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:

                                 March 31, 1998

                                      -OR-

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

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
requirements for the past 90 days. YES X NO

At March  31,  1998,  there  were  23,325,895  shares  of  Class A common  stock
outstanding and 33,532,480 shares of Class B common stock outstanding.



                                        1

<PAGE>





                                     PART I

<TABLE>

ITEM 1.  FINANCIAL STATEMENTS


                     ALBERTO-CULVER COMPANY AND SUBSIDIARIES

                       Consolidated Statements of Earnings
                   Three Months Ended March 31, 1998 and 1997
             (dollar amounts in thousands, except per share figures)



                                                                                         (Unaudited)
<CAPTION>
                                                                      1998                  1997
<S>                                                                <C>                    <C>
Net sales                                                          $455,195               439,577

Costs and expenses:
     Cost of products sold                                          225,770               218,057
     Advertising, promotion, selling and administrative             196,054               191,118
     Interest expense, net of interest income of $619
         in 1998 and $857 in 1997                                     2,163                 2,067
                                                                      -----                 -----

     Total costs and expenses                                       423,987               411,242
                                                                    -------               -------

Earnings before provision for income taxes                           31,208                28,335

Provision for income taxes                                           11,625                10,554
                                                                     ------                ------

Net earnings                                                     $   19,583                17,781
                                                                 ==========                ======

Net earnings per share (Notes 2 and 3)

     Basic                                                       $      .34                   .32
                                                                 ==========                   ===

     Diluted                                                     $      .32                   .29
                                                                 ==========                   ===

Cash dividends paid per share (Note 2)                           $      .06                   .05
                                                                 ==========                   ===









See notes to consolidated financial statements.
</TABLE>



                                        2

<PAGE>



<TABLE>

                     ALBERTO-CULVER COMPANY AND SUBSIDIARIES

                       Consolidated Statements of Earnings
                    Six Months Ended March 31, 1998 and 1997
             (dollar amounts in thousands, except per share figures)




                                                                                              (Unaudited)
<CAPTION>
                                                                             1998                  1997
<S>                                                                       <C>                    <C>
Net sales                                                                 $900,595               865,682

Costs and expenses:
     Cost of products sold                                                 443,810               433,445
     Advertising, promotion, selling and administrative                    389,951               372,705
     Interest expense, net of interest income of $1,382
         in 1998 and $1,644 in 1997                                          4,244                 4,459
                                                                             -----                 -----

     Total costs and expenses                                              838,005               810,609
                                                                           -------               -------

Earnings before non-recurring gain and provision for income taxes           62,590                55,073

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

Earnings before provision for income taxes                                  62,590                70,707

Provision for income taxes (Note 5)                                         23,315                26,338
                                                                            ------                ------

Net earnings (Note 5)                                                     $ 39,275                44,369
                                                                          ========                ======

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

     Basic                                                                $    .69                   .80
                                                                          ========                   ===

     Diluted                                                              $    .64                   .73
                                                                          ========                   ===

Cash dividends paid per share (Note 2)                                    $    .11                  .095
                                                                          ========                  ====










See notes to consolidated financial statements.
</TABLE>


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<PAGE>


<TABLE>

                     ALBERTO-CULVER COMPANY AND SUBSIDIARIES

                           Consolidated Balance Sheets
                      March 31, 1998 and September 30, 1997
             (dollar amounts in thousands, except per share figures)

<CAPTION>
                                                                           (Unaudited)
                                                                            March 31,                 September 30,
ASSETS                                                                          1998                        1997
<S>                                                                      <C>                       
     Current assets:
   Cash and cash equivalents                                             $     78,811                      76,040
   Short-term investments                                                       5,009                      11,560
   Receivables, less allowance for doubtful
      accounts ($9,567 at 3/31/98 and $9,042 at 9/30/97)                      114,718                     120,774
   Inventories (Note 4)                                                       357,552                     343,868
   Other current assets                                                        25,925                      28,017
                                                                               ------                      ------
      Total current assets                                                    582,015                     580,259
                                                                              -------                     -------
Property, plant and equipment at cost, less accumulated
   depreciation ($171,277 at 3/31/98 and $159,155 at 9/30/97)                 201,991                     190,998
Goodwill, net                                                                 116,215                     114,245
Trade names and other intangible assets, net                                   67,658                      70,155
Other assets                                                                   45,392                      44,402
                                                                               ------                      ------
   Total assets                                                            $1,013,271                  $1,000,059
                                                                           ==========                  ==========

LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
   Current maturities of long-term debt and short-term borrowings          $    3,730                       4,943
   Accounts payable                                                           155,892                     174,322
   Accrued expenses                                                           108,837                     118,447
   Income taxes                                                                22,052                      13,540
                                                                               ------                      ------
      Total current liabilities                                               290,511                     311,252
                                                                              -------                     -------

Long-term debt                                                                 46,330                      49,441
Convertible subordinated debentures                                           100,000                     100,000
Deferred income taxes                                                          25,690                      25,490
Other liabilities                                                              16,274                      16,872

Stockholders' equity (Note 2): Common stock, par value $.22 per share:
      Class A authorized 75,000,000 shares; issued 24,442,931 shares            5,378                       5,378
      Class B authorized 75,000,000 shares; issued 37,710,664 shares            8,296                       8,296
   Additional paid-in capital                                                  96,550                      91,222
   Retained earnings                                                          491,949                     458,886
   Foreign currency translation                                               (27,583)                    (22,555)
                                                                              -------                     ------- 
                                                                              574,590                     541,227
   Less treasury stock at cost (Class A common shares: 1,117,036
      at 3/31/98 and 1,833,315 at 9/30/97;  Class B common
      shares:  4,178,184 at 3/31/98 and at 9/30/97) (Note 6)                  (40,124)                    (44,223)
                                                                              -------                     ------- 
         Total stockholders' equity                                           534,466                     497,004
                                                                              -------                     -------
         Total liabilities and stockholders' equity                        $1,013,271                  $1,000,059
                                                                           ==========                  ==========




See notes to consolidated financial statements.
</TABLE>


                                        4

<PAGE>


<TABLE>

                     ALBERTO-CULVER COMPANY AND SUBSIDIARIES

                      Consolidated Statements of Cash Flows
                    Six months Ended March 31, 1998 and 1997
                          (dollar amounts in thousands)

<CAPTION>

                                                                                                        (Unaudited)
                                                                                     1998                  1997
<S>                                                                                  <C>                <C>
Cash Flows from Operating Activities:

Net earnings                                                                          $39,275           44,369

Adjustments  to  reconcile  net  earnings  to net
  cash  provided  by  operating activities:
     Depreciation and amortization                                                     19,721           17,888
     Non-recurring gain                                                                    --          (15,634)
     Other, net                                                                        (1,216)          (2,114)
     Cash effects of changes in:
       Receivables, net                                                                 5,210           (2,949)
       Inventories                                                                     (9,792)         (18,422)
       Other current assets                                                               662           (3,172)
       Accounts payable and accrued expenses                                          (27,165)           6,713
       Income taxes                                                                    12,038            9,134
                                                                                       ------            -----
     Net cash provided by operating activities                                         38,733           35,813
                                                                                       ------           ------

Cash Flows from Investing Activities:

Short-term investments                                                                  6,551           (2,154)
Capital expenditures                                                                  (26,249)         (30,074)
Payments for purchased businesses, net of acquired companies' cash                     (7,050)         (13,670)
Proceeds from insurance settlement                                                         --           28,000
Other, net                                                                                622            1,621
                                                                                          ---            -----
   Net cash used by investing activities                                              (26,126)         (16,277)
                                                                                      -------          ------- 

Cash Flows from Financing Activities:

Short-term borrowings                                                                    (773)           2,527
Proceeds from long-term debt                                                              404              927
Repayments of long-term debt                                                           (3,540)            (826)
Cash dividends paid                                                                    (6,222)          (5,298)
Cash proceeds from exercise of stock options                                           10,644            4,314
Stock purchased for treasury                                                          (10,650)          (1,138)
                                                                                      -------           ------ 
   Net cash provided (used) by financing activities                                   (10,137)             506
                                                                                      -------              ---

Effect of foreign exchange rate changes on cash                                           301             (816)
                                                                                          ---             ---- 
Net increase in cash and cash equivalents                                               2,771           19,226

Cash and cash equivalents at beginning of period                                       76,040           66,211
                                                                                       ------           ------

Cash and cash equivalents at end of period                                           $ 78,811           85,437
                                                                                     ========           ======




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, 1997.  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 its
      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)   The  company has  adopted  Statement  of  Financial  Accounting  Standards
      ("SFAS")  No.  128,   "Earnings   Per  Share"  which   requires  the  dual
      presentation  of basic and  diluted  earnings  per  share,  replacing  the
      primary and fully-diluted  disclosures  previously required.  As a result,
      all prior period  earnings per share amounts have been restated to conform
      to the current year's presentation.

      Basic  earnings per share are  calculated  using the  weighted  average of
      actual shares  outstanding  of  56,886,000  and  56,006,000  for the three
      months ended March 31, 1998 and 1997,  respectively,  and  56,646,000  and
      55,866,000 for the six months ended March 31, 1998 and 1997, respectively,
      after giving effect to the 100% stock dividend described in Note 2.

      Diluted  earnings per share are determined by dividing net earnings before
      interest  expense  (net of tax  benefit) on the  convertible  subordinated
      debentures 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.  Diluted weighted average shares outstanding were 64,124,000
      and  63,494,000  for the  three  months  ended  March  31,  1998 and 1997,
      respectively, and 63,884,000 and 63,229,000 for the six months ended March
      31, 1998 and 1997,  respectively,  after  giving  effect to the 100% stock
      dividend described in Note 2.

(4) Inventories consist of the following:
                                                              (in thousands) 
                                                   March 31,       September 30,
                                                    1998               1997
                                                    ----               ----
                 Finished                        $307,456           292,441
                 Work-in-proces                     7,010             7,252
                 Raw materials                     43,086            44,175
                                                   ------            ------

                                                 $357,552           343,868
                                                 ========           =======



                                        6

<PAGE>



                     ALBERTO-CULVER COMPANY AND SUBSIDIARIES

                   Notes to Consolidated Financial Statements

(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  in  fiscal  1997 was a  non-recurring
      pre-tax  gain of $15.6  million and an  increase  in net  earnings of $9.8
      million.  Accordingly,  basic earnings per share  increased $0.18 and on a
      diluted basis rose $0.16.

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


                                                          1998              1997

                   Pre-tax earnings                   $ 62,590            55,073
                                                      ========            ======
                   Net earnings                       $ 39,275            34,558
                                                      ========            ======

                   Net earnings per share:
                      Basic                             $ 0.69              0.62
                                                        ======              ====
                      Diluted                           $ 0.64              0.57
                                                        ======              ====


(6)   On January 22, 1998, the Board of Directors  authorized the purchase of up
      to 3.0 million  shares of the  Company's  Class A common  stock within the
      next 24 months.  As of March 31, 1998,  the company had  purchased  94,300
      Class A shares under the stock buyback program.


                                        7

<PAGE>




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

RESULTS OF OPERATIONS

SECOND  QUARTER AND SIX MONTHS ENDED MARCH 31, 1998  COMPARED TO QUARTER AND SIX
MONTHS ENDED MARCH 31, 1997

The company achieved record net sales of $455.2 million in the second quarter of
fiscal year 1998, up $15.6 million or 3.6% over the comparable quarter of fiscal
year 1997.  For the six month period ending March 31, 1998,  net sales reached a
new high of $900.6 million, representing a 4.0% increase compared to last year's
six 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,  last year's basic  earnings per share for the first half increased
18 cents and diluted  earnings  per share  increased 16 cents as a result of the
non-recurring gain.

Net  earnings  for the three  months ended March 31, 1998 were also a record for
the second  quarter at $19.6 million or 10.1% higher than the same period of the
prior  year.  Basic  earnings  per share of 34 cents were 2 cents or 6.3% higher
than the same period last year.  Diluted  earnings per share were 32 cents, up 3
cents or 10.3% from the prior year.

On a pro-forma  basis for the six months  ended  March 31,  1998,  net  earnings
before the  non-recurring  gain were a record at $39.3  million or 13.6%  higher
than the same period of the prior year.  Pro-forma basic earnings per share were
69 cents,  representing  a 7 cent or 11.3%  increase  over last year.  Pro-forma
diluted earnings per share increased 7 cents or 12.3% to 64 cents.

The following table presents net sales  information by business  segment for the
second  quarter and first six months of fiscal  years 1998 and 1997  (dollars in
millions):

SECOND QUARTER
                                      Fiscal Year          Dollar      Percent
Net sales:                          1998       1997        Change      Change
                                    ----       ----                          
Consumer products:
    Alberto-Culver USA             $105.5      117.2       (11.7)     (10.0)%
    Alberto-Culver International    111.9      110.2         1.7        1.5
                                    -----      -----         ---        
    Total consumer products         217.4      227.4       (10.0)      (4.4)
Specialty distribution - Sally      241.6      215.6        26.0       12.1
Eliminations                         (3.8)      (3.4)       (0.4)     (10.0)
                                     ----       ----        ----      
                                   $455.2      439.6        15.6        3.6%
                                   ======      =====        ====       

SIX MONTHS
                                      Fiscal Year           Dollar      Percent
Net sales:                           1998       1997        Change      Change
                                     ----       ----                          
Consumer products:
    Alberto-Culver USA             $211.7      224.8       (13.1)      (5.8)%
    Alberto-Culver International    224.4      223.1         1.3        0.6
                                    -----      -----         ---        
    Total consumer products         436.1      447.9       (11.8)     ( 2.6)
Specialty distribution - Sally      472.4      424.3        48.1       11.3
Eliminations                         (7.9)      (6.5)      ( 1.4)     (20.8)
                                     ----       ----        ----       
                                   $900.6      865.7        34.9        4.0%
                                   ======      =====        ====        

Compared to the same  periods of the prior  year,  sales of  Alberto-Culver  USA
consumer  products  decreased  10.0% and 5.8% for the current  quarter and first
half of fiscal 1998,  respectively.  The 1998  decreases  were  primarily due to
lower  sales for custom  label  filling  operations  and  Alberto  VO5 hair care
products,  partially  offset by higher  sales of the  TRESemme and TCB hair care
lines and St. Ives Swiss Formula lotions.


Sales of Alberto-Culver  International  consumer products  increased 1.5% in the
second quarter and 0.6% in the first half compared to last year. The fiscal 1998
results were negatively  impacted by the effect of foreign  exchange rates.  Had
foreign exchange rates


                                        8

<PAGE>



this year been the same as the second  quarter  and first  half of fiscal  1997,
Alberto-Culver  International  sales  would  have  increased  8.1% in the second
quarter and 8.0% for the first half  primarily due to strong sales  increases in
Latin America, Europe and Scandinavia.

The "Specialty  distribution-Sally" business segment experienced sales increases
of $26.0  million  or 12.1% for the  second  quarter  of  fiscal  1998 and $48.1
million or 11.3% for the first half. The gains were attributable to higher sales
for established Sally Beauty Company outlets,  the addition of new stores during
the year and the  expansion of Sally's full service and foreign  operations.  At
March 31, 1998,  Sally Beauty Company had 1,926 stores  offering a full range of
professional beauty supplies.

Cost of products sold as a percent of net sales was 49.6% for the second quarter
of 1998 and 1997.  Cost of products sold as a percent of net sales for the first
half  decreased to 49.3%  compared to 50.1% in the prior year.  The decrease for
the first half was  primarily  due to cost  savings  and a change in product mix
favoring higher margin products for Alberto-Culver USA.

Compared to the prior year, advertising,  promotion,  selling and administrative
expenses  rose 2.6% or $4.9  million  for the second  quarter  and 4.6% or $17.2
million for the six months ended March 31,  1998.  The second  quarter  increase
resulted  from  higher  selling and  administrative  costs  associated  with the
increase in the number of Sally  Beauty  Company  stores and a charge to provide
for the closing of a Cederroth  manufacturing  facility in Holland. In addition,
first half  expenses  were higher due to increased  advertising,  promotion  and
market research expenses.

Advertising, promotion and market research expenditures totaled $63.3 million in
the  second  quarter  of  1998,  a  decrease  of 0.2%  versus  the  prior  year.
Advertising,  promotion and market research  expenditures  for the first half of
fiscal year 1998 were $125.4  million,  an increase of 5.0% over last year.  The
first half increase was primarily due to higher  expenditures for Alberto-Culver
USA and Alberto-Culver  International,  principally in Latin America, Europe and
Canada.

Interest expense decreased  $142,000 or 4.9% for the second quarter and $477,000
or 7.8% for the first half  versus  the  comparable  periods  of last year.  The
decreases were primarily  attributable  to a reduction in outstanding  revolving
debt and the  effect  of  foreign  exchange  rates.  Interest  income  decreased
$238,000 or 27.8% in the second  quarter and $262,000 or 15.9% in the first half
versus the same periods of fiscal 1997. The decreases  principally resulted from
lower investment balances in fiscal 1998.

The provision  for income taxes as a percentage of earnings  before income taxes
was 37.25% for the second quarter and first half of fiscal years 1998 and 1997.

FINANCIAL CONDITION

MARCH 31, 1998 COMPARED TO SEPTEMBER 30, 1997

Working  capital of $291.5 million  increased  $22.5 million since September 30,
1997.  The ratio of current  assets to current  liabilities  was 2.00 to 1.00 at
March 31, 1998 compared to 1.86 to 1.00 at September 30, 1997.  Working  capital
increased  primarily due to higher  inventories  and lower accounts  payable and
accrued expenses.

Total  borrowings  decreased  $4.3 million during the first six months of fiscal
year 1998  primarily due to a decrease in outstanding  revolving  debt. At March
31, 1998, the company had $200 million  available  under its domestic  revolving
credit facility.






                                        9

<PAGE>




                                     PART II


ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

At the annual  meeting of  stockholders  on January 22,  1998,  Robert P. Gwinn,
William W. Wirtz and A.G. Atwater, Jr. were elected as directors of the company.
Mr. Gwinn received a Class A and Class B common  stockholder  vote of 18,668,579
and  28,227,278  shares "for" and  1,163,211 and 2, 643,171  shares  "withheld",
respectively.  Mr. Wirtz received a Class A and Class B common  stockholder vote
of  19,800,480  and  30,799,953  shares  "for"  and  31,310  and  70,496  shares
"withheld",  respectively.  Mr.  Atwater  received  a Class A and Class B common
stockholder vote of 19,804,406 and 30,806,010 shares "for" and 27,384 and 64,439
"withheld", respectively.

Class A common stock has a one-tenth vote per share and Class B common stock has
one vote per share.

Stockholders  at the  annual  meeting  voted on an  amendment  to the  company's
Employee  Stock  Option  Plan of 1988 to  increase  the total  number of Class A
shares available for grant by 4,000,000 shares.  The amendment was approved by a
Class A and Class B stockholder vote of 12,598,684 and 25,118,966  shares "for";
3,354,938  and  3,538,349  shares  "against";   and  45,947  and  94,664  shares
"abstaining", respectively.

In addition,  stockholders  at the annual  meeting  voted on an amendment to the
company's  1994 Stock  Option Plan for Non-  Employee  Directors to increase the
total  number  of Class A shares  available  for  grant by  60,000  shares.  The
amendment was approved by a Class A and Class B  stockholder  vote of 14,409,510
and 28,161,387 shares "for"; 1,539,894 and 486,450 shares "against";  and 50,165
and 104,141 shares "abstaining", respectively.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

(a)     Exhibits:

        27        Financial Data Schedule

        27a       Amended Financial Data Schedule


(b)     Reports on Form 8-K:

        No report on Form 8-K was filed by the  registrant  during  the  quarter
        ended March 31, 1998.




                                       10

<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
                                           (Principal Financial Officer)













May 13, 1998




                                       11