SECURITIES AND EXCHANGE COMMISSION
                                   Washington, D.C. 20549

                                         FORM 10-Q


[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 SECURITIES
         EXCHANGE ACT OF 1943
         


Commission File No. 1-5050


                                  ALBERTO-CULVER COMPANY
                                  ----------------------
                   (Exact name of registrant as specified in its charter)



      Delaware                                                   36-2257936
      --------                                                   ----------
State or other jurisdiction of                               (I.R.S. Employer
incorporation or organization)                               Identification No.)


                                   2525 Armitage Avenue
                               Melrose Park, Illinois          60160
                               ----------------------          -----
                    (Address of principal executive offices) (Zip code)



Registrant's telephone number, including area code:   (708) 450-3000




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 require-
ments for the past 90 days.  YES  X    NO



At June  30,  1997,  there  were  22,582,462  shares  of  Class A  common  stock
outstanding and 33,532,480 shares of Class B common stock outstanding.


                                  - 1 -

<PAGE>





                                        PART I


ITEM 1.  FINANCIAL STATEMENTS
-------  --------------------



                           ALBERTO-CULVER COMPANY AND SUBSIDIARIES

                             Consolidated Statements of Earnings
                          Three Months Ended June 30, 1997 and 1996
                   (dollar amounts in thousands, except per share figures)


<TABLE>
<CAPTION>



                                                                 (Unaudited)
                                                                 -----------
                                                               1997       1996
                                                               ----       ----
<S>                                                          <C>         <C>
Net sales ................................................   $456,210    415,554

Costs and expenses:
    Cost of products sold ................................    226,734    208,526
    Advertising, promotion, selling and administrative ...    196,797    177,394
    Interest expense, net of interest income of $858
         in 1997 and $487 in 1996 ........................      2,066      3,416
                                                                -----      -----

    Total costs and expenses .............................    425,597    389,336
                                                              -------    -------

Earnings before provision for income taxes ...............     30,613     26,218

Provision for income taxes ...............................     11,403      9,766
                                                               ------      -----

Net earnings .............................................   $ 19,210     16,452
                                                             ========     ======

Net earnings per share of common stock (Notes 2 and 3)

        Primary .......................................         $   .33      .29
                                                                =======      ===

        Fully-diluted .................................         $   .32      .28
                                                                =======      ===

Cash dividends paid per share (Note 2) ................         $   .05     .045
                                                                =======     ====







See notes to consolidated financial statements.
</TABLE>


                                    - 2 -

<PAGE>
<TABLE>







                      ALBERTO-CULVER COMPANY AND SUBSIDIARIES

                        Consolidated Statements of Earnings
                      Nine Months Ended June 30, 1997 and 1996
              (dollar amounts in thousands, except per share figures)



<CAPTION>

                                                                           (Unaudited)
                                                                           -----------
                                                                       1997         1996
                                                                       ----         ----
<S>                                                                 <C>           <C>
Net sales .......................................................   $1,321,892    1,159,338

Costs and expenses:
    Cost of products sold .......................................      660,179      587,328
    Advertising, promotion, selling and administrative ..........      569,502      494,192
    Interest expense, net of interest income of $2,502
         in 1997 and $2,901 in 1996 .............................        6,525        8,024
                                                                         -----        -----

    Total costs and expenses ....................................    1,236,206    1,089,544
                                                                     ---------    ---------

Earnings before non-recurring gain and provision for income taxes       85,686       69,794

     Non-recurring gain (Note 5 ) ...............................       15,634           --
                                                                        ------       ------      

Earnings before provision for income taxes (Note 5 ) ............      101,320       69,794

Provision for income taxes (Note 5 ) ............................       37,741       25,998
                                                                        ------       ------

Net earnings (Note 5) ...........................................   $   63,579       43,796
                                                                    ==========       ======

Net earnings per share (Notes 2, 3 and 5)

     Primary .........................                                 $    1.11        .77
                                                                       =========        ===

     Fully-diluted ...................                                 $    1.05        .74
                                                                       =========        ===

Cash dividends paid per share (Note 2)                                 $    .145        .13
                                                                       =========        ===







See notes to consolidated financial statements.
</TABLE>


                                            - 3 -

<PAGE>
<TABLE>





                                          ALBERTO-CULVER COMPANY AND SUBSIDIARIES

                                                Consolidated Balance Sheets
                                           June 30, 1997 and September 30, 1996
                                  (dollar amounts in thousands, except per share figures)

<CAPTION>
                                                                                  (Unaudited)

                                                                                    June 30,   September 30,
ASSETS                                                                                1997        1996
------                                                                                ----        ----
<S>                                                                                <C>            <C>
Current assets:
   Cash and cash equivalents ...................................................   $  69,977       66,211
   Short-term investments ......................................................       8,750        5,346
   Receivables, less allowance for doubtful
      accounts ($9,127 at 6/30/97 and $8,208 at 9/30/96) .......................     122,614      125,718
   Inventories (Note 4) ........................................................     328,658      288,525
   Other current assets ........................................................      32,158       26,918
                                                                                      ------       ------
      Total current assets .....................................................     562,157      512,718
                                                                                     -------      -------
Property, plant and equipment at cost, less accumulated
   depreciation ($151,080  at 6/30/97 and $143,946 at 9/30/96) .................     188,471      175,920
Goodwill, net ..................................................................     113,394      107,603
Trade names and other intangible assets, net ...................................      70,314       76,877
Other assets ...................................................................      43,989       36,148
                                                                                      ------       ------
   Total assets ................................................................   $ 978,325      909,266
                                                                                   =========      =======

LIABILITIES AND STOCKHOLDERS' EQUITY
------------------------------------

Current liabilities:
   Current maturities of long-term debt and short-term borrowings ..............   $   5,223        3,650
   Accounts payable ............................................................     163,641      154,634
   Accrued expenses ............................................................     112,914      115,139
   Income taxes ................................................................      20,488       13,172
                                                                                      ------       ------
      Total current liabilities ................................................     302,266      286,595
                                                                                     -------      -------

Long-term debt .................................................................      55,587       61,548
Convertible subordinated debentures ............................................     100,000      100,000
Deferred income taxes ..........................................................      22,585       16,582
Other liabilitiies .............................................................      17,267       19,445

Stockholders' equity:
   Common stock, par value $.22 per share:
      Class A authorized 75,000,000 shares; issued 24,442,931 shares ...........       5,349        2,918
         at 6/30/97 and 24,311,224 shares at 9/30/96
      Class B authorized 75,000,000 shares; issued 37,710,664 shares ...........       8,296        4,608
   Additional paid-in capital ..................................................      92,915       88,955
   Retained earnings ...........................................................     439,884      390,526
   Foreign currency translation ................................................     (19,662)     (13,428)
                                                                                     -------      ------- 
                                                                                     526,782      473,579
   Less treasury stock at cost (Class A common shares: 1,860,469 at 6/30/97    
      and 2,214,024 at 9/30/96; Class B common shares:
      4,178,184 at 6/30/97 and at 9/30/96) .....................................     (46,162)     (48,483)
                                                                                     -------      ------- 
         Total stockholders' equity ............................................     480,620      425,096
                                                                                     -------      -------

   Total liabilities and stockholders' equity ..................................   $ 978,325      909,266
                                                                                   =========      =======

See notes to consolidated financial statements.
</TABLE>


                                         - 4 -

<PAGE>



                         ALBERTO-CULVER COMPANY AND SUBSIDIARIES

                          Consolidated Statements of Cash Flows
                        Nine Months Ended June 30, 1997 and 1996
                              (dollar amounts in thousands)

<TABLE>
<CAPTION>


                                                                           (Unaudited)
                                                                           -----------
                                                                         1997        1996
                                                                         ----        ----

Cash Flows from Operating Activities:
-------------------------------------
<S>                                                                  <C>          <C>
Net earnings .....................................................   $ 63,579      43,796
Adjustments to reconcile net earnings to net cash
   provided by operating activities:
     Depreciation and amortization ...............................     27,005      23,711
     Non-recurring gain ..........................................    (15,634)         --
     Other, net ..................................................       (802)      2,849
     Cash effects of changes in:
       Receivables, net ..........................................       (987)      2,916
       Inventories ...............................................    (36,529)     (3,136)
       Other current assets ......................................       (978)     (1,041)
       Accounts payable and accrued expenses .....................      2,193      (7,030)
       Income taxes ..............................................      8,278      (1,236)
                                                                        -----      ------ 
     Net cash provided by operating activities ...................     46,125      60,829
                                                                       ------      ------

Cash Flows from Investing Activities:
-------------------------------------

Short-term investments ...........................................     (3,404)        400
Capital expenditures .............................................    (43,615)    (30,794)
Payments for purchased businesses, net of acquired companies' cash    (14,187)   (127,864)
Proceeds from insurance settlement ...............................     28,000          --
Other, net .......................................................     (5,162)     (4,161)
                                                                       ------      ------ 
   Net cash provided by investing activities .....................    (38,368)   (162,419)
                                                                      -------    -------- 

Cash Flows from Financing Activities:
-------------------------------------

Short-term borrowings ............................................      1,734        (791)
Proceeds from long-term debt .....................................        500       6,923
Repayments of long-term debt .....................................     (1,225)     (5,126)
Sale of trade accounts receivable ................................       --        30,000
Cash dividends paid ..............................................     (8,101)     (7,221)
Cash proceeds from exercise of stock options .....................      5,175       1,382
Stock purchased for treasury .....................................     (1,138)       (685)
                                                                       ------        ---- 
   Net cash provided by financing activities .....................     (3,055)     24,482
                                                                       ------      ------

Effect of foreign exchange rate changes on cash ..................       (936)       (440)
                                                                         ----        ---- 
Net increase (decrease) in cash and cash equivalents .............      3,766     (77,548)

Cash and cash equivalents at beginning of period .................     66,211     142,585
                                                                       ------     -------

Cash and cash equivalents at end of period .......................   $ 69,977      65,037
                                                                     ========      ======

See notes to consolidated financial statements.
</TABLE>

                                    - 5 -

<PAGE>



                       ALBERTO-CULVER COMPANY AND SUBSIDIARIES

                      Notes to Consolidated Financial Statements

(l)   The consolidated  financial  statements  contained in this report have not
      been examined by independent public accountants,  except for balance sheet
      information  presented at September 30, 1996.  However,  in the opinion of
      the  company,   the   consolidated   financial   statements   reflect  all
      adjustments,  which include only normal adjustments,  necessary to present
      fairly the data  contained  therein.  The  results of  operations  for the
      periods covered are not necessarily indicative of results for a full year.

(2)   On January 23, 1997,  the company  announced a 100% stock  dividend on the
      company's  Class A and Class B  outstanding  shares.  The new shares  were
      distributed  February 20, 1997 to  shareholders  of record at the close of
      business on February 3, 1997. The stock dividend was  distributed  only on
      outstanding  shares and not on shares held in the treasury.  All share and
      per share information in this report, except for treasury shares, has been
      restated to reflect the 100% stock dividend.

(3)   Primary  earnings  per  share  are based on the  weighted  average  shares
      outstanding,   including  common  stock  equivalents,  of  57,455,000  and
      56,604,000   for  the  three   months   ended  June  30,  1997  and  1996,
      respectively, and 57,145,000 and 56,372,000 for the nine months ended June
      30, 1997 and 1996,  respectively,  after  giving  effect to the 100% stock
      dividend described in Note 2.

      Fully diluted  earnings per share are  determined by dividing net earnings
      before interest expense on the convertible subordinated debentures (net of
      tax benefit) by the weighted average shares outstanding,  including common
      stock  equivalents,  after  giving  effect to  common  shares to be issued
      assuming conversion of the convertible  subordinated debentures to Class A
      common stock.  Fully-diluted  weighted  average  shares  outstanding  were
      63,632,000  and  63,022,000  for the three  months ended June 30, 1997 and
      1996,  respectively,  and  63,447,000  and  62,984,000 for the nine months
      ended June 30, 1997 and 1996,  respectively,  after  giving  effect to the
      100% stock dividend described in Note 2.

(4)   Inventories consist of the following:

                                          (in thousands)
                                          --------------
                                      June 30,  September 30,
                                         1997       1996
                                         ----       ----
Finished goods ...................   $279,562    251,617
Work-in-process ..................      7,507      5,622
Raw materials ....................     41,589     31,286
                                       ------     ------

                                     $328,658    288,525
                                     ========    =======

(5)   In the first  quarter of fiscal year 1997,  the  company  received a $28.0
      million insurance settlement from the loss of its corporate airplane.  The
      effect on the company's earnings was a non-recurring pre-tax gain of $15.6
      million  and an increase in net  earnings  of $9.8  million.  Accordingly,
      earnings  per  share  increased  $0.17 on a  primary  basis and $0.16 on a
      fully-diluted basis.

      The following table provides pro-forma earnings  information for the first
      nine months  excluding the  non-recurring  gain (in thousands,  except per
      share data):

                                        1997        1996
                                        ----        ----

Pre-tax earnings ......            $   85,686      69,794
                                   ==========      ======
Net earnings ..........            $   53,768      43,796
                                   ==========      ======

Net earnings per share:
   Primary ............         $         .94         .77
                                =============         ===
   Fully-diluted ......         $         .89         .74
                                =============         ===



                                            - 6 -

<PAGE>




ITEM  2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF RESULTS OF OPERATIONS AND 
FINANCIAL CONDITION

RESULTS OF OPERATIONS

QUARTER AND NINE MONTHS ENDED JUNE 30, 1997 VS. QUARTER AND NINE  MONTHS ENDED 
JUNE 30, 1996

The company  achieved record net sales of $456.2 million in the third quarter of
fiscal year 1997, up $40.7 million or 9.8% over the comparable quarter of fiscal
year 1996.  For the nine month period ending June 30, 1997,  net sales reached a
new high of $1.32  billion,  representing  a 14.0 %  increase  compared  to last
year's nine month period.

As  described  in Note 5,  during  the first  quarter of fiscal  year 1997,  the
company  received  a $28.0  million  insurance  settlement  from the loss of its
corporate airplane. As a result, the company recognized a non-recurring, pre-tax
gain  of  $15.6  million  and an  increase  to net  earnings  of  $9.8  million.
Accordingly,  earnings  per share for the first nine  months of fiscal year 1997
increased 17 cents on a primary basis and 16 cents on a fully-diluted basis.

Net earnings for the three months ended June 30, 1997 were also a record for the
third quarter at $19.2 million or 16.8% higher than the same period of the prior
year.  Primary earnings per share of 33 cents were 4 cents or 13.8 % higher than
the same period last year.  Fully-diluted earnings per share were 32 cents, up 4
cents or 14.3 % from the prior year.

On a  pro-forma  basis for the nine months  ended June 30,  1997,  net  earnings
before the  non-recurring  gain were a record at $53.8  million or 22.8 % higher
than the same  period  of the  prior  year.  Pro-forma  earnings  per share on a
primary basis were 94 cents, representing an increase of 17 cents or 22.1 % over
last year.  Pro-forma  fully-diluted  earnings  per share  increased 15 cents or
20.3% to 89 cents.

The following table presents net sales  information by business  segment for the
third  quarter and first nine months of fiscal  years 1997 and 1996  (dollars in
millions):

THIRD  QUARTER
                                       Fiscal Year          Dollar       Percent
Net sales:                         1997           1996      Change        Change
----------                         ----           ----      ------        ------
Consumer products:
    Alberto-Culver USA            $107.6          100.5        7.1          7.1%
    Alberto-Culver International   123.9          119.0        4.9          4.1
                                   -----          -----        ---          
    Total consumer products        231.5          219.5       12.0          5.5
Specialty distribution - Sally     229.1          199.0       30.1         15.1
Eliminations                        (4.4)          (3.0)      (1.4)       (45.1)
                                    ----           ----       ----        
                                  $456.2          415.5       40.7          9.8%
                                  ======          =====       ====          

NINE MONTHS
                                      Fiscal Year           Dollar       Percent
Net sales:                         1997           1996      Change        Change
----------                         ----           ----      ------        ------
Consumer products:
    Alberto-Culver USA            $332.4         263.1        69.3         26.3%
    Alberto-Culver International   347.0         332.3        14.7          4.4
                                   -----         -----        ----          
    Total consumer products        679.4         595.4        84.0         14.1
Specialty distribution - Sally     653.4         572.1        81.2         14.2
Eliminations                       (10.9)         (8.2)        2.7        (33.2)
                                   -----          ----         ---         
                                $1,321.9       1,159.3       162.6         14.0%
                                ========       =======       =====         
 
Compared to the same  periods of the prior  year,  sales of  Alberto-Culver  USA
consumer  products  increased 7.1 % and 26.3 % for the current quarter and first
nine months of fiscal 1997, respectively.  The 1997 increases primarily resulted
from higher sales of St. Ives products  which  accounted for $3.8 million of the
sales  increase for the quarter and $53.3 million of the sales  increase for the
first nine months. St. Ives Laboratories,  Inc. was acquired in February,  1996.
In addition,  sales were higher due to increases for TRESemme,  TCB, Mrs.  Dash,
the Alberto VO5 hair care product line and the introduction of new products.

                                  - 7 -

<PAGE>






Sales of Alberto-Culver  International  consumer products increased 4.1 % in the
third quarter and 4.4% for the first nine months  compared to last year.  Fiscal
year 1997 sales  increased  mainly  due to higher  sales of St.  Ives  products,
offset in part by the effect of unfavorable  foreign exchange rates. Had foreign
exchange  rates  this  year been the same as the third  quarter  and first  nine
months of fiscal 1996,  Alberto-Culver  International sales would have increased
10.2% in the third quarter and 8.2% for the first nine months.

The "Specialty  distribution-Sally" business segment experienced sales increases
of $30.1  million or 15.1% for the third  quarter of fiscal  year 1997 and $81.2
million or 14.2% for the first nine months. The gains were attributable to Sally
Beauty Company's sales growth for established stores and the addition of 201 new
outlets  since June 30, 1996.  At June 30, 1997 Sally  Beauty  Company had 1,798
stores offering a full range of professional beauty supplies.

Cost of products  sold as a percent of net sales for the third quarter and first
nine months  decreased to 49.7% and 49.9%,  respectively,  compared to 50.2% and
50.7%, respectively,  for the same periods of the prior year. The decreases were
primarily due to cost efficiencies and changes in product mix.

Compared to fiscal year 1996, advertising, promotion, selling and administrative
expenses rose 10.9% or $19.4 million for the current  quarter and 15.2% or $75.3
million for the nine months ended June 30, 1997. The increases resulted from the
acquisition  of St.  Ives in  February,  1996  along  with  higher  selling  and
administrative  costs associated with the increase in the number of Sally Beauty
Company stores and higher  advertising,  promotion and market research  expenses
for Alberto-Culver USA.

Advertising, promotion and market research expenditures totaled $69.5 million in
the  third  quarter  of 1997,  an  increase  of 21.3%  versus  the  prior  year.
Advertising,  promotion  and  market  research  expenditures  for the first nine
months of fiscal year 1997 were $188.9  million,  an increase of 23.8% over last
year.  The  increases  were  primarily  due to the  acquisition  of St.  Ives in
February, 1996 and the introduction of new products by Alberto-Culver USA.

Interest  expense  decreased  $979,000  or 25.1% for the third  quarter and $1.9
million or 17.4% for the first nine months versus the comparable periods of last
year.  The decreases  were  primarily  attributable  to the  prepayment of $20.0
million of 9.73% term notes in August,  1996. The increase in interest income of
$371,000 for the third  quarter of 1997 was  attributable  to higher  investment
balances, which were primarily the result of the insurance proceeds described in
Note 5. The decrease in interest income of $399,000 for the first nine months of
1997 was primarily  attributed to higher investment  balances in fiscal 1996 due
to the proceeds  from the issuance of $100 million of  subordinated  convertible
debentures, which were subsequently used to purchase St. Ives Laboratories, Inc.
in February, 1996.

The provision  for income taxes as a percentage of earnings  before income taxes
was 37.25% for the third quarter and first nine months of both fiscal years 1997
and 1996.

FINANCIAL CONDITION

JUNE 30, 1997 VS. SEPTEMBER 30, 1996

Working  capital of $259.9 million  increased  $33.8 million since September 30,
1996.  The ratio of current  assets to current  liabilities  was 1.86 to 1.00 at
June 30, 1997  compared to 1.79 to 1.00 at  September  30,  1996.  Both  working
capital and the current ratio increased  primarily as a result of the receipt of
the $28.0 million insurance settlement described in Note 5.

Total  borrowings  decreased $4.4 million during the first nine months of fiscal
year 1997. At June 30, 1997, the company had unused lines of credit with various
banks of approximately $123 million.

Cash  dividends paid on Class A and Class B common stock totaled $8.1 million or
14.5  cents per  share for the first  nine  months of fiscal  1997  versus  $7.2
million or 13 cents per share for the same period of the prior year.








                            - 8 -

<PAGE>



Impact of New Accounting Standard

Effective  December 31, 1997, the company will be required to adopt Statement of
Financial Accounting  Standards No. 128 ("Statement  128"),"Earnings Per Share".
The adoption of  Statement  128 will require the company to change its method of
calculating  earnings per share (EPS) by replacing  the reporting of primary EPS
with the  presentation of basic EPS.  Statement 128 will continue to require the
presentation  of diluted EPS on the face of the income  statement  and will also
require a reconciliation  of the numerator and denominator used in the basic EPS
computation with those used in the diluted EPS computation. Early implementation
of Statement 128 is not permitted  and the company  estimates  that its adoption
will not have a material effect on earnings per share.





                                PART II


ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

(a)     Exhibits:


        27      Financial Data Schedule


(b)     Reports on Form 8-K:

        No report on Form 8-K was filed by the  registrant  during  the  quarter
ended June 30, 1997.



                                 - 9 -

<PAGE>


                               SIGNATURE
                               ---------

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.






                                      



                                   ALBERTO-CULVER COMPANY
                                     (Registrant)





                                   By:/s/ William J. Cernugel
                                      -----------------------
                                    William J. Cernugel
                                    Senior Vice President, Finance & Controller
                                    (Principal Financial Officer)











August 11, 1997




                                 -10-

<PAGE>