<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                                  FORM 10-Q/A
                                Amendment No. 1


(Mark One)
[x]       Quarterly report pursuant to Section 13 or 15(d) of the Securities 
          Exchange Act of 1934 for the quarterly period ended November 30, 
          1996 or
[  ]      Transition report pursuant to Section 13 or 15(d) of the Securities 
          Exchange Act of 1934  for the transition period from ____ to ____

Commission File Number 0-19402

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

Delaware                                                              33-0272893
(State or Other Jurisdiction                                    (I.R.S. Employer
of Incorporation or Organization)                            Identification No.)

                            2095 North Batavia Street
                          Orange, California 92865-3101
               (Address of Principal Executive Offices) (Zip Code)

                                 (714) 974-7414
              (Registrant's Telephone Number, Including Area Code)

                                 Not Applicable
              (Former Name, Former Address and Formal Fiscal Year,
                          if Change 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 report(s), and (2) has been subject to such
filing requirements for the past 90 days. YES X NO

          Indicate the number of shares outstanding of each of the registrant's 
classes of common stock, as of the latest practicable date: 13,081,522 shares
of Common Stock, $.001 par value, as of January 13, 1997.

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<PAGE>   2
                                     PART I
                              FINANCIAL INFORMATION

Item 1. Financial Statements.

                                   VANS, INC.
                     Condensed Consolidated Balance Sheets
                       November 30, 1996 and May 31, 1996
<TABLE>
<CAPTION>

                                                                                           November 30,       May 31,
                                                                                               1996            1996
                                                                                          -------------    -------------     
                                     ASSETS
<S>                                                                                       <C>              <C>          
Current assets:
Cash                                                                                      $  12,939,002    $  14,233,352
Accounts receivable, net of allowance for doubtful accounts of $1,741,376
  and $1,147,344 at November 30, 1996 and May 31, 1996, respectively                         24,085,797       20,842,989
Inventories (note 2)                                                                         24,682,053       19,400,644
Deferred income taxes                                                                           364,000          364,000
Prepaid expenses                                                                              1,486,000        2,457,301
                                                                                          -------------    -------------
                                   Total current assets                                      63,556,852       57,298,286
Property, plant and equipment, net                                                           15,588,310       10,801,763
Property held for sale                                                                                         4,687,106
Excess of cost over the fair value of net assets acquired, net of
  accumulated amortization of $33,125,409 and $32,744,117 at November 30,
  1996 and May 31, 1996, respectively                                                        18,317,117       16,495,283

Other assets                                                                                    981,870        1,178,331

                                                                                          -------------    -------------
                                     Total assets                                         $  98,444,149    $  90,460,769
                                                                                          =============    =============


                      LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:
Short-term borrowings                                                                     $   2,899,322    $   6,431,349
Accounts payable                                                                              4,492,351        4,328,821
Accrued payroll and related expenses                                                          1,194,512        1,611,906
Restructuring costs                                                                           1,452,251        1,750,782
Accrued workers' compensation                                                                   400,578          803,964
Accrued interest                                                                                 75,165             --
Income taxes payable                                                                          2,753,947          967,659
                                                                                          -------------    -------------
                                 Total current liabilities                                   13,268,126       15,894,481
Deferred income taxes                                                                         1,495,000        1,495,000
Capital lease obligation                                                                        332,419          343,742
                                                                                          -------------    -------------
                                  Total liabilities                                          15,095,545       17,733,223

Minority interest                                                                               583,927              --
Stockholders' equity:
Common stock, $.001 par value, 20,000,000 shares authorized, 13,080,439
and 12,628,085 shares issued and outstanding at November 30, 1996 and
May 31, 1996, respectively                                                                       13,080           12,628
Additional paid-in capital                                                                  100,654,044       96,201,083
Stock subscriptions                                                                                --            (85,000)
Accumulated deficit                                                                         (17,902,447)     (23,401,165)
                                                                                          -------------    -------------
                              Total Shareholders' Equity                                     82,764,677       72,727,546

                                                                                          -------------    -------------
Total liabilities & shareholders' equity                                                  $  98,444,149    $  90,460,769
                                                                                          =============    =============
</TABLE>


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<PAGE>   3




                                   VANS, INC.
                 CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
          Thirteen weeks ended November 30, 1996 and November 25, 1995
<TABLE>
<CAPTION>
                                                          Thirteen weeks ended
                                                       November 30,    November 25,
                                                           1996           1995
                                                       ------------    ------------
<S>                                                    <C>             <C>         
Net sales                                              $ 37,104,812    $ 29,098,068
Cost of sales                                            23,140,725      17,247,502
                                                       ------------    ------------

      Gross profit                                       13,964,087      11,850,566

Operating expenses:
    Selling and distribution                              6,543,320       6,223,009
    Marketing, advertising and promotion                  2,535,030       1,672,912
    General and administrative                            1,489,928       1,282,178
    Provision for doubtful accounts                         167,623         103,950
    Amortization of intangibles                             190,645         190,645
                                                       ------------    ------------

      Total operating expenses                           10,926,546       9,472,694
                                                       ------------    ------------

      Earnings from operations                            3,037,541       2,377,872

Interest income                                             117,039            -- 
Interest and debt expense                                  (106,982)       (763,989)
Other income                                                889,007         513,222
                                                       ------------    ------------
      Earnings before income taxes                        3,936,605       2,127,105

Income tax expense                                        1,519,530         850,843
                                                       ------------    ------------

     Net earnings                                         2,417,075       1,276,262
                                                       ============    ============

Net earnings per share                                 $       0.18    $       0.13
                                                       ============    ============


Weighted average common and common equivalent shares
    (note 3)                                             13,682,071      10,114,665
                                                       ============    ============
</TABLE>

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<PAGE>   4




                                   VANS, INC.
                 CONDENSED CONSOLIDATED STATEMENTS OF EARNINGS
         Twenty-six weeks ended November 30, 1996 and November 25, 1995
<TABLE>
<CAPTION>
                                                          Twenty-six weeks ended
                                                       November 30,    November 25,
                                                           1996            1995
                                                       ------------    ------------
<S>                                                    <C>             <C>         
Net sales                                              $ 81,060,993    $ 57,501,915
Cost of sales                                            49,545,510      35,537,394
                                                       ------------    ------------

      Gross profit                                       31,515,483      21,964,521

Operating expenses:
    Selling and distribution                             13,481,647      12,338,063
    Marketing, advertising and promotion                  6,480,773       3,072,688
    General and administrative                            3,024,183       2,531,618
    Provision for doubtful accounts                         406,508         179,256
    Amortization of intangibles                             381,290         381,290
                                                       ------------    ------------

      Total operating expenses                           23,774,401      18,502,915
                                                       ------------    ------------

      Earnings from operations                            7,741,082       3,461,606

Interest income                                             218,875            -- 
Interest and debt expense                                  (298,991)     (1,512,649)
Other income                                              1,327,512         940,419
                                                       ------------    ------------
      Earnings before income taxes                        8,988,478       2,889,376

Income tax expense                                        3,489,760       1,155,751
                                                       ------------    ------------

     Net earnings                                         5,498,718       1,733,625
                                                       ============    ============

Net earnings per share                                 $       0.40    $       0.17
                                                       ============    ============


Weighted average common and common equivalent shares
    (note 3)                                             13,664,040      10,072,720
                                                       ============    ============
</TABLE>



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<PAGE>   5
                                   VANS, INC.
                                                                                
                CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
         Twenty-six weeks ended November 30, 1996 and November 25, 1995
<TABLE>
<CAPTION>


                                                                                  Twenty-six weeks ended
                                                                                November 30,   November 25,
                                                                                   1996            1995
                                                                               ------------    ------------ 
<S>                                                                            <C>             <C>         
Cash flows from operating activities:
Net earnings                                                                   $  5,498,718    $  1,733,625
Adjustments to reconcile net earnings to net cash provided by
  (used in) operating activities:
    Depreciation and amortization                                                 1,657,742       1,591,338
    Amortization of deferred financing costs                                           --            36,062
    Provision for losses on accounts receivable and sales returns                   658,259         334,203
    Changes in assets and liabilities:
                     Accounts receivable                                         (3,242,808)     (5,199,370)
                     Income taxes receivable                                           --         3,530,128
                     Inventories                                                 (5,281,409)     (1,809,105)
                     Prepaid expenses                                               971,301        (657,627)
                     Other assets                                                   196,461         359,297
                     Accounts payable                                               163,530      (1,916,940)
                     Accrued payroll and related expenses                          (417,394)        (59,842)
                     Accrued workers' compensation                                 (403,386)       (413,357)
                     Restructuring costs                                           (298,531)     (2,550,374)
                     Accrued interest                                                75,165        (121,934)
                     Income taxes payable                                         1,786,288       1,155,750
                                                                               ------------    ------------
                         Net cash provided by (used in) operating activities      1,363,936      (3,988,146)
                                                                               ------------    ------------
Cash flows from investing activities:
Purchases of property, plant and equipment                                         (955,449)     (1,273,502)
                                                                               ------------    ------------
                         Net cash used in investing activities                     (955,449)     (1,273,502)
                                                                               ------------    ------------
Cash flows from financing activities:
Proceeds (payments) on short term borrowings                                     (3,532,027)      4,433,105
Payments on capital lease obligations                                               (11,323)        (73,252)
Proceeds from long term credit facility                                                --         6,894,448
Principal payments on senior notes                                                     --        (5,800,000)
Proceeds from issuance of common stock, net                                       1,840,513          34,003
                                                                               ------------    ------------
                         Net cash provided by (used in) financing activities     (1,702,837)      5,488,304
                                                                               ------------    ------------
                         Net increase (decrease) in cash and cash equivalents    (1,294,350)        226,656
Cash and cash equivalents, beginning of period                                   14,233,352       3,279,843
                                                                               ------------    ------------
Cash and cash equivalents, end of period                                       $ 12,939,002    $  3,506,499
                                                                               ============    ============

Supplemental cash flow information - amounts paid for:
    Interest                                                                   $    204,187    $  1,476,587
    Income taxes                                                               $  2,463,090    $     41,265
</TABLE>



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<PAGE>   6
                                   SIGNATURES


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

      
                                   VANS, INC.
                                   (Registrant)


Date:   January 21, 1997     By:   /s/ CRAIG E. GOSSELIN
                                   ------------------------
                                   Craig E. Gosselin
                                   Vice President and General Counsel





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