<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION

                            WASHINGTON, D.C.  20549


                                  FORM 10-Q/A

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



      For Quarter Ended  November 5, 1995 Commission File Number 1-1066
                         ----------------                        ------

                            GENERAL HOST CORPORATION
             ------------------------------------------------------
             (Exact name of Registrant as specified in its Charter)


         NEW YORK STATE                                   13-0762080
----------------------------------                 ------------------------
(State or other jurisdiction                           (I.R.S. Employer
of incorporation or organization)                   Identification Number)


       One Station Place, P.O. Box 10045, Stamford, Connecticut 06904
    ---------------------------------------------------------------------
     (Address of principal executive office)               (Zip Code)


                 Registrant's Telephone Number:  (203) 357-9900
             ------------------------------------------------------


Indicate by check mark whether the Registrant (1) has filed all reports
required to be filed by Section 13 or 15(d) of the Securities Exchange Act of
1934 during the preceding 12 months (or for such shorter period that the
Registrant was required to file such 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 latest practicable date:  Common Stock, $1.00 par value,
22,140,284 shares outstanding as of December 18, 1995.





<PAGE>   2





The Registrant hereby files this Form 10-Q/A for the purpose of amending Items
1, 2 and 6 of the Form 10-Q for the quarter ended November 5, 1995.



                            GENERAL HOST CORPORATION

                         PART I - FINANCIAL INFORMATION




ITEM 1. FINANCIAL STATEMENTS

           The accompanying consolidated financial statements have been
           reviewed by Price Waterhouse LLP, independent accountants, whose
           report thereon is included elsewhere in this Item 1.  The review by
           Price Waterhouse LLP was based on procedures adopted by the American
           Institute of Certified Public Accountants and was not an audit.

           In the opinion of the Company, the accompanying consolidated
           financial statements reflect all adjustments necessary to a fair
           statement of the results for the interim periods presented herein.
           In the opinion of management such adjustments consisted of normal
           recurring items.  Financial results of the interim period are not
           necessarily indicative of results that may be expected for any other
           interim period or for the fiscal year.




                                      2

<PAGE>   3



CONSOLIDATED STATEMENTS OF INCOME  (UNAUDITED)
-------------------------------------------------------------------------------
(In thousands, except per share amounts)


<TABLE>
<CAPTION>

                                                    Twelve Weeks Ended            Forty Weeks Ended
                                                 -------------------------      -----------------------
                                                   NOVEMBER 5, November 6,      NOVEMBER 5, November 6,
                                                     1995        1994              1995        1994
                                                 -----------  ------------      ----------   ----------
<S>                                              <C>          <C>               <C>          <C>
REVENUES:
     Sales                                       $  95,976    $  98,022         $  424,715   $  398,117
     Other income                                      419          197              2,528        1,292
                                                 -----------  ------------      ----------   ----------
                                                    96,395       98,219            427,243      399,409
                                                 -----------  ------------      ----------   ----------
COSTS AND EXPENSES:
     Cost of sales, including
       buying and occupancy                         75,695       76,217            309,562      287,391
     Selling, general and
       administrative                               27,946       29,304            103,880      100,095
     Interest and debt expense                       5,536        5,226             18,287       17,524
                                                 -----------  ------------      ----------   ----------
                                                   109,177      110,747            431,729      405,010
                                                 -----------  ------------      ----------   ----------
LOSS FROM CONTINUING OPERATIONS
     BEFORE INCOME TAXES AND NET
     GAIN ON SALE OF INVESTMENT
     IN AN UNCONSOLIDATED AFFILIATE                (12,782)     (12,528)            (4,486)      (5,601)
INCOME TAX BENEFIT                                    (883)      (1,869)              (706)      (1,000)
NET GAIN ON SALE OF INVESTMENT
     IN AN UNCONSOLIDATED
     AFFILIATE                                                    3,612                           3,612
                                                 -----------  ------------      ----------   ----------
LOSS FROM CONTINUING OPERATIONS                    (11,899)      (7,047)            (3,780)        (989)
LOSS FROM DISCONTINUED
     OPERATIONS                                     (2,793)                         (2,793)
                                                 -----------  ------------      ----------   ----------
NET LOSS                                         $ (14,692)   $  (7,047)        $   (6,573)  $     (989)
                                                 ===========  ============      ==========   ==========

NET LOSS PER SHARE:
     Loss from continuing
       operations                                $    (.53)   $   (.32)         $     (.17)  $     (.04)    
     Loss from discontinued
       operations                                     (.13)                           (.13)
                                                 -----------  ------------      ----------   ----------
     Net loss per share                          $    (.66)   $   (.32)         $     (.30)  $     (.04)
                                                 ===========  ============      ==========   ==========

AVERAGE SHARES OUTSTANDING                          22,143      22,151              22,143       22,134
                                                 ===========  ============      ==========   ==========


</TABLE>


See accompanying notes.



                                       3

<PAGE>   4

CONSOLIDATED BALANCE SHEETS  (UNAUDITED)
-------------------------------------------------------------------------------
(Dollars in thousands)


<TABLE>
<CAPTION>

                                                                                         
                                                                                         
                                         NOVEMBER 5,     November 6,     January 29,    
                                            1995            1994            1995        
                                         -----------      -----------     -----------
<S>                                       <C>             <C>             <C>
ASSETS                                                                                   
CURRENT ASSETS:                                                                          
  Cash and cash equivalents               $  26,431       $ 39,297       $  83,362       
  Accounts and notes receivable               3,251          3,698           3,682       
  Merchandise inventory                     143,739        122,790          87,238       
  Prepaid expenses and other                                                             
    current assets                           12,932          9,676           8,589       
                                          ---------       --------       ---------       
        Total current assets                186,353        175,461         182,871       
                                          ---------       --------       ---------       
PROPERTY, PLANT AND EQUIPMENT,                                                           
  LESS ACCUMULATED DEPRECIATION                                                          
    OF $157,087, $139,743 AND $142,621      241,665        257,730         253,311       
INTANGIBLES, LESS ACCUMULATED                                                            
  AMORTIZATION OF $9,537,                                                                
    $8,602 AND $8,818                        16,382         17,317          17,101       
OTHER ASSETS AND DEFERRED CHARGES             9,609         11,794          11,575       
                                          ---------       --------       ---------       
                                          $ 454,009       $462,302       $ 464,858       
                                          =========       ========       =========       
                                                                                         
LIABILITIES AND SHAREHOLDERS' EQUITY                                                     
CURRENT LIABILITIES:                                                                     
  Accounts payable                        $  65,894       $ 67,829       $  56,726       
  Accrued expenses                           29,628         34,499          40,623       
  Provision for store closings and                                                       
    other costs                               3,260          6,052           6,379       
  Current portion of long-term debt          57,511          5,718           5,694       
                                          ---------       --------       ---------       
        Total current liabilities           156,293        114,098         109,422       
                                          ---------       --------       ---------       
LONG-TERM DEBT:                                                                          
  Senior debt                               111,359        164,169         163,311       
  Subordinated debt                          65,000         65,000          65,000       
                                          ---------       --------       ---------       
        Total long-term debt                176,359        229,169         228,311       
                                          ---------       --------       ---------       
                                                                                         
OTHER LIABILITIES AND DEFERRED CREDITS       10,331         11,110           9,475       
COMMITMENTS AND CONTINGENCIES                                                            
                                                                                         
SHAREHOLDERS' EQUITY:                                                                    
  Common stock $1.00 par value,                                                          
    100,000,000 shares authorized,                                                       
      31,752,450 shares issued               31,752         31,752          31,752       
  Capital in excess of par value             81,206         84,744          81,163       
  Retained earnings                          91,184         94,554          97,802       
                                          ---------       --------       ---------       
                                            204,142        211,050         210,717       
  Cost of 9,610,905, 10,659,278                                                          
    and 9,611,497 shares of                                                              
      common stock in treasury              (91,100)      (101,038)        (91,106)      
  Unearned compensation                                       (126)                      
  Notes receivable from exercise of                                                      
    stock options                            (2,016)        (1,961)         (1,961)      
                                          ---------       --------       ---------       
        Total shareholders' equity          111,026        107,925         117,650       
                                          ---------       --------       ---------       
                                          $ 454,009       $462,302       $ 464,858       
                                          =========       ========       =========       
                                                                                         
</TABLE>     

See accompanying notes.

                                       4



<PAGE>   5


CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
-------------------------------------------------------------------------------
(Dollars in thousands)



<TABLE>
<CAPTION>


                                                              Forty Weeks Ended
                                                         NOVEMBER 5,      November 6,
                                                           1995              1994
                                                        -----------      -------------
<S>                                                     <C>               <C>
CASH FLOWS FROM OPERATING ACTIVITIES:
  Net loss from continuing operations                   $  (3,780)        $    (989)
  Noncash adjustments:
    Depreciation and amortization                          17,488            18,477
    Amortization of compensation related
      to stock grants                                                          200
    Net gain on the sale of investment in
      an unconsolidated affiliate                                           (3,612)
    Other                                                  (1,139)             936
                                                        ---------          --------
                                                           12,569           15,012
  Changes in current assets and current liabilities:
    Decrease in accounts and notes receivable               3,064            2,629
    Increase in inventory                                 (56,501)         (34,983)
    (Increase) decrease in prepaid expenses                (4,343)             272
    Increase in accounts payable                            9,168           18,278
    Decrease in accrued expenses                          (12,172)          (2,004)
    Decrease in provision for store closings and
      other costs                                          (3,119)          (6,194)
                                                        ---------          --------
  Net cash used for continuing operations                 (51,334)          (6,990)
  Net cash used for discontinued operations                (1,601)            (161)
                                                        ---------          --------
                                                          (52,935)          (7,151)
                                                        ---------          --------

CASH FLOWS FROM INVESTING ACTIVITIES:
  Additions to property, plant and equipment               (4,465)          (4,479)
  Net proceeds from the sale of an investment
      in an unconsolidated affiliate                                         3,612
  Other                                                       604            3,117
                                                        ---------          --------
   Net cash provided by (used for)
      investing activities                                 (3,861)           2,250
                                                        ---------          --------

CASH FLOWS FROM FINANCING ACTIVITIES:
     Issuance of long-term debt                            20,717
     Payment of long-term debt and capital lease
     obligations                                          (20,852)         (18,657)
                                                        ---------          --------
     Net cash used for financing activities                  (135)         (18,657)
                                                        ---------          --------
Decrease in cash and cash equivalents                     (56,931)         (23,558)
Cash and cash equivalents at beginning of year             83,362           62,855
                                                        ---------          --------
Cash and cash equivalents at end of quarter             $  26,431         $ 39,297
                                                        =========         ========

</TABLE>

See accompanying notes.






                                       5


<PAGE>   6



NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
-------------------------------------------------------------------------------
(Unaudited)

NOTE 1

The Company is the defendant in a lawsuit filed in 1991 in which farmers in Rice
County, Kansas alleged that saltwater pollution of the ground water by the
American Salt Company, a former subsidiary of the Company, rendered it unfit for
irrigation.  In August 1995, a jury verdict awarded the plaintiffs $480,000
in compensatory damages for the period 1989 to 1995 and in October 1995 the
plaintiffs were awarded $550,000 in punitive damages and the judgment was
entered.  The judgment, together with approximately $1,130,000 in legal defense
costs, $470,000 in related costs, principally for technical consulting and
expert witnesses, and $370,000 for future legal and related costs, totalled
$3,000,000.  As a result of the court's entry of the judgment in October 1995,
the Company charged discontinued operations in the 1995 third quarter with an
after-tax loss of $2,793,000, or $.13 per share, which included $800,000 of
charges previously recorded in continuing operations.  The Company plans to
appeal the case.

NOTE 2

The Company is arranging new mortgage financings which, together with cash
generated from operations, will be used to repay the  maturing mortgage notes
due March 29, 1996.  During the 1995 third quarter the Company concluded a part
of the new mortgage financing plan which amounted to $20,717,000.  As a part of
securing the new financing in the 1995 third quarter, the Company repaid
$15,325,000 on the maturing mortgage notes.  The Company's intent is to repay
the remaining balance of $55,925,000 prior to the maturity date.

NOTE 3

On March 1, 1995 the Company declared a 5% stock dividend for shareholders of
record on March 17, 1995.  The stock dividend representing 1,056,065 shares was
paid on April 7, 1995.  Share and per share data for 1994 have been restated to
reflect the 5% stock dividend.

NOTE 4

In October, 1994 the Company sold its approximately 49.4% interest in Sunbelt
Nursery Group, Inc. consisting of 4,200,000 common shares, which resulted in a
net gain of $3,612,000, or $.16 per share.





                                       6



<PAGE>   7



NOTE 5

Income taxes for the forty week period of 1995 included the elimination of
income tax reserves of $396,000, which were no longer required.  Income taxes
for the twelve and forty week periods of 1994 included the elimination of
income tax reserves of $1,000,000, which were no longer required.  The income
tax provision for financial reporting purposes has been calculated using an
annual effective rate method.  The difference between the statutory rate for
federal purposes and taxes provided for in 1995 and 1994 is due to the
utilization of previously unrecognized tax benefits.

NOTE 6

Noncash financing activities for 1994 included the issuance of restricted stock
grants and the unearned compensation value is shown as a reduction of
shareholders' equity in the consolidated balance sheets.

Interest payments amounted to $9,062,000 and $21,363,000 for the twelve and
forty weeks ended November 5, 1995, and $8,893,000 and $20,964,000 for the
twelve and forty weeks ended November 6, 1994.  Tax payments amounted to
$27,000 and $449,000 for the twelve and forty weeks ended November 5, 1995, and
$189,000 and $364,000 for the twelve and forty weeks ended November 6, 1994.







                                      7



<PAGE>   8


                       REPORT OF INDEPENDENT ACCOUNTANTS



To the Board of Directors and Shareholders of
General Host Corporation

We have reviewed the accompanying consolidated balance sheets of General Host
Corporation and its subsidiaries as of November 5, 1995 and November 6, 1994,
and the related consolidated statements of income and of cash flows for the
twelve and forty week periods ended November 5, 1995 and November 6, 1994.
This financial information is the responsibility of the Company's management.

We conducted our review in accordance with standards established by the
American Institute of Certified Public Accountants.  A review of interim
financial information consists principally of applying analytical procedures to
financial data and making inquiries of persons responsible for financial and
accounting matters.  It is substantially less in scope than an audit conducted
in accordance with generally accepted auditing standards, the objective of
which is the expression of an opinion regarding the financial statements taken
as a whole.  Accordingly, we do not express such an opinion.

Based on our review, we are not aware of any material modifications that should
be made to the accompanying financial information for it to be in conformity
with generally accepted accounting principles.

We previously audited in accordance with generally accepted auditing standards,
the consolidated balance sheet as of January 29, 1995, and the related
consolidated statements of income, of changes in shareholders' equity, and of
cash flows for the year then ended (not presented herein), and in our report    
dated March 1, 1995 we expressed an unqualified opinion on those consolidated
financial statements.  In our opinion, the information set forth in the
accompanying consolidated balance sheet information as of January 29, 1995, is
fairly stated in all material respects in relation to the consolidated balance
sheet from which it has been derived.




Price Waterhouse LLP
Detroit, Michigan
December 5, 1995




                                       8

<PAGE>   9


ITEM 2.

                      MANAGEMENT'S DISCUSSION AND ANALYSIS
                OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

Third quarter of 1995 compared with third quarter 1994

Results of Operations

Sales

     Sales for the Company's principal operating subsidiary, Frank's Nursery &
Crafts, Inc., decreased 2.1% to $95,976,000 for the twelve weeks ended November
5, 1995 compared with $98,022,000 in the 1994 third quarter which ended on
November 6, 1994.  Same-store sales (stores open for a full year in both years)
decreased 1.7% for the 1995 third quarter.  Decreased sales in the basic craft
area contributed to the decreased sales in the 1995 third quarter.

Earnings

     The loss from continuing operations for the third quarter of 1995 was
$11,899,000  compared to $7,047,000 in the 1994 third quarter.

     Cost of sales, including buying and occupancy, decreased $522,000 to
$75,695,000 in the third quarter of 1995 compared to $76,217,000 in 1994.  As a
percentage of sales, cost of sales increased 1.1 percentage points due
primarily to a decrease in merchandise margins.  The decrease in merchandise
margins was mainly attributed to the mix of goods sold.

     Selling, general and administrative expenses decreased $1,358,000 to
$27,946,000 in the third quarter of 1995 compared to $29,304,000 in 1994.  The
decrease in expense is primarily attributed to the Company's continued progress
in reducing expenses, primarily advertising, in the traditionally slow third
quarter.  As a percentage of sales, selling, general and administrative
expenses decreased .8 of a percentage point to 29.1% of sales compared to 29.9%
in the 1994 quarter.

     Other income, primarily interest income, increased $222,000 to $419,000 in
the third quarter of 1995 compared to $197,000 in 1994. The increase was due
primarily to increased levels of cash equivalents and higher rates of return
compared to 1994.

     Interest and debt expense increased $310,000 to $5,536,000 in the third
quarter of 1995 compared to $5,226,000 in 1994 primarily due to increased
interest rates on the Adjustable Rate First Mortgage Notes.






                                       9




<PAGE>   10

     The after-tax loss from discontinued operations in the 1995 third quarter
of $2,793,000, or $.13 per share, is the result of the court's entry of a
judgment against the Company in a 1991 saltwater pollution lawsuit.  The
lawsuit involves claims by farmers in Rice County, Kansas who alleged that
saltwater pollution of the ground water by the American Salt Company, a former
subsidiary of the Company, rendered it unfit for irrigation.  In August 1995, a
jury verdict awarded the plaintiffs $480,000 in compensatory damages for the
period 1989 to 1995 and in October 1995 the plaintiffs were awarded $550,000 in
punitive damages and the judgment was entered.  The judgment, together with
approximately $1,130,000 in legal defense costs, $470,000 in related costs,
principally for technical consulting and expert witnesses, and $370,000 for
future legal and related costs, totalled $3,000,000.  The Company plans to
appeal the case.


First three quarters of 1995 compared with the first three quarters of 1994

Results of Operations

Sales

     Sales were $424,715,000 for the forty weeks ended November 5, 1995 (the
"1995 three quarters") compared with $398,117,000 for the forty weeks ended
November 6, 1994 (the "1994 three quarters").  Same-store sales for the 1995
three quarters increased 6.9% compared to the 1994 three quarters.  A strong
second quarter performance from the Company's lawn and garden business and
substantial increases in the pet food and supply lines during the first three
quarters contributed to the increased sales in the 1995 three quarters.

Earnings

     The loss from continuing operations for the 1995 three quarters was
$3,780,000 compared to $989,000 in the 1994 three quarters.

     Cost of sales, including buying and occupancy, increased $22,171,000 in
the 1995 three quarters to $309,562,000 compared to $287,391,000 in 1994.  As a
percentage of sales, cost of sales increased .7 of a percentage point due
primarily to a decrease in merchandise margins resulting from increased
promotional activity and extremely hot, dry weather in the second quarter of
1995 as well as the mix of goods sold in the 1995 second and third quarters.
The percentage increase was offset in part by a decrease in buying and
occupancy cost as a percentage of sales.

     Selling, general and administrative expenses increased $3,785,000 to
$103,880,000 in the 1995 three quarters compared to






                                       10




<PAGE>   11



$100,095,000 in 1994.  The increase in expense is primarily attributable to the
planned increases in store payroll, advertising and administrative costs that
occurred in the first half, offset by a reduction in advertising in the
traditionally slow third quarter.  As a percentage of sales, selling, general
and administrative expenses decreased .6 of a percentage point to 24.5% of
sales in the 1995 three quarters compared to 25.1% in 1994.

     Other income increased $1,236,000 to $2,528,000 in the 1995 three quarters
compared to $1,292,000 in the 1994 three quarters.  The increase was due
primarily to increased levels of cash equivalents and higher rates of return
compared to 1994.

     Interest and debt expense increased $763,000 to $18,287,000 in the 1995
three quarters compared to $17,524,000 in the 1994 three quarters due primarily
to increased interest rates on the Adjustable Rate First Mortgage Notes.

     Income taxes for the 1995 three quarters included the elimination of
income tax reserves of $396,000, which were no longer required.  Income taxes
for the 1994 third quarter and 1994 three quarters included the elimination of
income tax reserves of $1,000,000, which were no longer required.  The
effective income tax rate used in the 1995 and 1994 three quarters represented
an estimated annual effective tax rate which reflected the utilization of
previously unrecognized tax benefits.

     In October 1994 the Company sold its approximately 49.4% interest in
Sunbelt Nursery Group, Inc. consisting of 4,200,000 common shares which
resulted in a net gain of $3,612,000 in the 1994 three quarters.

     The after-tax loss from discontinued operations in the 1995 third quarter
of $2,793,000, or $.13 per share, is the result of the court's entry of a
judgment against the Company in a 1991 saltwater pollution lawsuit.  The
lawsuit involves claims by farmers in Rice County, Kansas who alleged that
saltwater pollution of the ground water by the American Salt Company, a former
subsidiary of the Company, rendered it unfit for irrigation.  In August 1995, a
jury verdict awarded the plaintiffs $480,000 in compensatory damages for the
period 1989 to 1995 and in October 1995 the plaintiffs were awarded $550,000 in
punitive damages and the judgment was entered.  The judgment, together with
approximately $1,130,000 in legal defense costs, $470,000 in related costs,
principally for technical consulting and expert witnesses, and $370,000 for
future legal and related costs, totalled $3,000,000.  The Company plans to
appeal the case.






                                      11


<PAGE>   12
Capital Resources and Liquidity

     Net cash used for continuing operations was $51,334,000 in the 1995 three
quarters compared to $6,990,000 in the 1994 three quarters.  Inventory increased
$56,501,000 for the 1995 three quarters compared to an increase of $34,983,000
in 1994 while accounts payable increased $9,168,000 in 1995 compared to
$18,278,000 in 1994.  The increase in inventory for 1995 is due primarily to
planned earlier receipts of Christmas merchandise.  The accounts payable change
for 1995 and 1994, described above, included amounts payable to brokers of
$14,998,000 at November 5, 1995 and at the end of fiscal 1994, and $14,998,000
at November 6, 1994 compared to $24,998,000 at the end of fiscal 1993. 
The decrease in accrued expenses for 1995 of $12,172,000 compared to $2,004,000
for 1994 was due to timing of payments.  At November 5, 1995 the remaining store
closing reserve of $5,260,000 primarily represents lease termination costs for
the remaining five store locations and estimated losses associated with the sale
and or sublease of real estate.  The Company utilized net cash of $3,119,000 in
the 1995 three quarters to pay lease termination costs for leases terminated at
the end of fiscal 1994 and in 1995 and to pay brokers fees and legal costs.

     Net cash used for discontinued operations in the 1995 three quarters was
$1,601,000 related primarily to 1995 payments for legal expenditures incurred
to defend the Company in a 1991 saltwater pollution lawsuit.  Net cash used of
$161,000 in the 1994 three quarters related to payments for operations disposed
of in prior years.

     Net cash used for investing activities was $3,861,000 in the 1995 three
quarters.  This compares to net cash provided of $2,250,000 in 1994 that
included proceeds from the sale of property, plant and equipment of $2,997,000
and the sale of the Company's approximately 49.4% interest in Sunbelt Nursery
Group, Inc. consisting of 4,200,000 common shares which resulted in net
proceeds of $3,612,000.

     Net cash used for financing activities was $135,000 in the 1995 three 
quarters compared with $18,657,000 in the 1994 three quarters.  In the
1995 third quarter the Company received gross proceeds of $20,717,000 from the
issuance of long-term debt.  The debt constituted a part of the new mortgage
financing plan, the proceeds of which will be used to repay the Adjustable Rate
First Mortgage Notes ("maturing mortgage notes") due March 29, 1996.  The 1995
three quarters included payments of $4,750,000 for the mortgage notes and
repayment of $15,325,000 of maturing mortgage notes as part of securing the new
financing.  The 1994 three quarters included the repayment of $13,191,000 of 7%
Subordinated Debentures on February 1, 1994 and payments of $4,750,000 for the
mortgage notes.  In April 1994 the Company issued restricted stock grants to
employees of the Company.  The noncash transaction was






                                       12




<PAGE>   13


completed by issuing 86,450 shares of treasury stock offset by a reduction of
shareholders' equity for unearned compensation which was recognized in fiscal
1994 in accordance with the restriction placed on the stock grants.  At
November 5, 1995, 60,509 shares remain subject to restriction.

     On March 1, 1995 the Company declared a 5% stock dividend for shareholders
of record on March 17, 1995.  The stock dividend representing 1,056,065 shares
was paid on April 7, 1995.  Share and per share data for 1994 have been
restated to reflect the 5% stock dividend.

     Working capital at November 5, 1995 was $30,060,000 or $43,389,000 lower
than the $73,449,000 working capital level at January 29, 1995.  The decrease
in working capital is due primarily to the reclassification of the maturing
mortgage notes due March 29, 1996 to the current portion of long-term debt.
The quarter-end included $26,431,000 of cash and cash equivalents.

     The Company is arranging new mortgage financings which, together with cash
generated from operations, will be used to repay the maturing mortgage notes
due March 29, 1996.  In the 1995 third quarter the Company concluded a part of
the new mortgage financing plan with two financial institutions for
$20,717,000.  The new mortgage notes bear interest at varying rates from 8.31%
to 8.69%, are payable monthly, and mature with balloon payments on September 1,
2005 and October 1, 2005.  These mortgage notes are secured by first mortgages
of 20 nursery and crafts retail stores. As part of securing the new financing,
the Company repaid $15,325,000 on the maturing mortgage notes.  The Company's
intent is to repay the remaining balance of $55,925,000 prior to the maturity
date.  As of November 5, 1995 the Company had incurred approximately $995,000
of expense related to securing the new financings.

     The Company has a $25,000,000 unsecured credit agreement with
a bank which expires May 31, 1996.  The Company plans to negotiate an expanded
credit facility with a group of banks which would increase the bank credit
facility to $50,000,000.  The bank agreement requires the Company, among other
things, to maintain minimum levels of earnings, tangible net worth and certain
minimum financial ratios.  The Company was in compliance with all of its
covenants under this agreement at November 5, 1995.  On November 6, 1995 the
Company borrowed $10,000,000 under this agreement which was repaid on December
6, 1995.  The Company was in compliance with restrictions under all other debt
agreements at November 5, 1995.







                                       13


<PAGE>   14


     The Company has sufficient cash and cash equivalents and expects to
generate sufficient cash flow from operations to meet its seasonal working
capital needs, pay approximately $5,400,000 of fixed interest charges and fund
capital expenditures of approximately $1,600,000 for the remainder of fiscal
1995.  During the next eighteen months, the Company anticipates opening 10 to
12 full-line stores.  These new stores would require minimal capital investment
as the stores would be under lease arrangements.






                                       14

<PAGE>   15

                          PART II - OTHER INFORMATION


Item 6.  EXHIBITS AND REPORTS ON FORM 8-K

     (a) Exhibits

         (11) Additional Earnings Per Share Information.

         (15) Letter regarding unaudited interim financial
              information.


     (b) Reports on Form 8-K

         During the quarter and through the date of this Report,
         the Registrant filed no reports on Form   8-K.






                                       15


<PAGE>   16

                                   SIGNATURES

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


                                          GENERAL HOST CORPORATION


                                     By:  /s/ J. Theodore Everingham
                                          -------------------------------
                                          J. Theodore Everingham
                                          Vice President, General Counsel
                                          and Secretary


                                     By:  /s/ James R. Simpson
                                          -------------------------------
                                          James R. Simpson
                                          Vice President and Controller
     
Dated:  March 18, 1996





                                       16


<PAGE>   17

                                 EXHIBIT INDEX


Exhibit Number         Description of Exhibit


     (11)              Additional Earnings Per Share Information.

     (15)              Letter regarding unaudited interim financial information.

     (27)              Financial Data Schedule.