SECURITIES AND EXCHANGE COMMISSION
                        Washington, D.C. 20549


                                Form 10-Q

               QUARTERLY REPORT UNDER SECTION 13 OR 15 (d)
                  OF THE SECURITIES EXCHANGE ACT OF 1934



For the quarter ended March 31, 1997      Commission File No 1-4506

                            GARAN, INCORPORATED
        (Exact name of registrant as specified in its charter)


        VIRGINIA                                       13-5665557
(State of Incorporation)               (I.R.S. Employer Identification No.)


     350 Fifth Avenue, New York, NY                     10118
(Address of principal executive offices)              (Zip Code)


Registrant's telephone number, including area code: (212) 563-2000


Indicate by check mark whether the registrant (1) has filed all
reports required to be filed by section 13 or 15 (d) of the Securities
Exchange Act of 1934 during the preceding 12 months (or for such
shorter period than the registrant was required to file such reports),
and (2) has been subject to such filing requirements for the past 90
days.

                    YES   [X]               NO  [ ]

Indicate the number of shares outstanding of each of the issuer's
classes of common stock, as of the close of the period covered by this
report.

Class                                   Outstanding March 31, 1997

Common Stock (no par value)               5,069,892 shares

<PAGE>
<TABLE>
                        PART I. - FINANCIAL INFORMATION

                     GARAN, INCORPORATED AND SUBSIDIARIES

                     CONSOLIDATED STATEMENTS OF EARNINGS
                                  (UNAUDITED)
<CAPTION>
                                                THREE MONTHS ENDED
                                                03/31/97        03/31/96
                                            ____________    _____________
<S>                                         <C>             <C>
Net sales                                   $ 37,611,000    $ 26,882,000

Cost of sales                                 28,458,000      20,907,000
                                            ____________    ____________

   Gross margin on sales                       9,153,000       5,975,000


Selling and administrative expenses            5,597,000       4,951,000

Interest on capitalized leases                    27,000          29,000

Interest income                                 (689,000)       (658,000)
                                             ___________     ___________
    Earnings before provision                  
        for income taxes                       4,218,000       1,653,000

Provision for income taxes                     1,677,000         651,000
                                             ___________     ___________

Net earnings                                $ 2,541,000     $  1,002,000
                                             ===========      ===========

Earnings per share data:

    Earnings per share                      $       0.50    $       0.20

    Average common shares outstanding          5,070,000       5,070,000

Dividends paid per share                    $       0.20    $       0.20
</TABLE>

<PAGE>
<TABLE>
                     GARAN, INCORPORATED AND SUBSIDIARIES

                     CONSOLIDATED STATEMENTS OF EARNINGS
                                  (UNAUDITED)
<CAPTION>
                                                  SIX MONTHS ENDED
                                                03/31/97        03/31/96
                                            ____________    _____________
<S>                                         <C>             <C>
Net sales                                   $ 68,604,000    $ 59,906,000

Cost of sales                                 52,369,000      47,457,000
                                            ____________    ____________

   Gross margin on sales                      16,235,000      12,449,000


Selling and administrative expenses           10,973,000       9,834,000

Interest on capitalized leases                    52,000          59,000
Interest income                               (1,384,000)     (1,316,000)
                                             ___________     ___________
    Earnings before provision                  
        for income taxes                       6,594,000       3,872,000

Provision for income taxes                     2,616,000       1,529,000
                                             ___________     ___________

Net earnings                                $  3,978,000     $ 2,343,000
                                             ===========      ===========

Earnings per share data:

    Earnings per share                      $       0.78    $       0.46

    Average common shares outstanding          5,070,000       5,070,000

Dividends paid per share                    $       0.60    $       0.60
</TABLE>

<PAGE>
<TABLE>
                     GARAN, INCORPORATED AND SUBSIDIARIES
                         CONSOLIDATED BALANCE SHEETS                   
                                 (UNAUDITED)
<CAPTION>
                                             03/31/97         9/30/96 
                                             ____________   _____________
<S>                                         <C>             <C>
ASSETS
Current Assets:
   Cash and cash equivalents                $  10,577,000   $  20,587,000
   U.S. Government securities - short-term     12,731,000      12,568,000
   Accounts receivable, less estimated
     uncollectibles of $508,000 at
     03/31/97 and $514,000 at 9/30/96          23,405,000      26,041,000
   Inventories                                 31,756,000      28,639,000
   Other current assets                         4,787,000       5,558,000
     Total current assets                      83,256,000      93,393,000

U.S. Government Securities - long-term         17,759,000       7,003,000
Property, plant and equipment, less
  accumulated depreciation and amortization    13,930,000      14,915,000
Other assets                                    4,797,000       4,236,000   
     TOTAL                                  $ 119,742,000   $ 119,547,000
                                             ============    ============
</TABLE>
<TABLE>
<CAPTION>
LIABILITIES AND SHAREHOLDERS' EQUITY
<S>                                         <C>             <C>
Current Liabilities:
   Accounts payable                         $   4,344,000   $   4,609,000
   Accrued liabilities                         10,893,000      11,321,000
   Federal and state income taxes payable       1,535,000       1,572,000
   Current portion of capitalized leases          124,000         124,000
     Total current liabilities                 16,896,000      17,626,000

Capitalized lease obligations, net of
 current portion                                2,893,000       2,937,000   
                                                   
Deferred income taxes                           2,876,000       2,843,000
                                            
Shareholders' Equity:
   Preferred stock ($10 par value) 500,000
     shares authorized; none issued 
  Common stock (no par value) 15,000,000 
     shares authorized; 5,069,892 issued at
     03/31/97 and 9/30/96                       2,535,000       2,535,000
  Additional paid-in-capital                    5,821,000       5,821,000
  Retained earnings                            88,721,000      87,785,000   
    Total shareholders' equity                 97,077,000      96,141,000
    TOTAL                                   $ 119,742,000   $ 119,547,000
                                             ============    ============
</TABLE>

<PAGE>
<TABLE>

                    GARAN, INCORPORATED AND SUBSIDIARIES

                    CONSOLIDATED STATEMENTS OF CASH FLOWS
                                 (UNAUDITED)
<CAPTION>
                                                   SIX MONTHS ENDED
                                              03/31/97        03/31/96  
                                            ____________    _____________
<S>                                         <C>             <C>
Cash Flows From Operating Activities:
  Net earnings                              $   3,978,000   $   2,343,000
  Non cash items included in earnings:
    Depreciation and amortization               1,550,000       1,778,000
    Provision for losses on accounts receivable    51,000          14,000  
    Deferred income taxes                          33,000          40,000 
  Changes in assets and liabilities: 
    U.S. Government Securities - short-term    (2,297,000)      1,488,000
    Accounts receivable                         2,585,000      11,492,000
    Inventories                                (3,117,000)     (8,737,000)
    Other current assets                          771,000      (2,500,000)
    Accounts payable                             (265,000)     (2,703,000)
    Accrued liabilities                          (428,000)       (930,000)
    Income taxes payable                          (37,000)       (463,000)
    Other assets                                 (561,000)        (95,000)
  Net Cash Flows From Operating Activities      2,263,000       1,727,000 
                                            
Cash Flows From Investing Activities:
  Sale of U.S. Gov't securities - long-term     6,028,000               0
  Purchase of U.S. Gov't securi-
     ties - long-term                         (14,650,000)              0 
  Additions to property plant and equipment      (576,000)     (1,349,000)
  Proceeds from sales of property,
    plant and equipment                            11,000               0 
  Net Cash Flows From Investing Activities     (9,187,000)     (1,349,000)

Cash Flows From Financing Activities:
  Payment of dividends                         (3,042,000)     (3,042,000)
  Repayment of capitalized lease obligations      (44,000)        (43,000)  
    Net Cash Flows From Financing Activities   (3,086,000)     (3,085,000)
Increase in Cash and Cash Equivalents         (10,010,000)     (2,707,000)
 
Cash and Cash Equivalents At Beginning
  of Period                                    20,587,000       8,649,000 
Cash and Cash Equivalents At End of Period  $  10,577,000   $   5,942,000
                                            ============      ============
Supplemental Disclosures
  Cash Paid During The Period For:
    Interest                                $      52,000   $      59,000
    Income taxes                                2,680,000       1,494,000
                                             ============     ============
</TABLE>
<PAGE>              GARAN, INCORPORATED AND SUBSIDIARIES

                 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                               MARCH 31, 1997
                                (UNAUDITED)

1.  In the opinion of management, all adjustments necessary to a fair
statement of the results of operations have been reflected.

2.  Earnings per share are calculated on the basis of the weighted average
number of common shares outstanding during the period.

3.  Inventories consist of the following:
<TABLE>
<CAPTION>
                                              03/31/97        09/30/96
                                            ____________    _____________
<S>                                         <C>             <C>
Raw Materials                               $  4,417,000    $   3,115,000

Work in process                                6,013,000        6,837,000

Finished Goods                                21,326,000       18,687,000
                                             ___________     ____________
                                            $ 31,756,000    $  28,639,000
                                             ===========     ============
</TABLE>


<PAGE>
ITEM 2.
                    GARAN, INCORPORATED AND SUBSIDIARIES
                   MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                FINANCIAL CONDITION AND RESULTS OF OPERATIONS

FINANCIAL CONDITION

At March 31, 1997, working capital was $66,360,000, a decrease of
$9,407,000 from September 30, 1996, working capital of $75,767,000.  The 
decrease was primarily a result of the $10,756,000 increase in long-term U.S. 
Government Securities, which are not included in working capital.  
Shareholders' equity at March 31, 1997, was $97,077,000, or $19.14 book value 
per share, as compared to $96,141,000, or $18.96 book value per share, at 
September 30, 1996.

RESULTS OF OPERATIONS

Three and Six Month Periods Ended March 31, 1997, and March 31, 1996.

Net sales for the second quarter of fiscal 1997 were $37,611,000 compared to 
$26,882,000, for the same period last year.  Net earnings for the second 
quarter were $2,541,000, equal to $0.50 per share, compared to $1,002,000, or 
$0.20 per share, last year.  The increase in net sales for the quarter was due 
to higher unit sales, predominantly in the children's area, partially offset 
by a decline in the average selling price due to product mix changes.

Net sales for the first six months of fiscal 1997 were $68,604,000 compared to 
$59,906,000, for the same period last year.  Net earnings for the six month 
period were $3,978,000, equal to $0.78 per share, compared to $2,343,000, or 
$0.46 per share, last year.

Gross margin for the three month period ended March 31, 1997, was $9,153,000, 
or 24.3% of net sales, compared to $5,975,000, or 22.2% of net sales, for the 
comparable period last year.  Gross margin for the six months ended March 31, 
1997, was $16,235,000, or 23.7% of net sales, compared to $12,449,000, or 
20.8% of net sales, for the comparable period last year.  The increase in 
gross margin was due primarily to improvements in manufacturing efficiency and 
absorption of overhead.

Selling and administrative expenses for the three months ended March 31, 1997, 
were $5,597,000, or 14.9% of net sales, as compared to $4,951,000, or 18.4% of 
net sales, for the comparable period last year.  Selling and administrative 
expenses for the six months ended March 31, 1997, were $10,973,000, or 16.0% 
of net sales, as compared to $9,834,000, or 16.4% of net sales, for the 
comparable period last year.  The selling and administrative expenses dollar 
cost increase occurred in information systems and royalty expenses.  
Information systems cost increases are related to improvements to internal 
operating systems and development and implementation of systems related to 
customer service.  Royalty expenses are variable and relate to sales volume of 
sports and Disney licensed products.




<PAGE>
                        PART II. - OTHER INFORMATION

ITEM 4.Submission of Matters to a Vote of Security Holders.

At the Annual Meeting of the shareholders of the registrant held on February 
28, 1997, Stephen J. Donohue, Jerald Kamiel, and William J. Wilson
were reelected as directors of the registrant and the selection of Citrin 
Cooperman & Company, LLP as the registrant's independent certified public 
accountants for the fiscal year ending September 30, 1997, was ratified.  The 
tabulation of the votes is as follows:

                              Votes For          Votes Withheld
                              ---------          --------------
Stephen J. Donohue            4,361,647              28,246

Jerald Kamiel                 4,386,107               3,786

William J. Wilson             4,386,113               3,780

                              Votes For        Against        Abstain
                              ---------        -------        -------

Ratification of Accountants   4,381,123         922            8,048



ITEM 6.   Exhibits and Reports on Form 8-K.

          a.  Exhibits
      
              Exhibit 10.1     Employment and Consulting Agreement
                               amended and restated as of October 1,
                               1996, between the registrant and 
                               Seymour Lichtenstein

              Exhibit 10.2     Employment Agreement amended and restated
                               as of October 1, 1996, between the 
                               registrant and Jerald Kamiel

              Exhibit 10.3     Employment Agreement amended and restated
                               as of October 1, 1996, between the 
                               registrant and William J. Wilson

              Exhibit 10.4     Employment Agreement amended and restated
                               as of October 1, 1996, between the 
                               registrant and Rodney Faver

              Exhibit 27.      Financial Data Schedule

          b.  Reports on Form 8-K

              No reports have been filed on Form 8-K during the quarter     
              ended March 31, 1997.
<PAGE>

                              SIGNATURES


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


                                  GARAN, INCORPORATED


                                  BY:Seymour Lichtenstein
                                     Seymour Lichtenstein 
                                     Principal Executive Officer


                                  BY:William J. Wilson
                                     William J. Wilson 
                                     Principal Financial Officer


DATE: May 14, 1997