----

----

| [X] | QUARTERLY                REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE                ACT OF                1934 for the quarterly period ended April 28,                2007 |
|-----|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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

| [X]                Yes | [  ]                No |
|------------------------|----------------------------------|

| Large                accelerated filer [  ] | Accelerated                filer [X] | Non-accelerated                filer [  ] |
|-------------------------------------------------------|--------------------------------------|-----------------------------------------------------|

| [  ]                Yes | [X]                No |
|-----------------------------------|-----------------------|

----

----

**CPI      CORP.**

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

**12      Weeks ended April 28, 2007**

|                           |   | Page                                   |
|--------------------------------|--------|----------------------------------------|
|                           |   |                                   |
| PART                  I.       |   | FINANCIAL                  INFORMATION |   |   |
|                           |   |                                   |   |   |
|                           |   | Item                  1.               |   | Financial                  Statements: |   |   |
|                           |   |                                   |   |   |   |   |
|                           |   |                                   |   | Interim                  Condensed Consolidated Balance                  Sheets |   |   |
|                           |   |                                   |   | April                  28, 2007 (Unaudited) and February 3, 2007 |   | 1 |
|                           |   |                                   |   |   |   |   |
|                           |   |                                   |   | Interim                  Condensed Consolidated Statements of                  Operation (Unaudited) |   |   |
|                           |   |                                   |   | 12                  Weeks Ended April 28, 2007 and April 29, 2006 |   | 3 |
|                           |   |                                   |   |   |   |   |
|                           |   |                                   |   | Interim                  Condensed Consolidated Statements of Changes in                  Stockholders' |   |   |
|                           |   |                                   |   | Equity                  (Unaudited) 12 Weeks Ended April 28, 2007 |   | 4 |
|                           |   |                                   |   |   |   |   |
|                           |   |                                   |   | Interim                  Condensed Consolidated Statements of Cash Flow                  (Unaudited) |   |   |
|                           |   |                                   |   | 12                  Weeks Ended April 28, 2007 and April 29, 2006 |   | 5 |
|                           |   |                                   |   |   |   |   |
|                           |   |                                   |   | Notesto                  Interim Condensed Consolidated Financial                  Statements (Unaudited) |   | 7 |
|                           |   |                                   |   |   |   |   |
|                           |   | Item                  1a.              |   | Risk                  Factors |   | 11 |
|                           |   |                                   |   |   |   |   |
|                           |   | Item                  2.               |   | Management's                  Discussions and Analysis of Financial Condition and                  Results |   |   |
|                           |   |                                   |   | of                  Operations |   | 12 |
|                           |   |                                   |   |   |   |   |
|                           |   | Item                  3.               |   | Quantitative                  and Qualitative Disclosures about Market Risk |   | 17 |
|                           |   |                                   |   |   |   |   |
|                           |   | Item                  4.               |   | Controls                  and Procedures |   | 18 |
|                           |   |                                   |   |   |   |   |
| PART                  II.      |   | OTHER                  INFORMATION     |   |   |
|                           |   |                                   |   |   |
|                           |   | Item                  6.               |   | Exhibits |   | 18 |
|                           |   |                                   |
| SIGNATURES                     |   |                                   |   | 19 |
|                           |   |                                   |
| EXHIBIT                  INDEX |   |                                   |   | 20 |

**CPI      CORP.**

**Interim      Condensed Consolidated Balance Sheets –Assets**

**PART      I.    FINANCIAL      INFORMATION**

*Item      1.    Financial      Statements*

|                                                                                                                                       |   | April                  28, 2007 |    |   | February                  3, 2007 |   |
|--------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------|---------|--------|-----------------------------------|--------|
| *thousands*                                                                                                                                |   | (Unaudited)                     |    |   |                              |   |
|                                                                                                                                       |   |                            |    |   |                              |   |
| ASSETS                                                                                                                                     |   |                            |    |   |                              |   |
| Current                  assets:                                                                                                           |   |                            |    |   |                              |   |
|     Cash                  and cash equivalents                                                                         |   | $                               | 29,676  |   |                              | $      | 26,294 |   |
|     Restricted                  cash                                                                                   |   |                            | 1,000   |   |                              |   | 1,000 |   |
|     Accounts                  receivable:                                                                              |   |                            |    |   |                              |   |   |   |
|         Due                  from licensor stores                                                  |   |                            | 8,517   |   |                              |   | 7,308 |   |
|         Other                                                                                      |   |                            | 393     |   |                              |   | 489 |   |
|     Inventories                                                                                                        |   |                            | 7,745   |   |                              |   | 9,067 |   |
|     Prepaid                  expenses and other current assets                                                         |   |                            | 4,440   |   |                              |   | 5,157 |   |
|     Deferred                  tax                  assets                                                              |   |                            | 4,645   |   |                              |   | 5,756 |   |
|                                                                                                                                       |   |                            |    |   |                              |   |   |   |
|     Total                  current assets                                                                              |   |                            | 56,416  |   |                              |   | 55,071 |   |
|                                                                                                                                       |   |                            |    |   |                              |   |   |   |
| Property                  and equipment:                                                                                                   |   |                            |    |   |                              |   |   |   |
|     Land                                                                                                               |   |                            | 2,765   |   |                              |   | 2,765 |   |
|     Building                  improvements                                                                             |   |                            | 26,485  |   |                              |   | 26,485 |   |
|     Leasehold                  improvements                                                                            |   |                            | 4,356   |   |                              |   | 4,383 |   |
|     Photographic,                  sales and manufacturing equipment                                                   |   |                            | 123,354 |   |                              |   | 123,518 |   |
|         Total                                                                                      |   |                            | 156,960 |   |                              |   | 157,151 |   |
|     Less                  accumulated depreciation and amortization                                                    |   |                            | 132,917 |   |                              |   | 130,458 |   |
|         Property                  and                  equipment, net                              |   |                            | 24,043  |   |                              |   | 26,693 |   |
| Other                  investments - supplemental retirement plan                                                                          |   |                            | 3,581   |   |                              |   | 3,588 |   |
| Deferred                  tax assets                                                                                                       |   |                            | 4,301   |   |                              |   | 4,005 |   |
| Other                  assets, net of amortization of $1,359 at both April 28, 2007 and                  February                  3, 2007 |   |                            | 1,392   |   |                              |   | 1,322 |   |
|                                                                                                                                       |   |                            |    |   |                              |   |   |   |
| **    TOTAL                  ASSETS**                                                                                  |   | $                               | 89,733  |   |                              | $      | 90,679 |   |
|                                                                                                                                       |   |                            |    |   |                              |   |   |   |
| *See                  accompanying footnotes*                                                                                              |   |                            |    |   |                              |   |   |   |

**CPI      CORP.**

**Interim      Condensed Consolidated Balance Sheets – Liabilities and Stockholders’Equity**

|                                                                                                                                      |   | April                  28, 2007 |     |   | February                  3, 2007 |   |
|-------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------|----------|--------|-----------------------------------|--------|
| *thousands,                  except share and per share data*                                                                             |   | (Unaudited)                     |     |   |                              |   |
|                                                                                                                                      |   |                            |     |   |                              |   |
| LIABILITIES                                                                                                                               |   |                            |     |   |                              |   |
| Current                  liabilities:                                                                                                     |   |                            |     |   |                              |   |
|     Current                  maturities of long-term debt                                                             |   | $                               | 8,333    |   |                              | $      | 8,333 |   |
|     Accounts                  payable                                                                                 |   |                            | 3,093    |   |                              |   | 3,317 |   |
|     Accrued                  employment costs                                                                         |   |                            | 9,393    |   |                              |   | 12,770 |   |
|     Customer                  deposit liability                                                                       |   |                            | 16,471   |   |                              |   | 15,468 |   |
|     Income                  taxes payable                                                                             |   |                            | 1,329    |   |                              |   | 890 |   |
|     Sales                  taxes payable                                                                              |   |                            | 1,529    |   |                              |   | 2,564 |   |
|     Accrued                  advertising expenses                                                                     |   |                            | 1,119    |   |                              |   | 684 |   |
|     Accrued                  expenses and other liabilities                                                           |   |                            | 5,592    |   |                              |   | 5,381 |   |
|                                                                                                                                      |   |                            |     |   |                              |   |   |   |
|     Total                  current liabilities                                                                        |   |                            | 46,859   |   |                              |   | 49,407 |   |
|                                                                                                                                      |   |                            |     |   |                              |   |   |   |
| Long-term                  debt, less current maturities                                                                                  |   |                            | 7,825    |   |                              |   | 7,747 |   |
| Accrued                  pension plan obligations                                                                                         |   |                            | 14,653   |   |                              |   | 14,367 |   |
| Supplemental                  retirement plan obligations                                                                                 |   |                            | 3,485    |   |                              |   | 3,472 |   |
| Customer                  deposit liability                                                                                               |   |                            | 1,878    |   |                              |   | 2,508 |   |
| Other                  liabilities                                                                                                        |   |                            | 2,892    |   |                              |   | 2,862 |   |
|                                                                                                                                      |   |                            |     |   |                              |   |   |   |
|     Total                  liabilities                                                                                |   |                            | 77,592   |   |                              |   | 80,363 |   |
|                                                                                                                                      |   |                            |     |   |                              |   |   |   |
| STOCKHOLDERS'                  EQUITY                                                                                                     |   |                            |     |   |                              |   |   |   |
| 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; 17,005,728                  and                  16,975,343 |   |                            |     |   |                              |   |   |   |
|     shares                  outstanding at April 28, 2007 and February 3, 2007,                  respectively         |   |                            | 6,802    |   |                              |   | 6,790 |   |
| Additional                  paid-in capital                                                                                               |   |                            | 25,844   |   |                              |   | 25,510 |   |
| Retained                  earnings                                                                                                        |   |                            | 222,000  |   |                              |   | 220,460 |   |
| Accumulated                  other comprehensive loss                                                                                     |   |                            | (9,090   | )      |                              |   | (9,387 | ) |
|                                                                                                                                      |   |                            | 245,556  |   |                              |   | 243,373 |   |
|                                                                                                                                      |   |                            |     |   |                              |   |   |   |
| Treasury                  stock - at cost, 10,619,570 and 10,618,090 at April 28, 2007                  and                               |   |                            |     |   |                              |   |   |   |
|     February                  3,                  2007, respectively                                                  |   |                            | (233,415 | )      |                              |   | (233,057 | ) |
|                                                                                                                                      |   |                            |     |   |                              |   |   |   |
| Total                  stockholders' equity                                                                                               |   |                            | 12,141   |   |                              |   | 10,316 |   |
|                                                                                                                                      |   |                            |     |   |                              |   |   |   |
| **TOTAL                  LIABILITIES AND STOCKHOLDERS' EQUITY**                                                                           |   | $                               | 89,733   |   |                              | $      | 90,679 |   |
|                                                                                                                                      |   |                            |     |   |                              |   |   |   |
| *See                  accompanying footnotes*                                                                                             |   |                            |     |   |                              |   |   |   |

**CPI      CORP.**

**InterimCondensed      Consolidated Statements of      Operations**

|                                                                                                                                              |   | 12                  Weeks Ended |      |
|---------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------|-----------|
|                                                                                                                                              |   | April                  28, 2007 |      |   | April                  29, 2006 |   |
| *thousands,                  except share and per share data*                                                                                     |   |                            |      |   |   |   |
|                                                                                                                                              |   |                            |      |   |   |   |
| **Net                  sales**                                                                                                                    |   | $                               | 57,761    |   |   | $ | 59,670 |   |
|                                                                                                                                              |   |                            |      |   |   |   |   |   |
| **Cost                  and expenses:**                                                                                                           |   |                            |      |   |   |   |   |   |
|     Cost                  of                  sales (exclusive of depreciation and amortization shown                  below) |   |                            | 4,897     |   |   |   | 5,569 |   |
|     Selling,                  general and administrative expenses                                                             |   |                            | 45,352    |   |   |   | 46,398 |   |
|     Depreciation                  and amortization                                                                            |   |                            | 3,413     |   |   |   | 4,187 |   |
|     Other                  charges and impairments                                                                            |   |                            | 29        |   |   |   | 390 |   |
|                                                                                                                                              |   |                            | 53,691    |   |   |   | 56,544 |   |
|                                                                                                                                              |   |                            |      |   |   |   |   |   |
| Earnings                  from operations                                                                                                         |   |                            | 4,070     |   |   |   | 3,126 |   |
|                                                                                                                                              |   |                            |      |   |   |   |   |   |
| Interest                  expense                                                                                                                 |   |                            | 414       |   |   |   | 565 |   |
| Interest                  income                                                                                                                  |   |                            | 306       |   |   |   | 58 |   |
| Lease                  guarantee reserve reduction                                                                                                |   |                            | -         |   |   |   | 300 |   |
| Other                  (expense) income, net                                                                                                      |   |                            | (48       | ) |   |   | 39 |   |
|                                                                                                                                              |   |                            |      |   |   |   |   |   |
| Earnings                  before income tax expense                                                                                               |   |                            | 3,914     |   |   |   | 2,958 |   |
| Income                  tax expense                                                                                                               |   |                            | 1,359     |   |   |   | 1,114 |   |
|                                                                                                                                              |   |                            |      |   |   |   |   |   |
| **NET                  EARNINGS**                                                                                                                 |   | $                               | 2,555     |   |   | $ | 1,844 |   |
|                                                                                                                                              |   |                            |      |   |   |   |   |   |
| **NET                  EARNINGS PER COMMON SHARE**                                                                                                |   |                            |      |   |   |   |   |   |
|                                                                                                                                              |   |                            |      |   |   |   |   |   |
| Net                  earnings per share - diluted                                                                                                 |   | $                               | 0.40      |   |   | $ | 0.29 |   |
|                                                                                                                                              |   |                            |      |   |   |   |   |   |
| Net                  earnings per share - basic                                                                                                   |   | $                               | 0.40      |   |   | $ | 0.29 |   |
|                                                                                                                                              |   |                            |      |   |   |   |   |   |
| Dividends                  per share                                                                                                              |   | $                               | 0.16      |   |   | $ | 0.16 |   |
|                                                                                                                                              |   |                            |      |   |   |   |   |   |
| Weighted                  average number of common and common equivalent                                                                          |   |                            |      |   |   |   |   |   |
|     shares                  outstanding - diluted                                                                             |   |                            | 6,388,169 |   |   |   | 6,378,435 |   |
|                                                                                                                                              |   |                            |      |   |   |   |   |   |
| Weighted                  average number of common and common equivalent                                                                          |   |                            |      |   |   |   |   |   |
|     shares                  outstanding - basic                                                                               |   |                            | 6,363,445 |   |   |   | 6,364,849 |   |
|                                                                                                                                              |   |                            |      |   |   |   |   |   |
| *See                  accompanying footnotes.*                                                                                                    |   |                            |      |   |   |   |   |   |

**CPI      CORP.**

**Interim      Condensed Consolidated Statement of      Changes in Stockholders’ Equity**

**Twelve      weeks ended April 28, 2007**

|                                                                                                |   |   |   |       |   |     |   | Accumulated   |    |                       |   |   |   |
|-----------------------------------------------------------------------------------------------------|--------|--------|--------|------------|--------|----------|--------|---------------|---------|----------------------------|--------|--------|--------|
|                                                                                                |   |   |   | Additional |   |     |   | other         |    | Treasury                   |   |   |   |
| *thousands,                    except share and per share data*                                     |   | Common |   | paid-in    |   | Retained |   | comprehensive |    | stock,                     |   |   |   |
|                                                                                                |   | stock  |   | capital    |   | earnings |   | loss          |    | at                    cost |   | Total  |   |
|                                                                                                |   |   |   |       |   |     |   |          |    |                       |   |   |   |
| Balance                    at February 3, 2007                                                      |   | $      | 6,790  |       | $      | 25,510   |   | $             | 220,460 |                       | $      | (9,387 | )      | $ | (233,057 | ) | $ | 10,316 |   |
|                                                                                                |   |   |   |       |   |     |   |          |    |                       |   |   |   |   |   |   |   |   |   |
| Net                    earnings                                                                     |   |   | -      |       |   | -        |   |          | 2,555   |                       |   | -      |   |   | - |   |   | 2,555 |   |
| Total                    other comprehensive income,                                                |   |   |   |       |   |     |   |          |    |                       |   |   |   |   |   |   |   |   |   |
|     net                    of                    tax effect                     |   |   | -      |       |   | -        |   |          | -       |                       |   | 297    |   |   | - |   |   | 297 |   |
|        Total                    comprehensive income             |   |   | -      |       |   | -        |   |          | -       |                       |   | -      |   |   | - |   |   | 2,852 |   |
| Surrender                    of employee shares to satisfy                                          |   |   |   |       |   |     |   |          |    |                       |   |   |   |   |   |   |   |   |   |
|     personal                    tax                    liabilities upon vesting |   |   | -      |       |   | -        |   |          | -       |                       |   | -      |   |   | (547 | ) |   | (547 | ) |
| Issuance                    of common stock to employee                                             |   |   |   |       |   |     |   |          |    |                       |   |   |   |   |   |   |   |   |   |
|     benefit                    plans and restricted stock                       |   |   |   |       |   |     |   |          |    |                       |   |   |   |   |   |   |   |   |   |
|     awards                    (39,019 shares)                                   |   |   | 12     |       |   | 246      |   |          | -       |                       |   | -      |   |   | 189 |   |   | 447 |   |
| Stock-based                    compensation recognized                                              |   |   | -      |       |   | 88       |   |          | -       |                       |   | -      |   |   | - |   |   | 88 |   |
| Dividends                    ($0.16 per common share)                                               |   |   | -      |       |   | -        |   |          | (1,015  | )                          |   | -      |   |   | - |   |   | (1,015 | ) |
|                                                                                                |   |   |   |       |   |     |   |          |    |                       |   |   |   |   |   |   |   |   |   |
| Balance                    at April 28, 2007                                                        |   | $      | 6,802  |       | $      | 25,844   |   | $             | 222,000 |                       | $      | (9,090 | )      | $ | (233,415 | ) | $ | 12,141 |   |
|                                                                                                |   |   |   |       |   |     |   |          |    |                       |   |   |   |   |   |   |   |   |   |
| *See                    accompanying footnotes.*                                                    |   |   |   |       |   |     |   |          |    |                       |   |   |   |   |   |   |   |   |   |

**CPI      CORP.**

**InterimCondensed      Consolidated Statements of Cash      Flows**

|                                                                                                      |   | 12                  Weeks Ended |   |
|-----------------------------------------------------------------------------------------------------------|--------|---------------------------------|--------|
| *thousands*                                                                                               |   | April                  28, 2007 |   |   | April                  29, 2006 |   |
|                                                                                                      |   |                            |   |   |   |   |
| Reconciliation                  of net earnings from operations to cash flows                             |   |                            |   |   |   |   |
|     provided                  by                  operating activities:               |   |                            |   |   |   |   |
|                                                                                                      |   |                            |   |   |   |   |
| Net                  earnings                                                                             |   | $                               | 2,555  |   |   | $ | 1,844 |   |
|                                                                                                      |   |                            |   |   |   |   |   |   |
| Adjustments                  for items not (providing) requiring cash:                                    |   |                            |   |   |   |   |   |   |
| Depreciation                  and amortization                                                            |   |                            | 3,413  |   |   |   | 4,187 |   |
| Stock-based                  compensation expense                                                         |   |                            | 88     |   |   |   | 147 |   |
| Loss                  on disposition of property, plant and equipment                                     |   |                            | 10     |   |   |   | 187 |   |
| Loss                  on sale of assets held for sale                                                     |   |                            | 60     |   |   |   | - |   |
| Deferred                  income tax provision                                                            |   |                            | 1,033  |   |   |   | 958 |   |
| Pension,                  supplemental retirement plan and profit sharing expense                         |   |                            | 792    |   |   |   | 895 |   |
| Lease                  guarantee reserve reduction                                                        |   |                            | -      |   |   |   | (300 | ) |
| Other                                                                                                     |   |                            | 84     |   |   |   | 163 |   |
|                                                                                                      |   |                            |   |   |   |   |   |   |
| Increase                  (decrease) in cash flow from operating assets and                  liabilities: |   |                            |   |   |   |   |   |   |
| Receivables                  and inventories                                                              |   |                            | 208    |   |   |   | (385 | ) |
| Prepaid                  expenses and other current assets                                                |   |                            | 860    |   |   |   | (141 | ) |
| Accounts                  payable                                                                         |   |                            | (224   | ) |   |   | 305 |   |
| Supplemental                  retirement plan payments                                                    |   |                            | (52    | ) |   |   | (47 | ) |
| Accrued                  expenses and other liabilities                                                   |   |                            | (3,766 | ) |   |   | (2,091 | ) |
| Income                  taxes payable                                                                     |   |                            | 439    |   |   |   | 762 |   |
| Deferred                  revenues and related costs                                                      |   |                            | 323    |   |   |   | 811 |   |
| Other                                                                                                     |   |                            | (251   | ) |   |   | (357 | ) |
|                                                                                                      |   |                            |   |   |   |   |   |   |
| Cash                  flows provided by operating activities                                              |   | $                               | 5,572  |   |   | $ | 6,938 |   |
|                                                                                                      |   |                            |   |   |   |   |   |   |
| *See                  accompanying footnotes.*                                                            |   |                            |   |   |   |   |   |   |

**CPI      CORP.**

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

|                                                                                                                                                   |   | 12                  Weeks Ended |   |
|--------------------------------------------------------------------------------------------------------------------------------------------------------|--------|---------------------------------|--------|
| *thousands*                                                                                                                                            |   | April                  28, 2007 |   |   | April                  29, 2006 |   |
|                                                                                                                                                   |   |                            |   |   |   |   |
| Cash                  flows provided by operating activities                                                                                           |   | $                               | 5,572  |   |   | $ | 6,938 |   |
|                                                                                                                                                   |   |                            |   |   |   |   |   |   |
| Cash                  flows (used in) provided by financing activities:                                                                                |   |                            |   |   |   |   |   |   |
|     Purchase                  of                  treasury stock                                                                   |   |                            | -      |   |   |   | (32,538 | ) |
|     Surrender                  of                  employee shares to satisfy personal tax liability upon                  vesting |   |                            | (547   | ) |   |   | (90 | ) |
|     Excess                  tax benefits from stock-based compensation                                                             |   |                            | -      |   |   |   | 10 |   |
|     Cash                  dividends                                                                                                |   |                            | (1,015 | ) |   |   | (1,003 | ) |
|     Other                                                                                                                          |   |                            | -      |   |   |   | (50 | ) |
|     Cash                  flows used in financing activities                                                                       |   |                            | (1,562 | ) |   |   | (33,671 | ) |
|                                                                                                                                                   |   |                            |   |   |   |   |   |   |
| Cash                  flows (used in) provided by investing activities:                                                                                |   |                            |   |   |   |   |   |   |
|     Additions                  to                  property and equipment                                                          |   |                            | (772   | ) |   |   | (1,045 | ) |
|     Proceeds                  from                  sale of assets held for sale                                                   |   |                            | 65     |   |   |   | - |   |
|     Increase                  in                  assets held by Rabbi Trust                                                       |   |                            | (43    | ) |   |   | (39 | ) |
|     Proceeds                  from                  Rabbi Trust used for supplemental retirement plan payments                     |   |                            | 50     |   |   |   | 50 |   |
|     Cash                  flows used in investing activities                                                                       |   |                            | (700   | ) |   |   | (1,034 | ) |
|                                                                                                                                                   |   |                            |   |   |   |   |   |   |
| Effect                  of exchange rate changes on cash and cash equivalents                                                                          |   |                            | 72     |   |   |   | - |   |
|                                                                                                                                                   |   |                            |   |   |   |   |   |   |
| Net                  increase (decrease) in cash and cash equivalents                                                                                  |   |                            | 3,382  |   |   |   | (27,767 | ) |
|                                                                                                                                                   |   |                            |   |   |   |   |   |   |
| **Cash                  and cash equivalents at beginning of period**                                                                                  |   |                            | 26,294 |   |   |   | 34,269 |   |
|                                                                                                                                                   |   |                            |   |   |   |   |   |   |
| **Cash                  and cash equivalents at end of period**                                                                                        |   | $                               | 29,676 |   |   | $ | 6,502 |   |
|                                                                                                                                                   |   |                            |   |   |   |   |   |   |
| Supplemental                  cash flow information:                                                                                                   |   |                            |   |   |   |   |   |   |
|     Interest                  paid                                                                                                 |   | $                               | 330    |   |   | $ | 548 |   |
|                                                                                                                                                   |   |                            |   |   |   |   |   |   |
|     Income                  taxes paid                                                                                             |   | $                               | 42     |   |   | $ | 398 |   |
|                                                                                                                                                   |   |                            |   |   |   |   |   |   |
| Supplemental                  non-cash financing activities:                                                                                           |   |                            |   |   |   |   |   |   |
|     Issuance                  of                  treasury stock under the employee Profit Sharing Plan                            |   | $                               | 442    |   |   | $ | 441 |   |
|                                                                                                                                                   |   |                            |   |   |   |   |   |   |
|     Issuance                  of                  restricted stock to employees and directors                                      |   | $                               | 1,647  |   |   | $ | 769 |   |
|                                                                                                                                                   |   |                            |   |   |   |   |   |   |
|     Executive                  retirement stock option modification                                                                |   | $                               | 6      |   |   | $ | 71 |   |
|                                                                                                                                                   |   |                            |   |   |   |   |   |   |
| *See                  accompanying footnotes.*                                                                                                         |   |                            |   |   |   |   |   |   |

**CPI      CORP.**

**Notesto      Interim Condensed Consolidated Financial      Statements**

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

| **NOTE                2   -** | **ADOPTION                OF NEW ACCOUNTING                STANDARDS** |
|----------------------------------------------|------------------------------------------------------------------------|

**CPI      CORP.**

**Notes      to Interim Condensed Consolidated Financial Statements**

| **NOTE                3   -** | **INVENTORIES** |
|----------------------------------------------|-----------------|

| *thousands*                                          |   | April                  28, 2007 |   |   | February                  3, 2007 |   |
|------------------------------------------------------|--------|---------------------------------|--------|--------|-----------------------------------|--------|
|                                                 |   |                            |   |   |                              |   |
| Raw                  materials - paper and chemicals |   | $                               | 3,022  |   |                              | $      | 4,086 |   |
| Portraits                  in process                |   |                            | 998    |   |                              |   | 777 |   |
| Finished                  portraits pending delivery |   |                            | 341    |   |                              |   | 369 |   |
| Frames                  and accessories              |   |                            | 823    |   |                              |   | 1,118 |   |
| Studio                  supplies                     |   |                            | 1,926  |   |                              |   | 2,083 |   |
| Other                                                |   |                            | 635    |   |                              |   | 634 |   |
|                                                 |   |                            |   |   |                              |   |   |   |
| Total                                                |   | $                               | 7,745  |   |                              | $      | 9,067 |   |
|                                                 |   |                            |   |   |                              |   |   |   |

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

|                                                    |   | Options                    Outstanding and Exercisable                                              |
|--------------------------------------------------------------|--------|--------------------------------------------------------------------------------------------------------------------|
|                                                    |   |                                                                                                               |   | Weighted-Average |   |    |
|                                                    |   |                                                                                                               |   | Remaining                    Contractual |   | Weighted-Average |
| Range                    of Exercise Prices                  |   | Shares                                                                                                             |   | Life                    (Years)  |   | Exercise                    Price |
| $12.96                                                  |   |                   10,046 |   |                                 3.48  |   |  $                      12.96  |
| $16.50                    - $17.00                           |   |                   25,000 |   |                                 2.95  |   |                          16.60  |
|                                                    |   |                                                                                                               |   |    |   |    |
| Total                                                   |   |                   35,046 |   |                                 3.10  |   |                          15.56  |
|                                                    |   |                                                                                                               |   |    |   |    |
| Reserved                    for future grants at quarter-end |   |              1,020,639                            |   |    |   |    |
| Exercisable                                             |   |                   35,046 |   |    |   |    |

**CPI      CORP.**

**Notes      to Interim Condensed Consolidated Financial Statements**

|                                                       |   | Quarter                  Ended April 28, 2007 |    |
|------------------------------------------------------------|--------|-----------------------------------------------|---------|
|                                                       |   |                                          |    |   | Weighted-Average |   |
|                                                       |   | Shares                                        |    |   | Grant-date                  Value |   |
| Nonvested                  stock, beginning of year        |   |                                          | 4,448   |   |   | $ | 17.99 |   |
| Granted                                                    |   |                                          | 30,385  |   |   |   | 54.10 |   |
| Nonvested                  stock, end of quarter           |   |                                          | 34,833  |   |   |   | 49.49 |   |
| Reserved                  for future grants at quarter-end |   |                                          | 210,524 |   |   |   |   |   |
| Stock-based                  compensation expense related  |   |                                          |    |   |   |   |   |   |
| to                  restricted stock                       |   | $                                             | 88,157  |   |   |   |   |   |
|                                                       |   |                                          |    |   |   |   |   |   |

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

|                                                       |   | Pension                  Plan   |   |   | Supplemental                  Retirement Plan |   |
|------------------------------------------------------------|--------|---------------------------------|--------|--------|-----------------------------------------------|--------|
|                                                       |   | 12                  Weeks Ended |   |   | 12                  Weeks Ended               |   |
| *thousands*                                                |   | April                  28, 2007 |   |   | April                  29, 2006               |   |   | April                  28, 2007 |   |   | April                  29, 2006 |   |
|                                                       |   |                            |   |   |                                          |   |   |   |   |   |   |   |
| Components                  of net periodic benefit costs: |   |                            |   |   |                                          |   |   |   |   |   |   |   |
| Service                  cost                              |   | $                               | 75     |   |                                          | $      | 97 |   |   | $ | 18 |   |   | $ | 17 |   |
| Interest                  cost                             |   |                            | 675    |   |                                          |   | 660 |   |   |   | 48 |   |   |   | 46 |   |
| Expected                  return on plan assets            |   |                            | (679   | )      |                                          |   | (647 | ) |   |   | - |   |   |   | - |   |
| Amortization                  of prior service cost        |   |                            | 10     |   |                                          |   | 10 |   |   |   | 7 |   |   |   | 7 |   |
| Amortization                  of net (gain) loss           |   |                            | 205    |   |                                          |   | 249 |   |   |   | (8 | ) |   |   | (5 | ) |
|                                                       |   |                            |   |   |                                          |   |   |   |   |   |   |   |   |   |   |   |
| Net                  periodic benefit cost                 |   | $                               | 286    |   |                                          | $      | 369 |   |   | $ | 65 |   |   | $ | 65 |   |
|                                                       |   |                            |   |   |                                          |   |   |   |   |   |   |   |   |   |   |   |

**CPI      CORP.**

**Notes      to Interim Condensed Consolidated Financial Statements**

| **NOTE                6   -** | **INCOME                TAXES** |
|----------------------------------------------|---------------------------------|

| ·   | Unrecognized                tax benefits were approximately $2.7 million at each of February                4, 2007                and April 28, 2007.  If these unrecognized tax benefits were                recognized, approximately $2.7 million would impact the effective                tax                rate.  While it is expected that the amount of unrecognized tax                benefits will change in the next 12 months, the Company does not                expect                the change to have a significant impact on the results of operations                or                the financial position of the                Company. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The                Company recognizes interest expense and penalties related to the                above-unrecognized tax benefits within income tax expense.  Due                to the nature of the unrecognized tax benefits, the Company had no                accrued                interest and penalties as of February 4, 2007 or April 28,                2007. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The                Company and its subsidiaries file income tax returns in the U.S.                federal                jurisdiction, many states and Canadian jurisdictions.  The                Company is no longer subject to U.S. Federal income tax examination                for                the years prior to 2003.   Ongoing examinations by various                state taxing authorities date back to February 7,                1998. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| **NOTE                7   -** | **CONTINGENCIES** |
|----------------------------------------------|-------------------|

**Standby      Letters of Credit**

**Litigation**

**Contingent      Lease Obligations**

**CPI      CORP.**

**Notes      to Interim Condensed Consolidated Financial Statements**

| **NOTE                8   -** | **SUBSEQUENT                EVENTS** |
|----------------------------------------------|--------------------------------------|

*Item      1A.                 Risk      Factors*

**The PCA      transaction has not yet been completed and remains subject to certain closing      conditions.  If the acquisition does close, the Company may not realize the      anticipated benefits from the PCA acquisition.**

| ·   |     Difficulties                in                integrating and managing personnel, financial reporting and other                systems                used by PCA’s businesses into the                Company; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   |     The                failure of PCA’s business to perform in accordance with the Company’s                expectations; |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   |     Any                future goodwill impairment charges that the Company may incur with                respect                to the assets of PCA; |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   |     Failure                to achieve anticipated synergies between the Company’s business units and                the business units of PCA; |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   |     The                inability to maintain Wal-Mart as a host;                and |
|--------------------|---------------------------------------------------------------------------------------------------------|

| ·   |     The                loss of any key personnel of                PCA. |
|--------------------|--------------------------------------------------------------------------------------------------|

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

***EXECUTIVE      OVERVIEW***

**The      Company’s Operations**

|                                            |                                               | April                  28, 2007                                                                                                               |                                                                                                                                                     | April                  29, 2006                                                                                               |
|-------------------------------------------------|----------------------------------------------------|-----------------------------------------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------------------------|
| United                  States and Puerto Rico: |                                               |                                                                                                                                          |                                                                                                                                                     |                                                                                                                          |
|                                            | Within                  full-line Sears stores     |                                                                                                                                          |                        854            |                                                                                                                          | 857 |
|                                            | Within                  Sears Grand stores         |                                                                                                                                          |                          40 |                                                                                                                          | 37 |
|                                            | Locations                  not within Sears stores |                                                                                                                                          |                          34 |                                                                                                                          | 38 |
|                                            |                                               |                                                                                                                                          |                                                                                                                                                     |                                                                                                                          |
| Canada                                          |                                               |                        112 |                                                                                                                                                     | 115                                                                                                                           |
|                                            |                                               |                                                                                                                                          |                                                                                                                                                     |                                                                                                                          |
| Total                                           |                                               |                     1,040                 |                                                                                                                                                     |                     1,047 |
|                                            |                                               |                                                                                                                                          |                                                                                                                                                     |                                                                                                                          |   |   |   |   |

***RESULTS      OF OPERATIONS***

|                                                                                                      |   | 12                  Weeks Ended |   |
|-----------------------------------------------------------------------------------------------------------|--------|---------------------------------|--------|
| *thousands,                  except per share data*                                                       |   | April                  28, 2007 |   |   | April                  29, 2006 |   |
|                                                                                                      |   |                            |   |   |   |   |
| **Net                  sales**                                                                            |   | $                               | 57,761 |   |   | $ | 59,670 |   |
|                                                                                                      |   |                            |   |   |   |   |   |   |
| **Cost                  and expenses:**                                                                   |   |                            |   |   |   |   |   |   |
| Cost                  of sales (exclusive of depreciation and amortization shown                  below)  |   |                            | 4,897  |   |   |   | 5,569 |   |
| *Cost                  of sales as a percentage of net sales*                                             |   | * *                        | *8.5*  | *%* |   | * * | *9.3* | *%* |
| *Gross                  margin as a percentage of net sales*                                              |   | * *                        | *91.5* | *%* |   | * * | *90.7* | *%* |
| Selling,                  general and administrative expenses                                             |   |                            | 45,352 |   |   |   | 46,398 |   |
| *Selling,                  general and administrative expenses as a percentage of                  sales* |   | * *                        | *78.5* | *%* |   | * * | *77.8* | *%* |
| Depreciation                  and amortization                                                            |   |                            | 3,413  |   |   |   | 4,187 |   |
| Other                  charges and impairments                                                            |   |                            | 29     |   |   |   | 390 |   |
|                                                                                                      |   |                            | 53,691 |   |   |   | 56,544 |   |
| Earnings                  from operations                                                                 |   |                            | 4,070  |   |   |   | 3,126 |   |
|                                                                                                      |   |                            |   |   |   |   |   |   |
| Interest                  expense                                                                         |   |                            | 414    |   |   |   | 565 |   |
| Interest                  income                                                                          |   |                            | 306    |   |   |   | 58 |   |
| Lease                  guarantee reserve reduction                                                        |   |                            | -      |   |   |   | 300 |   |
| Other                  (expense) income, net                                                              |   |                            | (48    | ) |   |   | 39 |   |
|                                                                                                      |   |                            |   |   |   |   |   |   |
| Earnings                  before income tax expense                                                       |   |                            | 3,914  |   |   |   | 2,958 |   |
| Income                  tax expense                                                                       |   |                            | 1,359  |   |   |   | 1,114 |   |
|                                                                                                      |   |                            |   |   |   |   |   |   |
| **NET                  EARNINGS**                                                                         |   | $                               | 2,555  |   |   | $ | 1,844 |   |
| **Net                  earnings per share - diluted**                                                     |   | $                               | 0.40   |   |   | $ | 0.29 |   |
|                                                                                                      |   |                            |   |   |   |   |   |   |

**12      weeks ended April 28, 2007 compared to 12 weeks ended April 29,      2006**

| ·   | Net                sales for the first quarter of 2007 decreased $1.9 million or 3.2%                to                $57.8 million from the $59.7 million reported in the first quarter                of                2006.  This decrease resulted from a 12.8% decrease in customer                sittings partially offset by an 11.4% increase in average sales per                customer sitting. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Cost                of sales, excluding depreciation and amortization expense, was $4.9                million in the first quarter of 2007 compared with $5.6 million in                the                comparable prior year period.   Cost of sales, as a                percentage of net sales was 8.5% in the first quarter of 2007, compared                to                9.3% in the comparable quarter of 2006.  Correspondingly, gross                margin rates were 91.5% and 90.7% in the first quarter of 2007 and                2006,                respectively.  The decrease in cost of sales resulted                principally from lower overall production levels as a result of declines                in sittings, additional gains in labor productivity resulting from                the                continuing refinement of digital manufacturing processes and an improved                product mix. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Selling,                general and administrative (“SG&A”) expenses were $45.4 million and                $46.4 million for first quarter of 2007 and 2006,                respectively.  As a percentage of sales, these expenses were                78.5% in 2007 and 77.8% in 2006. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Depreciation                and amortization was $3.4 million in the first quarter of 2007, compared                to $4.2 million in the comparable quarter of 2006.  The decrease                in depreciation and amortization is principally attributable to reduced                capital spending beginning in the fourth quarter of 2005 and continuing                into the first quarter of 2007 following the significant digital                investments made in 2004 and the first three quarters of                2005. |
|--------------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | 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 2007                and 2006, the Company recognized $29,000 and $390,000, respectively,                in                other charges and impairments.  Expense in 2007 primarily                represents the costs of travel associated with the potential acquisition                of PCA (see Note 8 for further discussion). The 2006 first quarter                expense                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. |
|--------------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Interest                expense was $414,000 in the first quarter of 2007 compared to $565,000                in                the comparable period of the prior year.  The decrease in                interest expense is primarily the result of lower average borrowings                due                to scheduled payments of $4.2 million each in the second quarter                of 2006                and the fourth quarter of 2006.  This was partially offset by an                increase in average interest rates. |
|--------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | Interest                income was $306,000 in the first quarter of 2007 compared to $58,000                in                the first quarter of 2006.  This increase is primarily                attributable to lower invested balances in 2006 as compared to 2007                due to                the purchase of stock in the Dutch Auction self-tender offer for                $32.5                million which was funded in early February                2006. |
|--------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

| ·   | The                lease guarantee reserve reduction in 2006 represents a partial reversal                of                charges recorded in 2004 related to  operating lease guarantees                associated with the Company’s former Wall Décor segment, Prints                Plus.  As the total guarantee related to these leases had                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 was 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 $1.4 million in the first quarter of 2007 as compared                to                $1.1 million in the first quarter of 2006.  The resulting                effective tax rates were 34.7% in 2007 and 37.7% in 2006.  The                decrease in the effective tax rate in 2007 is attributable to deductions                available since the Company is no longer in a net operating loss                position. |
|--------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

***LIQUIDITY      AND CAPITAL RESOURCES***

|                                                     | 12                  Weeks Ended                                                                                                                          |
|----------------------------------------------------------|----------------------------------------------------------------------------------------------------------------------------------------------------------|
| *thousands*                                         | April                  28, 2007                                                                                                                          |   | April                  29, 2006 |
|                                                     |                                                                                                                                                     |   |   |
| Net                  cash (used in) provided by:         |                                                                                                                                                     |   |   |
|                                                     |     Operating                  activities                                                                                            |  $                 5,572 |   |  $                 6,938 |
|                                                     |     Financing                  activities                                                                                            |                   (1,562) |   |                 (33,671) |
|                                                     |     Investing                  activities                                                                                            |                      (700) |   |                   (1,034) |
| Effect                  of exchange rate changes on cash |                          72 |   |                            - |
|                                                     |                                                                                                                                                     |   |   |
| Net                  increase (decrease) in cash         |  $                 3,382                                       |   |  $             (27,767) |
|                                 |                                                                                                                                                     |   |   |

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

**Net      Cash Used In Financing Activities**

**Net      Cash Used In Investing Activities**

**Off-Balance      Sheet Arrangements**

**Contingencies**

**Liquidity**

***ACCOUNTING      PRONOUNCEMENTS AND POLICIES***

**Adoption      of New Accounting Standards**

**Application      of Critical Accounting Policies**

**CAUTIONARY      STATEMENT REGARDING FORWARD-LOOKING INFORMATION**

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

*Item      4.                      Controls      and Procedures*

**PART      II.    OTHER      INFORMATION**

*Item      6.                 Exhibits*

**CPI      CORP.**

**SIGNATURES**

| CPI                Corp.(Registrant) |
|--------------------------------------|

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

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

**CPI      CORP.**

**E-1**

**EXHIBIT      INDEX**

| 10.55  |   | Purchase                and Sale Agreement dated as of May 1, 2007, by and among Portrait                Corporation of America, PCA LLC, American Studios, Inc., PCA Photo                Corporation of Canada, PCA National LLC, PCA Finance Corp. Inc.,                Photo                Corporation of America, Inc. (each, a “Seller”) and CPI Corp.,                incorporated by reference to CPI Corp.’s Form 8-K, Exhibit 2.1, filed May                3, 2007                                                                                                                  |
|--------|--------|-------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 10.56  |   | Amendment                No. 1 to the Purchase and Sale Agreement dated as of May 1, 2007,                by and                among Portrait Corporation of America, PCA LLC, American Studios,                Inc.,                PCA Photo Corporation of Canada, PCA National LLC, PCA Finance Corp.                Inc.,                Photo Corporation of America, Inc. (each, a “Seller”) and CPI Corp, such                amendment effective as of May 21, 2007, incorporated by reference                to CPI                Corp.’s Form 8-K, Exhibit 2.1, filed May 25, 2007 |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 11.1   |   | Computation                of Per Share Earnings – Diluted – for the 12 weeks endedApril                28, 2007 and April 29, 2006                                                                                                                                                                                                                                                                                                                                                                                                                                                                   |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 11.2   |   | Computation                of Per Share Earnings – Basic – for the 12 weeks endedApril                28, 2007 and April 29, 2006                                                                                                                                                                                                                                                                                                                                                                                                                                                                     |
|   |   |                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                                              |
| 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                theSarbanes-Oxley                Act of 2002 by the Chief Executive Officer and the Chief Financial                Officer                                                                                                                                                                                                                                                                                                                                                   |