EXHIBIT 11.0 - COMPUTATION OF EARNINGS PER COMMON SHARE
<TABLE>
CPI CORP. COMPUTATION OF EARNINGS PER COMMON SHARE-DILUTED
(in thousands of dollars or shares except per share amounts)
Twelve Weeks Ended July 21, 2001 and July 22, 2000
<CAPTION>
                                           Twelve Weeks Ended
                                         ----------------------
                                          July 21,    July 22,
                                            2001        2000
                                         ---------   ----------
<S>                                      <C>          <C>
Diluted:
  Net earnings (loss) applicable to
   common shares:
     From continuing operations          $ (1,120)    $  2,011
     From discontinued operations               -         (583)
                                         ---------    ---------
       Net earnings (loss)               $ (1,120)    $  1,428
                                         =========    =========
Shares:
  Weighted average number of common
   shares outstanding                      18,032       17,824
  Shares issuable under employee stock
   plans - weighted average                     -*          34
  Dilutive effect of exercise of certain
   stock options                                -*         181
  Less: Treasury stock-weighted average   (10,241)      (9,863)
                                         ---------    ---------
  Weighted average number of common and
   common equivalent shares outstanding     7,791        8,176
                                         =========    =========
Net earnings (loss) per common and
  common equivalent shares:
   From continuing operations            $  (0.14)     $  0.25
   From discontinued operations                 -        (0.07)
                                         ---------     --------
       Net earnings (loss)               $  (0.14)     $  0.18
                                         =========     ========
<FN>
*  The dilutive effect of stock options in the amount of 86,677
   shares and 32,220 shares issuable under employee stock plans
   were not considered as the effect is antidilutive.

</FN>
</TABLE>







                              34



EXHIBIT 11.0 - COMPUTATION OF EARNINGS PER COMMON SHARE (continued)
<TABLE>
CPI CORP. COMPUTATION OF EARNINGS PER COMMON SHARE-DILUTED
(in thousands of dollars or shares except per share amounts)
Twenty-four Weeks Ended July 21, 2001 and July 22, 2000
<CAPTION>
                                          Twenty-four Weeks Ended
                                          -----------------------
                                            July 21,    July 22,
                                              2001        2000
                                          ---------    ----------
<S>                                       <C>          <C>
Diluted:
  Net earnings (loss) applicable to common
   shares:
    From continuing operations            $ (1,079)    $  4,191
    From discontinued operations                 -         (583)
                                          ---------    ---------
       Net earnings (loss)                $ (1,079)    $  3,608
                                          =========    =========
Shares:
  Weighted average number of common shares
   outstanding                              17,982       17,822
  Shares issuable under employee stock
   plans -  weighted average                     -*          33
  Dilutive effect of exercise of certain
   stock options                                 -*         193
  Less:  Treasury stock - weighted average (10,242)      (9,725)
                                          ---------     --------
  Weighted average number of common and
   common equivalent shares outstanding      7,740        8,323
                                          =========     ========
Net earnings (loss) per common and common
  equivalent shares:
   From continuing operations             $  (0.14)     $  0.50
   From discontinued operations                  -        (0.07)
                                          ---------     --------
       Net earnings (loss)                $  (0.14)     $  0.43
                                          =========     ========
<FN>
*The dilutive effect of stock options in the amount of 94,560
 shares and 34,608 shares issuable under employee stock plans were
 not considered as the effect is antidilutive.

</FN>
</TABLE>




                              35
EXHIBIT 11.0 - COMPUTATION OF EARNINGS PER COMMON SHARE (continued)
<TABLE>
CPI CORP. COMPUTATION OF EARNINGS PER COMMON SHARE-BASIC
(in thousands of dollars or shares except per share amounts)
Twelve Weeks Ended July 21, 2001 and July 22, 2000
<CAPTION>
                                            Twelve Weeks Ended
                                          ----------------------
                                           July 21,    July 22,
                                            2001         2000
                                          ---------   ----------
<S>                                        <C>          <C>
Basic:
  Net earnings (loss) applicable to common
   shares:
    From continuing operations             $ (1,120)    $ 2,011
    From discontinued operations                  -        (583)
                                           ---------    --------
       Net earnings (loss)                 $ (1,120)    $ 1,428
                                           =========    ========
Shares:
  Weighted average number of common shares
   outstanding                               18,032      17,824
  Less:  Treasury stock - weighted average  (10,241)     (9,863)
                                           ---------    --------
  Weighted average number of common and
   common equivalent shares outstanding       7,791       7,961
                                           =========    ========
Net earnings (loss) per common and common
 equivalent shares:
   From continuing operations              $  (0.14)    $  0.25
   From discontinued operations                   -       (0.07)
                                           ---------    --------
       Net earnings (loss)                 $  (0.14)    $  0.18
                                           =========    ========


</TABLE>














                              36

EXHIBIT 11.0 - COMPUTATION OF EARNINGS PER COMMON SHARE (continued)
<TABLE>
CPI CORP. COMPUTATION OF EARNINGS PER COMMON SHARE-BASIC
(in thousands of dollars or shares except per share amounts)
Twenty-four Weeks Ended July 21, 2001 and July 22, 2000
<CAPTION>
                                         Twenty-four Weeks Ended
                                         -----------------------
                                          July 21,    July 22,
                                            2001        2000
                                         ---------   ----------
<S>                                       <C>         <C>
Basic:
  Net earnings (loss) applicable to common
   shares:
    From continuing operations            $ (1,079)   $  4,191
    From discontinued operations                 -        (583)
                                          ---------   ---------
       Net earnings (loss)                $ (1,079)   $  3,608
                                          =========   =========
Shares:
  Weighted average number of common shares
   outstanding                              17,982      17,822
  Less:  Treasury stock - weighted average (10,242)     (9,725)
                                          ---------    --------
  Weighted average number of common and
   common equivalent shares outstanding      7,740       8,097
                                          =========    ========
Net earnings (loss)per common and common
  equivalent shares:
   From continuing operations             $  (0.14)    $  0.52
   From discontinued operations                  -       (0.07)
                                          ---------    --------
       Net earnings (loss)                $  (0.14)    $  0.45
                                          =========    ========
</TABLE>















                              37