----

| [X] | QUARTERLY                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE                ACT OF                1934 for                the quarterly period ended April 29,                2006 |
|-----|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| [                  ] | TRANSITION                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE                ACT OF                1934for                the transition period from __________ to                __________ |
|--------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**CPI      Corp.**

| Delaware                                                                      |   | 43-1256674                                          |
|-------------------------------------------------------------------------------|--------|-----------------------------------------------------|
| (State                or other jurisdiction of incorporation or organization) |   | (I.R.S.                Employer Identification No.) |
|                                                                          |   |                                                |
| 1706                Washington Ave., St. Louis, Missouri                      |   | 63103                                               |
| (Address                of principal executive offices)                       |   | (Zip                Code)                           |

| 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 and [2] has been subject to such filing                requirements for the past 90 days. |   |  [X]                Yes |   |  [                  ] No |
|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------|--------|-----------------------------------------|

| Indicate                by check mark whether the Registrant is a large accelerated filer,                an                accelerated filer, or a non-accelerated filer. See definition of                “accelerated filer and large accelerated filer” in Rule 12b-2 of the                Exchange Act (check one): |   |    Large                accelerated filer [                  ] |   |    Accelerated                filer [X] |   |    Non-accelerated                filer [                  ] |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------------------------------------------------------------|--------|--------------------------------------------------------|--------|--------------------------------------------------------------------------------------------|

| Indicate                by check mark whether the Registrant is a shell company (as defined                in                Rule 12b-2 of the Exchange Act). |   | [                  ] Yes |   | [X]                No |
|---------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|------------------------------------|--------|-----------------------|

----

**CPI        CORP.**

**INDEX        TO QUARTERLY REPORT ON FORM 10-Q**

**12        Weeks ended April 29, 2006**

| Page |
|------|

| PART                  I. |   |                    FINANCIAL INFORMATION |
|--------------------------|--------|-----------------------------------------------|

| Item                    1. | Financial                    Statements                                                                                                                                                 |   |     |
|----------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--------|----------|
|                       |                                                                                                                                                                                    |   |     |
|                       | Interim                    Condensed Consolidated Balance                    SheetsApril                    29, 2006 (Unaudited) and February 4, 2006                                   |   |  1  |
|                       |                                                                                                                                                                                    |   |     |
|                       | Interim                    Condensed Consolidated                    Statements of Operations (Unaudited)12                    Weeks Ended April 29, 2006 and April 30, 2005            |   |  3  |
|                       |                                                                                                                                                                                    |   |     |
|                       | Interim                    Condensed Consolidated Statement                    of Changes in Stockholders Equity                    (Deficit) (Unaudited) 12 Weeks Ended April 29, 2006 |   |  4  |
|                       |                                                                                                                                                                                    |   |     |
|                       | Interim                    Condensed Consolidated Statements of Cash                    Flow (Unaudited)12                    Weeks Ended April 29, 2006 and April 30, 2005             |   |  5  |
|                       |                                                                                                                                                                                    |   |     |
|                       | Notes                    to Interim Condensed                    Consolidated Financial Statements (Unaudited)                                                                          |   | 7        |
|                       |                                                                                                                                                                                    |   |     |
| Item                    2. | Management’s                    Discussions and                    Analysis of Financial Condition and Results of                    Operations                                   |   |  12 |
|                       |                                                                                                                                                                                    |   |     |
| Item                    3. | Quantitative                    and Qualitative                    Disclosures about Market Risk                                                                                        |   | 18       |
|                       |                                                                                                                                                                                    |   |     |
| Item                    4. | Controls                    and Procedures                                                                                                                                              |   | 18       |

| PART                  II. |   |                     OTHER                  INFORMATION |
|---------------------------|--------|------------------------------------------------------------------|

| Item                  2. | Unregistered                  Sales of Equity Securities and Use of Proceeds |   | 19 |
|--------------------------|------------------------------------------------------------------------------|--------|----|
| Item                  6. | Exhibits                                                                     |   | 19 |

| Signatures |   | 20 |
|------------|--------|----|

| Exhibit                  Index | 21 |
|--------------------------------|----|

**CPI        CORP.**

**Interim        Condensed Consolidated Balance Sheets -        Assets**

**PART        I.     **
**FINANCIAL        INFORMATION**

*Item        1.*
*Financial        Statements*

|                                                                                                                                       |   | April                  29, 2006 |     | February                  4, 2006 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------|----------|-----------------------------------|--------|
| *thousands*                                                                                                                                |   | (Unaudited)                     |     |                              |   |
|                                                                                                                                       |   |                            |     |                              |   |
| ASSETS                                                                                                                                     |   |                            |     |                              |   |
| Current                  Assets:                                                                                                           |   |                            |     |                              |   |
| Cash                  and cash equivalents                                                                                                 |   | $                               | 6,502    |                              | $      | 34,269 |   |
| Restricted                  cash                                                                                                           |   |                            | 1,000    |                              |   | 1,000 |   |
| Accounts                  Receivable:                                                                                                      |   |                            |     |                              |   |   |   |
| Due                  from licensor stores                                                                                                  |   |                            | 9,670    |                              |   | 7,944 |   |
| Other                                                                                                                                      |   |                            | 29  |                              |   | 289 |   |
| Inventories                                                                                                                                |   |                            | 8,190    |                              |   | 9,271 |   |
| Prepaid                  expenses and other current assets                                                                                 |   |                            | 5,247    |                              |   | 4,958 |   |
| Deferred                  tax assets                                                                                                       |   |                            | 10,263   |                              |   | 11,898 |   |
|                                                                                                                                       |   |                            |     |                              |   |   |   |
| Total                  current assets                                                                                                      |   |                            | 40,901   |                              |   | 69,629 |   |
|                                                                                                                                       |   |                            |     |                              |   |   |   |
| Property                  and equipment:                                                                                                   |   |                            |     |                              |   |   |   |
| Land                                                                                                                                       |   |                            | 2,765    |                              |   | 2,765 |   |
| Building                  improvements                                                                                                     |   |                            | 26,485   |                              |   | 26,472 |   |
| Leasehold                  improvements                                                                                                    |   |                            | 4,550    |                              |   | 4,531 |   |
| Photographic,                  sales and manufacturing equipment                                                                           |   |                            | 125,228  |                              |   | 126,132 |   |
| Total                                                                                                                                      |   |                            | 159,028  |                              |   | 159,900 |   |
| Less                  accumulated depreciation and amortization                                                                            |   |                            | 121,204  |                              |   | 118,618 |   |
| Property                  and equipment, net                                                                                               |   |                            | 37,824   |                              |   | 41,282 |   |
| Assets                  of business transferred under contractual arrangements:                                                            |   |                            |     |                              |   |   |   |
| Preferred                  security                                                                                                        |   |                            | 7,000    |                              |   | 7,000 |   |
| Accrued                  dividends on preferred security                                                                                   |   |                            | 1,462    |                              |   | 1,317 |   |
| Impairment                  reserve related to preferred security interest                                                                 |   |                            | (8,462   | )                                 |   | (8,317 | ) |
| Other                  investments - supplemental retirement plan                                                                          |   |                            | 3,695    |                              |   | 3,706 |   |
| Deferred                  tax assets                                                                                                       |   |                            | 8,404    |                              |   | 7,727 |   |
| Other                  assets, net of amortization of $1,359 at both April 29, 2006 and                  February                  4, 2006 |   |                            | 1,396    |                              |   | 1,317 |   |
|                                                                                                                                       |   |                            |     |                              |   |   |   |
| **TOTAL                  ASSETS**                                                                                                          |   | $                               | 92,220   |                              | $      | 123,661 |   |
|                                                                                                                                       |   |                            |     |                              |   |   |   |
| *See                  accompanying footnotes*                                                                                              |   |                            |     |                              |   |   |   |

**1**

**CPI        CORP.**

**Interim        Condensed Consolidated Balance Sheets - Liabilities and Stockholders’ Equity        (Deficit)**

|                                                                                                                                      |   | April                  29, 2006 |     | February                  4, 2006 |   |
|-------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------|----------|-----------------------------------|--------|
| *thousands,                  except share and per share data*                                                                             |   | (Unaudited)                     |     |                              |   |
|                                                                                                                                      |   |                            |     |                              |   |
| LIABILITIES                                                                                                                               |   |                            |     |                              |   |
| Current                  Liabilities:                                                                                                     |   |                            |     |                              |   |
| Current                  maturities of long-term debt                                                                                     |   | $                               | 8,333    |                              | $      | 8,333 |   |
| Accounts                  payable                                                                                                         |   |                            | 8,982    |                              |   | 9,068 |   |
| Accrued                  employment costs                                                                                                 |   |                            | 11,171   |                              |   | 13,016 |   |
| Customer                  deposit liability                                                                                               |   |                            | 19,377   |                              |   | 18,315 |   |
| Income                  taxes payable                                                                                                     |   |                            | 2,026    |                              |   | 1,263 |   |
| Sales                  taxes payable                                                                                                      |   |                            | 1,346    |                              |   | 2,435 |   |
| Accrued                  advertising expenses                                                                                             |   |                            | 1,878    |                              |   | 768 |   |
| Accrued                  expenses and other liabilities                                                                                   |   |                            | 4,779    |                              |   | 5,066 |   |
|                                                                                                                                      |   |                            |     |                              |   |   |   |
| Total                  current liabilities                                                                                                |   |                            | 57,892   |                              |   | 58,264 |   |
|                                                                                                                                      |   |                            |     |                              |   |   |   |
| Long-term                  debt, less current maturities                                                                                  |   |                            | 15,789   |                              |   | 15,747 |   |
| Accrued                  pension obligations                                                                                              |   |                            | 16,182   |                              |   | 15,813 |   |
| Supplemental                  retirement plan obligations                                                                                 |   |                            | 3,850    |                              |   | 3,833 |   |
| Customer                  deposit liability                                                                                               |   |                            | 3,216    |                              |   | 3,335 |   |
| Other                  liabilities                                                                                                        |   |                            | 166      |                              |   | 559 |   |
|                                                                                                                                      |   |                            |     |                              |   |   |   |
| Total                  liabilities                                                                                                        |   |                            | 97,095   |                              |   | 97,551 |   |
|                                                                                                                                      |   |                            |     |                              |   |   |   |
| STOCKHOLDERS'                  EQUITY (DEFICIT)                                                                                           |   |                            |     |                              |   |   |   |
| Preferred                  stock, no par value, 1,000,000 shares authorized; no shares                  outstanding                       |   |                            | -        |                              |   | - |   |
| Preferred                  stock, Series A, no par value, 200,000 shares authorized; no                  shares                           |   |                            |     |                              |   |   |   |
| outstanding                                                                                                                               |   |                            | -        |                              |   | - |   |
| Common                  stock, $0.40 par value, 50,000,000 shares authorized; 16,955,468                  and                  18,569,964 |   |                            |     |                              |   |   |   |
| shares                  outstanding at April 29, 2006 and February 4, 2006,                  respectively                                 |   |                            | 6,782    |                              |   | 7,428 |   |
| Additional                  paid-in capital                                                                                               |   |                            | 23,405   |                              |   | 55,588 |   |
| Retained                  earnings                                                                                                        |   |                            | 209,024  |                              |   | 208,183 |   |
| Accumulated                  other comprehensive loss                                                                                     |   |                            | (11,036  | )                                 |   | (11,171 | ) |
|                                                                                                                                      |   |                            | 228,175  |                              |   | 260,028 |   |
|                                                                                                                                      |   |                            |     |                              |   |   |   |
| Treasury                  stock - at cost, 10,617,932 and 10,639,543 at April 29, 2006                  and                               |   |                            |     |                              |   |   |   |
| February                  4, 2006, respectively                                                                                           |   |                            | (233,050 | )                                 |   | (233,541 | ) |
| Unamortized                  deferred compensation-restricted stock                                                                       |   |                            | -        |                              |   | (377 | ) |
|                                                                                                                                      |   |                            |     |                              |   |   |   |
| Total                  stockholders' equity (deficit)                                                                                     |   |                            | (4,875   | )                                 |   | 26,110 |   |
|                                                                                                                                      |   |                            |     |                              |   |   |   |
| **TOTAL                  LIABILITIES AND STOCKHOLDERS' EQUITY (DEFICIT)**                                                                 |   | $                               | 92,220   |                              | $      | 123,661 |   |
|                                                                                                                                      |   |                            |     |                              |   |   |   |
| *See                  accompanying footnotes*                                                                                             |   |                            |     |                              |   |   |   |

**2**

**CPI        CORP.**

**Interim        Condensed Consolidated Statements of        Operations**

|                                                                                                     |   | 12                  Weeks Ended |      |
|----------------------------------------------------------------------------------------------------------|--------|---------------------------------|-----------|
|                                                                                                     |   | April                  29, 2006 |      | April                  30, 2005 |   |
| *thousands,                  except share and per share data*                                            |   |                            |      |   |   |
|                                                                                                     |   |                            |      |   |   |
| **Net                  sales**                                                                           |   | $                               | 59,670    |   | $ | 55,804 |   |
|                                                                                                     |   |                            |      |   |   |   |   |
| **Cost                  and expenses:**                                                                  |   |                            |      |   |   |   |   |
| Cost                  of sales (exclusive of depreciation and amortization shown                  below) |   |                            | 5,826     |   |   | 7,465 |   |
| Selling,                  general and administrative expenses                                            |   |                            | 46,141    |   |   | 47,130 |   |
| Depreciation                  and amortization                                                           |   |                            | 4,187     |   |   | 4,273 |   |
| Other                  charges and impairments                                                           |   |                            | 390       |   |   | 109 |   |
|                                                                                                     |   |                            | 56,544    |   |   | 58,977 |   |
|                                                                                                     |   |                            |      |   |   |   |   |
| Earnings                  (loss) from continuing operations                                              |   |                            | 3,126     |   |   | (3,173 | ) |
|                                                                                                     |   |                            |      |   |   |   |   |
| Interest                  expense                                                                        |   |                            | 565       |   |   | 451 |   |
| Interest                  income                                                                         |   |                            | 58        |   |   | 175 |   |
| Lease                  guarantee reserve reduction                                                       |   |                            | 300       |   |   | - |   |
| Other                  income, net                                                                       |   |                            | 39        |   |   | 171 |   |
|                                                                                                     |   |                            |      |   |   |   |   |
| Earnings                  (loss) before income tax expense (benefit)                                     |   |                            | 2,958     |   |   | (3,278 | ) |
| Income                  tax expense (benefit)                                                            |   |                            | 1,114     |   |   | (1,220 | ) |
|                                                                                                     |   |                            |      |   |   |   |   |
| **NET                  EARNINGS (LOSS)**                                                                 |   | $                               | 1,844     |   | $ | (2,058 | ) |
|                                                                                                     |   |                            |      |   |   |   |   |
| **NET                  EARNINGS (LOSS) PER COMMON SHARE**                                                |   |                            |      |   |   |   |   |
|                                                                                                     |   |                            |      |   |   |   |   |
| Net                  earnings (loss) per share - diluted                                                 |   | $                               | 0.29      |   | $ | (0.26 | ) |
|                                                                                                     |   |                            |      |   |   |   |   |
| Net                  earnings (loss) per share - basic                                                   |   | $                               | 0.29      |   | $ | (0.26 | ) |
|                                                                                                     |   |                            |      |   |   |   |   |
| Dividends                  per share                                                                     |   | $                               | 0.16      |   | $ | 0.16 |   |
|                                                                                                     |   |                            |      |   |   |   |   |
| Weighted                  average number of common and common equivalent                                 |   |                            |      |   |   |   |   |
| shares                  outstanding - diluted                                                            |   |                            | 6,378,435 |   |   | 7,809,608 |   |
|                                                                                                     |   |                            |      |   |   |   |   |
| Weighted                  average number of common and common equivalent                                 |   |                            |      |   |   |   |   |
| shares                  outstanding - basic                                                              |   |                            | 6,364,849 |   |   | 7,809,608 |   |
|                                                                                                     |   |                            |      |   |   |   |   |
| *See                  accompanying footnotes.*                                                           |   |                            |      |   |   |   |   |

**3**

**CPI        CORP.**

**Interim        Condensed Consolidated Statement of Changes        in Stockholders’ Equity (Deficit)**

**Twelve        weeks ended April 29, 2006**

|                                                                    |   |    |   |    |    |       |    |          |    | Accumulated |    |   |   |                     |   | Deferred      |   |   |   |
|-------------------------------------------------------------------------|--------|--------------|--------|---------|---------|------------|---------|---------------|---------|-------------|---------|--------|--------|--------------------------|--------|---------------|--------|--------|--------|
|                                                                    |   |    |   |    |    | Additional |    |          |    | other       |    |   |   | Treasury                 |   | compensation- |   |   |   |
| *thousands,                  except share and per share data*           |   | Common       |   | paid-in |    | Retained   |    | comprehensive |    |        |    | stock, |   | restricted               |   |          |   |
|                                                                    |   |         |   | Stock   |    | capital    |    | Earnings      |    | loss        |    |   |   | at                  cost |   | stock         |   | Total  |   |
|                                                                    |   |    |   |    |    |       |    |          |    |        |    |   |   |                     |   |          |   |   |   |
| Balance                  at February 4, 2006                            | $      | 7,428        |   | $       | 55,588  |       | $       | 208,183       |    | $           | (11,171 | )      |   |                     | $      | (233,541      | )      | $      | (377   | ) | $ | 26,110 |   |
|                                                                    |   |         |   |    |    |       |    |          |    |        |    |   |   |                     |   |          |   |   |   |   |   |   |   |   |   |   |   |
| Net                  earnings                                           |   | -            |   |    | -       |       |    | 1,844         |    |        | -       |   |   |                     |   | -             |   |   | -      |   |   | 1,844 |   |
| Total                  other comprehensive income, net of tax effect    |   |  -      |   |    |  - |       |    | -             |    |        | 135     |   |   |                     |   |  -       |   |   | -      |   |   | 135 |   |
| Total                  comprehensive income                             |   |         |   |    |    | -          |    |          | -       |        |    | -      |   |                     | -      |          |   |   |   |   |   |   | - |   |   | 1,979 |   |
| Purchase                  of treasury stock                             |   | -            |   |    | -       |       |    | -             |    |        | -       |   |   |                     |   | (32,628       | )      |   | -      |   |   | (32,628 | ) |
| Retirement                  of 1,658,607 common shares aacquired        |   |         |   |    |    |       |    |          |    |        |    |   |   |                     |   |          |   |   |   |   |   |   |   |
| through                  Dutch Auction self-tender offer                |   |         |   |    |    |  (663 | )  |          | (31,875 | )      |    | -      |   |                     | -      |          |   |   |   | 32,538 |   |   | - |   |   | - |   |
| Issuance                  of common stock to employee benefit plans,    |   |         |   |    |    |       |    |          |    |        |    |   |   |                     |   |          |   |   |   |   |   |   |   |
| restricted                  stock awards and an option                  |   |         |   |    |    |       |    |          |    |        |    |   |   |                     |   |          |   |   |   |   |   |   |   |   |   |   |   |
| modification                  (70,636 shares)                           |   |         |   |    |    | 17         |    |          | (88     | )      |    | -      |   |                     | -      |          |   |   |   | 581 |   |   | - |   |   | 510 |   |
| Stock-based                  compensation recognized                    |   | -            |   |    | 147     |       |    | -             |    |        | -       |   |   |                     |   | -             |   |   | -      |   |   | 147 |   |
| Excess                  tax benefit related to stock-based compensation |   | -            |   |    | 10      |       |    | -             |    |        | -       |   |   |                     |   | -             |   |   | -      |   |   | 10 |   |
| Dividends                  ($0.16 per common share)                     |   | -            |   |    | -       |       |    | (1,003        | )  |        | -       |   |   |                     |   | -             |   |   | -      |   |   | (1,003 | )  |
| Reclassification                  of deferred compensation account      |   |         |   |    |    |       |    |          |    |        |    |   |   |                     |   |          |   |   |   |   |   |   |   |
| upon                  adoption of SFAS 123R                             |   |         |   |    |    | -          |    |          | (377    | )           |    | -      |   |                     | -      |          |   |   |   | - |   |   | 377 |   |   | - |   |
|                                                                    |   |         |   |    |    |       |    |          |    |        |    |   |   |                     |   |          |   |   |   |   |   |   |   |   |   |   |   |
| Balance                  at April 29, 2006                              | $      | 6,782        |   | $       | 23,405  |       | $       | 209,024       |    | $           | (11,036 | )      |   |                     | $      | (233,050      | )      | $      | -      |   | $ | (4,875 | ) |
|                                                                    |   |         |   |    |    |       |    |          |    |        |    |   |   |                     |   |          |   |   |   |   |   |   |   |   |   |   |   |
| *See                  accompanying footnotes.*                          |   |         |   |    |    |       |    |          |    |        |    |   |   |                     |   |          |   |   |   |   |   |   |   |

**4**

**CPI        CORP.**

**Interim        Condensed Consolidated Statements of Cash        Flows**

|                                                                                                      |   |                       |   | 12                  Weeks Ended |   |
|-----------------------------------------------------------------------------------------------------------|--------|---------------------------------|--------|---------------------------------|--------|
| *thousands*                                                                                               |   | April                  29, 2006 |   | April                  30, 2005 |   |
|                                                                                                      |   |                       |   |                            |   |   |   |
| Reconciliation                  of net earnings (loss) from continuing operations to cash                 |   |                            |   |                            |   |
|   flows                provided by (used in) operating activities:                              |   |                            |   |                            |   |   |   |
|                                                                                                      |   |                       |   |                            |   |   |   |
| Net                  earnings (loss)                                                                      | $      | 1,844                           |   | $                               | (2,058 | ) |
|                                                                                                      |   |                            |   |                            |   |   |   |   |   |   |
| Adjustments                  for items not (providing) requiring cash:                                    |   |                            |   |                            |   |   |
| Depreciation                  and amortization                                                            |   |                            |   |                            |   | 4,187 |   |   | 4,273 |   |
| Stock-based                  compensation expense                                                         |   |                            |   |                            |   | 147 |   |   | 169 |   |
| Loss                  on disposition of property, plant and equipment                                     |   |                            |   |                            |   | 316 |   |   | 218 |   |
| Deferred                  income tax provision                                                            |   |                            |   |                            |   | 958 |   |   | (984 | ) |
| Pension,                  supplemental retirement plan and profit sharing expense                         |   |                            |   |                            |   | 895 |   |   | 949 |   |
| Lease                  guarantee reserve reduction                                                        |   |                            |   |                            |   | (300 | ) |   | - |   |
| Other                                                                                                     |   |                            |   |                            |   | 163 |   |   | 8 |   |
|                                                                                                      |   |                            |   |                            |   |   |   |   |   |   |
| Increase                  (decrease) in cash flow from operating assets and                  liabilities: |   |                            |   |                            |   |   |
| Receivables                  and inventories                                                              |   |                            |   |                            |   | (385 | ) |   | (2,006 | ) |
| Refundable                  income taxes                                                                  |   |                            |   |                            |   | - |   |   | (231 | ) |
| Prepaid                  expenses and other current assets                                                |   |                            |   |                            |   | (141 | ) |   | 126 |   |
| Accounts                  payable                                                                         |   |                            |   |                            |   | (87 | ) |   | (1,456 | ) |
| Supplemental                  retirement plan payments                                                    |   |                            |   |                            |   | (47 | ) |   | (48 | ) |
| Accrued                  expenses and other liabilities                                                   |   |                            |   |                            |   | (1,809 | ) |   | (1,352 | ) |
| Income                  taxes payable                                                                     |   |                            |   |                            |   | 762 |   |   | - |   |
| Deferred                  revenues and related costs                                                      |   |                            |   |                            |   | 811 |   |   | 1,205 |   |
| Other                                                                                                     |   |                            |   |                            |   | (376 | ) |   | (410 | ) |
|                                                                                                      |   |                            |   |                            |   |   |   |   |   |   |
| Cash                  flows provided by (used in) operating activities                                    | $      | 6,938                           |   | $                               | (1,597 | ) |
|                                                                                                      |   |                            |   |                            |   |   |   |   |   |   |
| *See                  accompanying footnotes.*                                                            |   |                            |   |                            |   |   |

**5**

**CPI        CORP.**

**Interim        Condensed Consolidated Statements of Cash Flows        (continued)**

|                                                                                                       |   | 12                  Weeks Ended |    |
|------------------------------------------------------------------------------------------------------------|--------|---------------------------------|---------|
| *thousands*                                                                                                |   | April                  29, 2006 |    | April                  30, 2005 |   |
|                                                                                                       |   |                            |    |   |   |
| Cash                  flows provided by (used in) operating activities                                     |   | $                               | 6,938   |   | $ | (1,597 | ) |
|                                                                                                       |   |                            |    |   |   |   |   |
| Cash                  flows (used in) provided by financing activities:                                    |   |                            |    |   |   |   |   |
| Purchase                  of treasury stock                                                                |   |                            | (32,628 | ) |   | - |   |
| Restricted                  cash-collateral for outstanding letters of credit                              |   |                            | -       |   |   | 250 |   |
| Excess                  tax benefits from stock-based compensation                                         |   |                            | 10      |   |   | - |   |
| Cash                  dividends                                                                            |   |                            | (1,003  | ) |   | (1,241 | ) |
| Other                                                                                                      |   |                            | (50     | ) |   | - |   |
| Cash                  flows used in financing activities                                                   |   |                            | (33,671 | ) |   | (991 | ) |
|                                                                                                       |   |                            |    |   |   |   |   |
| Cash                  flows (used in) provided by investing activities:                                    |   |                            |    |   |   |   |   |
| Additions                  to property and equipment                                                       |   |                            | (1,045  | ) |   | (6,200 | ) |
| Proceeds                  from sale of property and equipment and assets held for                  sale    |   |                            | -       |   |   | 21 |   |
| Increase                  in assets held by Rabbi Trust                                                    |   |                            | (39     | ) |   | (117 | ) |
| Proceeds                  from Rabbi Trust used for supplemental retirement plan                  payments |   |                            | 50      |   |   | 68 |   |
| Cash                  flows used in investing activities                                                   |   |                            | (1,034  | ) |   | (6,228 | ) |
|                                                                                                       |   |                            |    |   |   |   |   |
| Effect                  of exchange rate changes on cash and cash equivalents                              |   |                            | -       |   |   | (46 | ) |
|                                                                                                       |   |                            |    |   |   |   |   |
| Net                  decrease in cash and cash equivalents                                                 |   |                            | (27,767 | ) |   | (8,862 | ) |
|                                                                                                       |   |                            |    |   |   |   |   |
| **Cash                  and cash equivalents at beginning of period**                                      |   |                            | 34,269  |   |   | 33,883 |   |
|                                                                                                       |   |                            |    |   |   |   |   |
| **Cash                  and cash equivalents at end of period**                                            |   | $                               | 6,502   |   | $ | 25,021 |   |
|                                                                                                       |   |                            |    |   |   |   |   |
| Supplemental                  cash flow information:                                                       |   |                            |    |   |   |   |   |
| Interest                  paid                                                                             |   | $                               | 548     |   | $ | - |   |
|                                                                                                       |   |                            |    |   |   |   |   |
| Income                  taxes paid                                                                         |   | $                               | 398     |   | $ | 56 |   |
|                                                                                                       |   |                            |    |   |   |   |   |
| Supplemental                  non-cash financing activities:                                               |   |                            |    |   |   |   |   |
| Issuance                  of treasury stock under the employee profit sharing plan                         |   | $                               | 441     |   | $ | 490 |   |
|                                                                                                       |   |                            |    |   |   |   |   |
| Issuance                  of restricted stock to employees and directors                                   |   | $                               | 769     |   | $ | 664 |   |
|                                                                                                       |   |                            |    |   |   |   |   |
| Executive                  retirement stock option modification                                            |   | $                               | 71      |   | $ | - |   |
|                                                                                                       |   |                            |    |   |   |   |   |
| *See                  accompanying footnotes.*                                                             |   |                            |    |   |   |   |   |

**6**

**CPI        CORP.**

**Notes        to Interim Condensed Consolidated        Financial Statements**

| **NOTE                  1 -** | **DESCRIPTION                  OF BUSINESS AND INTERIM CONDENSED CONSOLIDATED FINANCIAL                  STATEMENTS** |
|-------------------------------|-----------------------------------------------------------------------------------------------------------------------|

| **NOTE                  2 -** | **INVENTORIES** |
|-------------------------------|-----------------|

| *thousands*                                               |   | April                    29, 2006 |   | February                    4, 2006 |   |
|-----------------------------------------------------------|--------|-----------------------------------|--------|-------------------------------------|--------|
|                                                      |   |                              |   |                                |   |
| Raw                    materials - paper, chemicals, film |   | $                                 | 2,809  |                                | $      | 4,110 |   |
| Portraits                    in process                   |   |                              | 1,117  |                                |   | 939 |   |
| Finished                    portraits pending delivery    |   |                              | 499    |                                |   | 407 |   |
| Frames                    and accessories                 |   |                              | 1,039  |                                |   | 1,069 |   |
| Studio                    supplies                        |   |                              | 2,089  |                                |   | 2,143 |   |
| Other                                                     |   |                              | 637    |                                |   | 603 |   |
|                                                      |   |                              |   |                                |   |   |   |
| Total                                                     |   | $                                 | 8,190  |                                | $      | 9,271 |   |
|                                                      |   |                              |   |                                |   |   |   |

**7**

**CPI        CORP.**

**Notes        to Interim Condensed Consolidated Financial Statements**

| **NOTE                  3 -** | **STOCKHOLDERS’                  EQUITY** |
|-------------------------------|-------------------------------------------------|

| **NOTE                  4 -** | **STOCK-BASED                  COMPENSATION PLANS** |
|-------------------------------|-----------------------------------------------------|

* *
* *

**8**

**CPI        CORP.**

**Notes        to Interim Condensed Consolidated Financial Statements**

|                                                         |   | Quarter                    Ended April 29, 2006 |    |
|--------------------------------------------------------------|--------|------------------------------------------------------|---------|
|                                                         |   |                                                 |    | Weighted-Average |   |
|                                                         |   | Shares                                               |    | Exercise                    Price |   |
| Balance                    at beginning of year              |   |                                                 | 126,020 |   | $ | 20.02 |   |
| Granted                                                      |   |                                                 | -       |   |   |   |   |
| Cancelled                    or expired                      |   |                                                 | (8,363  | ) |   | 24.73 |   |
| Exercised                                                    |   |                                                 | -       |   |   |   |   |
| Balance                    at end of quarter                 |   |                                                 | 117,657 |   |   | 19.69 |   |
| Reserved                    for future grants at quarter-end |   |                                                 | 975,069 |   |   |   |   |
| Exercisable                                                  |   |                                                 | 117,657 |   |   |   |   |

|                                        |   | Options                    Outstanding and Exercisable |    |
|---------------------------------------------|--------|--------------------------------------------------------|---------|
|                                        |   |                                                   |    | Weighted-Average |   |   |   |
|                                        |   |                                                   |    | Remaining                    Contractual |   | Weighted-Average |   |
| Range                    of Exercise Prices |   | Shares                                                 |    | Life                    (Years) |   | Exercise                    Price |   |
| $12.96                    - $13.99          |   |                                                   | 32,212  |   |   | 4.51 |   | $ | 13.01 |   |
| $16.50                    - $20.45          |   |                                                   | 36,659  |   |   | 3.50 |   |   | 17.32 |   |
| $24.87                    - $25.94          |   |                                                   | 48,786  |   |   | 0.15 |   |   | 25.87 |   |
| Total                                       |   |                                                   | 117,657 |   |   | 2.39 |   |   | 19.69 |   |
|                                        |   |                                                   |    |   |   |   |   |   |   |   |

|                                                                          |   | Quarter                  Ended April 29, 2006 |    |
|-------------------------------------------------------------------------------|--------|-----------------------------------------------|---------|
|                                                                          |   |                                          |    | Weighted-Average |   |
|                                                                          |   | Shares                                        |    | Grant-date                  Value |   |
| Nonvested                  stock, beginning of year                           |   |                                          | 29,727  |   | $ | 17.20 |   |
| Granted                                                                       |   |                                          | 44,207  |   |   | 17.39 |   |
| Vested                                                                        |   |                                          | (8,411  | ) |   | 15.43 |   |
| Forfeited                                                                     |   |                                          | (97     | ) |   | 15.43 |   |
| Nonvested                  stock, end of year                                 |   |                                          | 65,426  |   |   | 17.56 |   |
| Reserved                  for future grants at quarter-end                    |   |                                          | 223,743 |   |   |   |   |
| Stock-based                  compensation expense related to restricted stock |   |                                          |    |   |  $ | 147,018 |   |
|                                                                          |   |                                          |    |   |   |   |   |

**9**

**CPI        CORP.**

**Notes        to Interim Condensed Consolidated Financial Statements**

| **NOTE                  5 -** | **EMPLOYEE                  BENEFIT PLANS** |
|-------------------------------|---------------------------------------------|

|                                                         |   | Pension                    Pan    |   | Supplemental                    Retirement Plan |   |
|--------------------------------------------------------------|--------|-----------------------------------|--------|-------------------------------------------------|--------|
|                                                         |   | 12                    Weeks Ended |   | 12                    Weeks Ended               |   |
| *thousands*                                                  |   | April                    29, 2006 |   | April                    30, 2005               |   | April                    29, 2006 |   | April                    30, 2005 |   |
|                                                         |   |                              |   |                                            |   |   |   |   |   |
| Components                    of net periodic benefit costs: |   |                              |   |                                            |   |   |   |   |   |
| Service                    cost                              |   | $                                 | 97     |                                            | $      | 117 |   | $ | 17 |   | $ | 26 |   |
| Interest                    cost                             |   |                              | 660    |                                            |   | 651 |   |   | 46 |   |   | 57 |   |
| Expected                    return on plan assets            |   |                              | (647   | )                                               |   | (644 | ) |   | - |   |   | - |   |
| Amortization                    of prior service cost        |   |                              | 10     |                                            |   | 10 |   |   | 7 |   |   | 7 |   |
| Amortization                    of net (gain) loss           |   |                              | 249    |                                            |   | 222 |   |   | (5 | ) |   | (4 | ) |
|                                                         |   |                              |   |                                            |   |   |   |   |   |   |   |   |   |
| Net                    periodic benefit cost                 |   | $                                 | 369    |                                            | $      | 356 |   | $ | 65 |   | $ | 86 |   |
|                                                         |   |                              |   |                                            |   |   |   |   |   |   |   |   |   |

| **NOTE                  6 -** | **CONTINGENCIES** |
|-------------------------------|-------------------|

**Standby        Letters of Credit**

**Litigation**

**10**

**CPI        CORP.**

**Notes        to Interim Condensed Consolidated Financial Statements**

**Contingent        Lease Obligations**

| **NOTE                  7 -** | **SUBSEQUENT                  EVENT** |
|-------------------------------|---------------------------------------|

**11**

*Item        2.*
*Management’s        Discussion and Analysis of Financial Condition and Results of        Operations*

***EXECUTIVE        OVERVIEW***

**The        Company’s Operations**

|                                                   |   | April                    29, 2006 |   | April                    30, 2005 |   |
|--------------------------------------------------------|--------|-----------------------------------|--------|-----------------------------------|--------|
|                                                   |   |                              |   |                              |   |
| United                    States and Puerto Rico:      |   |                              |   |                              |   |
| Within                    full-line Sears stores       |   |                              | 857    |                              |   | 860 |   |
| Locations                    not within Sears stores   |   |                              | 38     |                              |   | 40 |   |
| Within                    Sears Essential/Grand stores |   |                              | 37     |                              |   | 5 |   |
|                                                   |   |                              |   |                              |   |   |   |
| Canada                                                 |   |                              | 115    |                              |   | 116 |   |
|                                                   |   |                              |   |                              |   |   |   |
| Total                                                  |   |                              | 1,047  |                              |   | 1,021 |   |
|                                                   |   |                              |   |                              |   |   |   |

**12**

***RESULTS        OF OPERATIONS***

|                                                                                                          |   | 12                    Weeks Ended |   |
|---------------------------------------------------------------------------------------------------------------|--------|-----------------------------------|--------|
|                                                                                                          |   | April                    29, 2006 |   | April                    30, 2005 |   |
| *thousands,                    except per share data*                                                         |   |                              |   |   |   |
|                                                                                                          |   |                              |   |   |   |
| **Net                    sales**                                                                              |   | $                                 | 59,670 |   | $ | 55,804 |   |
|                                                                                                          |   |                              |   |   |   |   |   |
| **Cost                    and expenses:**                                                                     |   |                              |   |   |   |   |   |
| Cost                    of sales (exclusive of depreciation and amortization shown                    below)  |   |                              | 5,826  |   |   | 7,465 |   |
| *Cost                    of sales as a percentage of net sales*                                               |   |                              | *9.8*  | *%* |   | *13.4* | *%* |
| *Gross                    margin as a percentage of net sales*                                                |   |                              | *90.2* | *%* |   | *86.6* | *%* |
| Selling,                    general and administrative expenses                                               |   |                              | 46,141 |   |   | 47,130 |   |
| *Selling,                    general and administrative expenses as a percentage of                    sales* |   |                              | *77.3* | *%* |   | *84.5* | *%* |
| Depreciation                    and amortization                                                              |   |                              | 4,187  |   |   | 4,273 |   |
| Other                    charges and impairments                                                              |   |                              | 390    |   |   | 109 |   |
|                                                                                                          |   |                              | 56,544 |   |   | 58,977 |   |
|                                                                                                          |   |                              |   |   |   |   |   |
| Earnings                    (loss) from continuing operations                                                 |   |                              | 3,126  |   |   | (3,173 | ) |
|                                                                                                          |   |                              |   |   |   |   |   |
| Interest                    expense                                                                           |   |                              | 565    |   |   | 451 |   |
| Interest                    income                                                                            |   |                              | 58     |   |   | 175 |   |
| Lease                    guarantee reserve reduction                                                     |   |                              | 300    |   |   | - |   |
| Other                    income, net                                                                          |   |                              | 39     |   |   | 171 |   |
|                                                                                                          |   |                              |   |   |   |   |   |
| Earnings                    (loss) before income tax expense (benefit)                                        |   |                              | 2,958  |   |   | (3,278 | ) |
| Income                    tax expense (benefit)                                                               |   |                              | 1,114  |   |   | (1,220 | ) |
|                                                                                                          |   |                              |   |   |   |   |   |
| **NET                    EARNINGS (LOSS)**                                                                    |   | $                                 | 1,844  |   | $ | (2,058 | ) |
|                                                                                                          |   |                              |   |   |   |   |   |
| **Net                    earnings (loss) per share - diluted**                                                |   | $                                 | 0.29   |   | $ | (0.26 | ) |
|                                                                                                          |   |                              |   |   |   |   |   |

**12        weeks ended April 29, 2006 compared to 12 weeks ended April 30,        2005**

| ·   | Net                sales for the first quarter of 2006 increased $3.9 million or 7%                to $59.7                million from the $55.8 million reported in the first quarter of 2005.                This                increase resulted from a 41% increase in average sales per customer                sitting partially offset by a 24% decrease in customer sittings. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**13**

| ·   | Cost                of sales, excluding depreciation and amortization expense, was $5.8                million in the first quarter of 2006 compared with $7.5 million in                the                comparable prior year period. Cost of sales, as a percentage of net                sales                was 9.8% in the first quarter of 2006, compared to 13.4% in the comparable                quarter of 2005. Correspondingly, gross margin rates were 90.2% and                86.6%                in the first quarter of 2006 and 2005, respectively. The decrease                in cost                of sales, despite higher sales, resulted principally from lower overall                production levels due to the decline in sittings, improved manufacturing                productivity resulting from experience and learnings gained from                operating                in a fully digital environment in 2005 and savings on film and shipping                costs that resulted from the completion of the digital conversion                in the                second half of fiscal 2005. In addition, the Company incurred                significantly lower workers’ compensation costs in the first quarter of                2006 versus 2005. These decreases were partially offset by additional                costs incurred related to increased same-day, in-studio fulfillment                of                portrait orders and increased sales of large-format, specialty products                not previously available in the analog film                environment. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·   | Selling,                general and administrative (“SG&A”) expenses were $46.1 million and                $47.1 million for first quarter of 2006 and 2005, respectively. As                a                percentage of sales, these expenses were 77.3% in 2006 and 84.5%                in                2005. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·   | Depreciation                and amortization was $4.2 million in the first quarter of 2006, compared                to $4.3 million in the comparable quarter of 2005. Reduced depreciation                attributable to assets that became fully depreciated in 2005 or that                were                written off as a result of the 2005 conversion from film to digital                were                offset by increased depreciation related to significant investments                made                in 2004 and 2005 in connection with the digital conversion of U.S.                studios. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·   | Other                charges and impairments reflect costs incurred from strategic actions                implemented by the Company to restructure its operations, costs that                are                unpredictable and atypical of the Company’s operations and additional                charges due to asset impairments. In the first quarter of 2006 and                2005,                the Company recognized $390,000 and $109,000, respectively, in other                charges and impairments. Expense in 2006 represents $179,000 of charges                related to the write off of certain legacy equipment that will no                longer                be used in the business, and $211,000 related to executive retirements                and                repositioning. The 2005 first quarter expense represented $134,000                of                reserves for severance and related costs offset by a favorable settlement                of a professional services bill of $25,000. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·   | Interest                expense was $565,000 in the first quarter of 2006 compared to $451,000                in                the comparable period of the prior year. The increase in interest                expense                is primarily the result of increased amortization of debt financing                fees                resulting from 2005 refinancing activities along with higher interest                rates. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

**14**

| ·   | Interest                income was $58,000 in the first quarter of 2006 compared to $175,000                in                the first quarter of 2005. This decrease is primarily attributable                to                lower invested balances subsequent to the purchase of stock in the                Dutch                Auction self-tender offer for $32.5 million which was funded in early                February 2006. This decrease is partially offset by higher interest                rates. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·   | The lease                guarantee reserve reduction represents a partial reversal of charges                recorded in 2004 related to an investment in and operating lease                guarantees associated with the Company’s former Wall Décor segment, Prints                Plus, which were necessitated by the significant deteriorating financial                performance of Prints Plus. As the total guarantee related to these                leases                has decreased with the passage of time, the payment of rents by Prints                Plus and the settlement by the Company of certain leases rejected                in                bankruptcy, the related liability has been reduced to reflect management’s                revised estimate of remaining potential loss. This reserve is more                fully                discussed in Note 6 in the accompanying Notes to Interim Condensed                Consolidated Financial Statements. |
|--------------------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
| ·   | Income                tax expense was $1.1 million in the first quarter of 2006 as compared                to a                benefit of $1.2 million in the first quarter of 2005. The resulting                effective tax rates were 37.7% in 2006 and 37.2% in                2005. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

***LIQUIDITY        AND CAPITAL RESOURCES***

|                                                       |   | 12                    Weeks Ended |    |
|------------------------------------------------------------|--------|-----------------------------------|---------|
| *thousands*                                                |   | April                    29, 2006 |    | April                    30, 2005 |   |
|                                                       |   |                              |    |   |   |
| Net                    cash (used in) provided by:         |   |                              |    |   |   |
| Operating                    activities                    |   | $                                 | 6,938   |   | $ | (1,597 | ) |
| Financing                    activities                    |   |                              | (33,671 | ) |   | (991 | ) |
| Investing                    activities                    |   |                              | (1,034  | ) |   | (6,228 | ) |
| Effect                    of exchange rate changes on cash |   |                              | -       |   |   | (46 | ) |
|                                                       |   |                              |    |   |   |   |   |
| Net                    decrease in cash                    |   | $                                 | (27,767 | ) | $ | (8,862 | ) |
|                                                       |   |                              |    |   |   |   |   |

**Net          Cash Provided By (Used In) Operating Activities**

**Net        Cash Used In Financing Activities**

**15**

**Net        Cash Used In Investing Activities**

**Off-Balance        Sheet Arrangements**

**Contingencies**

**16**

**Liquidity**

***ACCOUNTING        PRONOUNCEMENTS AND POLICIES***

**Adoption        of New Accounting Standards**

**Application        of Critical Accounting Policies**

**17**

**CAUTIONARY        STATEMENT REGARDING FORWARD-LOOKING INFORMATION**

*Item        3.*
*Quantitative        and Qualitative Disclosures About Market Risk*

*Item        4.*
*Controls        and Procedures*

**18**

**PART        II.    **
**OTHER        INFORMATION**

*Item        2.*
*Unregistered        Sales of Equity Securities and Use of Proceeds*

| **ISSUER                  PURCHASES OF EQUITY SECURITIES**                                                                          |   | February                  8, 2006 |      |
|-------------------------------------------------------------------------------------------------------------------------------------|--------|-----------------------------------|-----------|
| Total                  number of shares purchased                                                                                   |   |                              | 1,658,107 |   |
| Average                  price paid per share                                                                                       |   | $                                 | 19.50     |   |
| Total                  number of shares purchased as part of a publicly announced plan                  or                  program |   |                              | 1,658,107 |   |
| Maximum                  number of shares that may yet be purchased under publiclyannounced                  plans or programs      |   |                              | -         |   |

*Item        6.*
*Exhibits*

**19**

**CPI        CORP.**

**SIGNATURES**

| By:    |   | /s/                  Gary W. Douglass                                                                                                          |
|--------|--------|------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   | Gary                  W. Douglass                                                                                                              |
|   |   | Executive                  Vice President, Finance and Chief                  Financial Officer (Principal                  Financial Officer) |

| By:    |   | /s/                  Dale Heins                                                                      |
|--------|--------|------------------------------------------------------------------------------------------------------|
|   |   | Dale                  Heins                                                                          |
|   |   | Vice                  President, Corporate Controller(Principal                  Accounting Officer) |

**20**

**CPI        CORP.**

**E-1**

**EXHIBIT        INDEX**

| 11.1   |   | Computation                  of Per Common Share Earnings - Diluted - for the 12 weeks ended                  April                  29, 2006 and April 30, 2005                                                                                                           |
|--------|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                       |
| 11.2   |   | Computation                  of Per Common Share Earnings - Basic - for the 12 weeks ended April                  29, 2006 and April 30, 2005                                                                                                                              |
|   |   |                                                                                                                                                                                                                                                                       |
| 31.1   |   | Certification                  Pursuant to Rule 13a-14(a) Under the Securities and Exchange Act                  of 1934                  by the Chief Executive Officer                                                                                                   |
|   |   |                                                                                                                                                                                                                                                                       |
| 31.2   |   | Certification                  Pursuant to Rule 13a-14(a) Under the Securities and Exchange Act                  of 1934                  by the Chief Financial Officer                                                                                                   |
|   |   |                                                                                                                                                                                                                                                                       |
| 32.0   |   | Certification                  Pursuant to 18 U.S.C. Section 1350, as adopted Pursuant to Section                  906 of                  the Sarbanes-Oxley                  Act of 2002 by the Chief Executive Officer and the Chief Financial                  Officer |

**21**