture, fixtures and equipment                                  2,867,884      2,843,230
                                                                   -----------    -----------
                                                                     3,123,927      3,061,562
  Less accumulated depreciation                                     (2,034,829)    (2,270,177)
                                                                   -----------    -----------
                                                                     1,089,098        791,385
                                                                   -----------    -----------
TOTAL ASSETS                                                       $ 4,521,727    $ 4,565,586
                                                                   ===========    ===========

                    --LIABILITIES AND STOCKHOLDERS' EQUITY--
CURRENT LIABILITIES
  Accounts payable                                                 $   722,260    $   788,639
  Short-term borrowings                                                452,726        797,194
  Current maturities of long-term debt                                 131,958         28,688
  Current obligations under capital leases                                  --          3,195
  Accrued sales tax                                                    127,113        132,536
  Federal and state income taxes                                            --          9,422
  Other                                                                157,384        146,026
                                                                   -----------    -----------
Total current liabilities                                            1,591,441      1,905,700
                                                                   -----------    -----------

DEFERRED INCOME TAXES                                                    2,827          3,827
                                                                   -----------    -----------
OBLIGATIONS UNDER CAPITAL LEASE AGREEMENTS                             606,452        140,733
                                                                   -----------    -----------
DEFERRED INCOME                                                         30,026         43,651
                                                                   -----------    -----------

STOCKHOLDERS' EQUITY
  Nonvoting preferred stock - authorized 5,000,000
    shares of no par value; no shares issued                                --             --
  Nonvoting common stock - authorized 5,000,000
    shares of no par value; no shares issued                                --             --
  Common stock - $.10 par value; authorized 5,000,000
    shares; shares issued of 825,987 and 827,233 respectively           82,599         82,723
  Additional paid-in capital                                           688,808        689,847
  Retained earnings                                                  1,519,574      1,699,105
                                                                   -----------    -----------
Total Stockholders' Equity                                           2,290,981      2,471,675
                                                                   -----------    -----------
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY                         $ 4,521,727    $ 4,565,586
                                                                   ===========    ===========
</TABLE>

                        See Notes to Financial Statements


                                       3
<PAGE>

                              FINANCIAL INFORMATION
                            AMERICAN CONSUMERS, INC.
                       CONDENSED STATEMENTS OF CASH FLOWS


<TABLE>
<CAPTION>
                                                             TWENTY-SIX WEEKS ENDED
                                                           --------------------------
                                                           December 1,    December 2,
                                                               2001           2000
                                                           -----------    -----------
<S>                                                        <C>            <C>
CASH FLOWS FROM OPERATING ACTIVITIES
Net income (loss)                                          $  (179,449)   $  19,007
Adjustments to reconcile net income to net cash
  provided by (used in) operating activities:
    Depreciation and amortization                              136,974       99,329
    Deferred income taxes                                       (1,000)      (2,000)
    Deferred income                                            (13,625)     (10,597)
    Change in operating assets and liabilities:
      Accounts receivable                                      (34,639)      14,746
      Inventories                                             (115,950)      29,206
      Prepaid expenses                                          43,148       33,282
      Refundable income taxes                                     (685)          --
      Accounts payable                                         (66,379)     (89,010)
      Accrued sales tax                                         (5,423)     (10,731)
      Accrued income taxes                                      (9,422)       9,683
      Other accrued liabilities                                 11,358       40,720
                                                           -----------    ---------
Net cash provided by (used in) operating activities           (235,092)     133,635
                                                           -----------    ---------

CASH FLOWS FROM INVESTING ACTIVITIES
  Increase in Certificate of Deposit                            (9,526)     (13,385)
  Purchase of property and equipment                          (434,687)      (2,140)
                                                           -----------    ---------
Net cash used in investing activities                         (444,213)     (15,525)
                                                           -----------    ---------

CASH FLOWS FROM FINANCING ACTIVITIES
  Net increase (decrease) in short-term borrowings            (344,468)      (8,663)
  Increase in long-term borrowing                              568,989           --
  Principal payments on obligations under capital leases        (3,195)     (43,340)
  Redemption of common stock                                    (1,245)      (2,902)
                                                           -----------    ---------
    Net cash provided by (used in) financing activities        220,081      (54,905)
                                                           -----------    ---------
Net increase (decrease) in cash                               (459,224)      63,205
Cash and cash equivalents at beginning of period             1,245,135      852,652
                                                           -----------    ---------
Cash and cash equivalents at end of period                 $   785,911    $ 915,857
                                                           ===========    =========
</TABLE>

                        See Notes to Financial Statements


                                       4
<PAGE>

                            AMERICAN CONSUMERS, INC.
                          NOTES TO FINANCIAL STATEMENTS

(1)  Basis of Presentation.

     The financial statements have been prepared in conformity with generally
     accepted accounting principles and general practices within the industry.

     The interim financial statements should be read in conjunction with the
     notes to the financial statements presented in the Company's 2001 Annual
     Report to Shareholders. The quarterly financial statements reflect all
     adjustments which are, in the opinion of management, necessary for a fair
     presentation of the results for interim periods. All such adjustments are
     of a normal recurring nature. The results for the interim periods are not
     necessarily indicative of the results to be expected for the complete
     fiscal year.

(2)  Commitments and Contingencies.

     Capital expenditures are not expected to exceed $575,000 for the year,
     including all expenditures needed to complete the purchase of new, updated
     replacements for cash registers and other equipment which were previously
     leased. This amount was not expected to exceed $475,000 but new cases for
     the Jasper location, which was purchased April, 2000, have been ordered and
     the company took advantage of the zero percent financing available and
     purchased a new vehicle to replace an older van.

     The Company adopted a retirement plan effective January 1, 1995. The plan
     is a 401(k) plan administered by BISYS Qualified Plan Services.
     Participation in the plan is available to all full-time employees after one
     year of service and age 19. Any contribution by the Company is at the
     discretion of the Board of Directors, which makes its decision annually at
     the quarterly meeting in January. The Board voted to contribute $7,500 to
     the plan for both calendar years 2001 and 2000.

     None of the Company's employees are represented by a union.


                                       5
<PAGE>

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

                              RESULTS OF OPERATIONS

<TABLE>
<CAPTION>
                                      THIRTEEN WEEK ENDED              TWENTY-SIX WEEKS ENDED
                                  December 1,       December 2,     December 1,        December 2,
                                     2001              2000            2001               2000
                                 -------------     -------------   -------------      -------------
<S>                              <C>               <C>              <C>                <C>
Sales                            $  7,250,861      $  6,364,584     $ 14,386,117       $ 12,764,680
% Sales Increase                        13.93%             0.57%           12.70%              3.89%
Same stores % sales increase             2.95%               --             1.74%                --
Gross Margin %                          22.00%            23.78%           22.58%             23.67%
Operating and Administrative
Expense:
  Amount                            1,735,191         1,510,532        3,464,875          3,031,544
  % of Sales                            23.97%            23.73%           24.08%             23.75%
Net Income (Loss) before tax         (124,827)           22,650         (179,449)            28,499
</TABLE>

The Company operated seven stores during the quarter ended December 1, 2001 and
only operated six stores during the quarter ended December 2, 2000. Same store
sales were up 2.95% for the quarter and 1.74% for the year to date. The opening
of a Wal-Mart Supercenter in the trade area of two of the Company's stores
continues to impact Company sales. The reduction in the gross margin for the
periods presented is the result of the Company's maintaining low prices in an
effort to fight competition. Still, the access to improved lines of generic
grocery items which we are able to price more competitively versus national
brands appears to have increased overall traffic in the Company's grocery stores
and may have helped offset some of the impact of the Wal-Mart expansion. This
access was gained as a result of the Company's switch to a different wholesaler
during the last quarter of fiscal 2000. Subsequent to the end of the quarter,
management is attempting to adjust the Company's mix of retail prices to
increase gross margin and reduce its operating losses. Management believes that
competitive pressures on the Company will continue to increase over time as a
result of competitors opening more new stores in the Company's trade area. In
response to these pressures, management is seeking to improve the gross margin
and increase profitability by obtaining the lowest cost for the Company's
inventory.

     Operating and administrative expense, as a percent of sales for the
quarters presented, has remained fairly consistent.

Income Taxes:

     The provision (benefit) for income taxes for the quarters ended above do
not vary significantly from the statutory rate of 34% and state rates of 5% -
6%. Taxes are recorded as a current liability in each of the periods presented.
No tax benefit is reflected for the twenty-six week period because the net
operating loss incurred by the Company cannot be carried back under current tax
laws.

Inflation:

     Although currently not a significant factor, the Company continues to seek
ways to cope with the threat of renewed inflation. To the extent permitted by
competition, increased costs of goods and services to the Company are reflected
in increased selling prices for the goods sold by the Company.


                                       6
<PAGE>

                               FINANCIAL CONDITION

Liquidity and Capital Resources:

     The Company finances its working capital requirements principally through
its cash flow from operations and short-term borrowings. Short-term borrowing to
finance inventory purchases is provided by the Company's $650,000 line of credit
from its lead bank, Northwest Georgia Bank, Fort Oglethorpe, Georgia. Short-term
borrowings as of the end of specific quarters are presented below:

                               December 1, 2001  June 2, 2001   Decmeber 2, 2000
                               ----------------  ------------   ----------------
Michael and Diana Richardson       $ 33,014        $ 37,411         $ 56,258
Matthew Richardson                   44,712          48,330           57,164
Line of Credit-                     375,000         711,453            6,320
                                   --------        --------         --------
  Total                            $452,726        $797,194         $120,012
                                   ========        ========         ========

     Notes to Michael and Diana Richardson and to Matthew Richardson are
unsecured, payable on demand and bear interest at .25% below the base rate
charged by Northwest Georgia Bank, which provides the Company with its line of
credit.

Long-term Debt

     During the third quarter of fiscal 2001, the Company began a program of
purchasing replacements for cash registers and other equipment which the Company
previously leased as the existing leases expired. The Company arranged financing
for this program with Northwest Georgia Bank in the form of a short-term note
which was converted to long-term debt once the replacements were completed. The
Company also financed the addition of its seventh grocery store in Jasper,
Tennessee through a separate note with Northwest Georgia Bank.

Long-term debt at December 1, 2001 and June 2, 2001, consisted of the following:

<TABLE>
<CAPTION>
                                                                               December 1,  June 2,
                                                                                  2001       2001
                                                                                --------   --------
<S>                                                                             <C>        <C>
     Note payable, Bank, secured by all inventory and machinery and
     equipment of the Company, due $3,576 monthly plus interest at 6.5% to
     April, 2006 (acquisition financing)                                        $154,604   $169,421

     Note payable, Bank, secured by all inventory and machinery and
     equipment of the Company, due $11,381 monthly plus interest at 5% to
     September, 2006 (equipment financing)                                       558,015         --

     Note payable, GMAC, secured by vehicle, due $716 monthly with interest
     at 0% to December, 2004                                                      25,791         --
                                                                                --------   --------

                                                                                 738,410    169,421
Less:  Current Portion                                                           131,958     28,688
                                                                                --------   --------
                                                                                $606,452   $140,733
                                                                                ========   ========
</TABLE>


The following is a schedule by years of the amount of maturities of all
long-term debt:

                     Year                    Amount
                     ----                  ----------
                     2002                     131,958
                     2003                     151,442
                     2004                     161,934
                     2005                     175,969
                     2006                     117,107
                                           ----------
                                           $  738,410
                                           ==========


                                       7
<PAGE>

                         FINANCIAL CONDITION (Continued)

     The ratio of current assets to current liabilities was 2.16 to 1 at the end
of the latest quarter, December 1, 2001, as compared to 3.07 to 1 on December 2,
2000 and 1.98 to 1 at the end of the fiscal year ended on June 2, 2001. Cash and
cash equivalents constituted 36.28% of the total current assets at December 1,
2001 as compared to 43.44% at December 2, 2000 and 44.91% at June 2, 2001.

     During the quarter ended December 1, 2001, retained earnings decreased as a
result of the Company's net loss for the quarter.

Forward - Looking Statements

     Information provided by the Company, including written or oral statements
made by its representatives, may contain "forward-looking information" as
defined in Section 21E of the Securities Exchange Act of 1934, as amended. All
statements which address activities, events or developments that the Company
expects or anticipates will or may occur in the future, including such things as
expansion and growth of the Company's business, the effects of future
competition, future capital expenditures and the Company's business strategy,
are forward-looking statements. In reviewing such information it should be kept
in mind that actual results may differ materially from those projected or
suggested in such forward-looking statements. This forward-looking information
is based on various factors and was derived utilizing numerous assumptions. Many
of these factors previously have been identified in filings or statements made
on behalf of the Company, including filings with the Securities and Exchange
Commission of Forms 10-Q, 10-K and 8-K. Important assumptions and other
important factors that could cause actual results to differ materially from
those set forth in the forward-looking statements include: changes in the
general economy of the Company's primary markets, changes in consumer spending,
competitive factors, the nature and extent of continued consolidation in the
grocery store industry, changes in the rate of inflation, changes in state or
federal legislation or regulation, adverse determinations with respect to any
litigation or other claims, inability to develop new stores or complete remodels
as rapidly as planned, stability of product costs, supply or quality control
problems with the Company's vendors, and other issues and uncertainties detailed
from time to time in the Company's filings with the Securities and Exchange
Commission.

ITEM 3 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

The Company does not engage in speculative or derivative transactions, nor does
it hold or issue financial instruments for trading purposes. The Company is
exposed to changes in interest rates primarily as a result of its borrowing
activities. The effective interest rate on the Company's borrowings under its
Line of Credit Agreements and under its outstanding notes varies with the prime
rate. We believe that our present exposure to market risk relating to interest
rate risk is not material. The company does not maintain any interest rate
hedging arrangements. All of the Company's business is transacted in U.S.
dollars and, accordingly, foreign exchange rate fluctuations have never had a
significant impact on the Company and they are not expected to in the
foreseeable future.


                                       8
<PAGE>

                            AMERICAN CONSUMERS, INC.

PART II OTHER INFORMATION

Item 6  EXHIBITS AND REPORTS ON FORM 8-K

          (a)  The following exhibits are filed as a part of the report.

               (11) Statement re: computation of per share earnings.

          (b)  During the most recent quarter, the Company has not filed a
               report on Form 8-K


                                       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 by the
undersigned thereunto duly authorized.


                                            AMERICAN CONSUMERS, INC.
                                            (Registrant)



Date: January 15, 2002                      /s/ Michael A. Richardson
                                            --------------------------------
                                            Michael A. Richardson
                                            CHAIRMAN
                                            (Principal Executive Officer)



Date: January 15, 2002                      /s/ Paul R. Cook
                                            --------------------------------
                                            Paul R. Cook
                                            EXECUTIVE VICE PRESISENT AND
                                              TREASURER
                                            (Principal Financial Officer & Chief
                                            Accounting Officer)


                                       10