SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON D.C. 20549

                             ______________________

                                   FORM 10-Q

(Mark One)
[X]      QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
         SECURITIES EXCHANGE ACT OF 1934

         For the quarterly period ended February 28, 1997

                                       OR

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

         For the transition period from _________________ to ___________________

                         Commission file number 0-4465

                           Sirco International Corp.
             ------------------------------------------------------
             (Exact Name of Registrant as Specified in Its Charter)


          New York                                               13-2511270
--------------------------------                             -------------------
 (State or Other Jurisdiction                                 (I.R.S. Employer
of Incorporation or Organization                             Identification No.)


            24 Richmond Hill Avenue, Stamford Connecticut     06901
            ----------------------------------------------------------
               (Address of Principal Executive Offices)     (Zip Code)
 
    Registrant's Telephone Number, Including Area Code      203-359-4100
                                                            ------------

            -------------------------------------------------------
            (Former Name, Former Address and Former Fiscal Year, if
                           Changed Since Last Report)

         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:  1,359,700 shares of
Common Stock, par value $.10 per share, as of April 1, 1997.
<PAGE>
                          PART 1. FINANCIAL INFORMATION

Item 1.  Financial Statements
<TABLE>
<CAPTION>

                             Sirco International Corp. and Subsidiaries
                               Condensed Consolidated Balance Sheets

                                                                   Feb. 28, 1997     Nov. 30, 1996
                                                                   ------------      ------------
                                                                    (Unaudited)        (See note)
<S>                                                                <C>               <C>
Assets
Current assets:
    Cash and cash equivalents ................................     $    630,248      $    390,043
    Accounts receivable ......................................        2,922,007         2,825,764
    Inventories ..............................................        4,556,517         4,406,066
    Prepaid expenses .........................................          448,776           256,134
    Other current assets .....................................           54,183           123,245
                                                                   ------------      ------------
Total current assets .........................................        8,611,731         8,001,252
                                                                   ------------      ------------

Property and equipment at cost ...............................        1,723,837         1,867,167
Less accumulated depreciation ................................          859,096           979,457
                                                                   ------------      ------------
Net property and equipment ...................................          864,741           887,710
                                                                   ------------      ------------

Other assets .................................................          210,338           147,402
Investment in and advances to subsidiary .....................          532,941           540,497
                                                                   ------------      ------------
Total assets .................................................     $ 10,219,751      $  9,576,861
                                                                   ============      ============


<PAGE>
<CAPTION>

                             Sirco International Corp. and Subsidiaries
                               Condensed Consolidated Balance Sheets
                                            (continued)

                                                                   Feb. 28, 1997     Nov. 30, 1996
                                                                   ------------      ------------
                                                                    (Unaudited)        (See note)
<S>                                                                <C>               <C>
Liabilities and stockholders' equity
Current liabilities:
    Loans payable to financial institutions ..................     $  3,720,601      $  1,071,000
    Short-term loans payable - other .........................          633,706           529,821
    Current maturities of long-term debt .....................            6,808             6,735
    Accounts payable .........................................        1,952,417         2,919,511
    Accrued expenses .........................................        1,214,901         1,920,897
                                                                   ------------      ------------
Total current liabilities ....................................        7,528,433         6,447,964
                                                                   ------------      ------------

Long-term debt, less current maturities ......................          341,637           348,401
                                                                   ------------      ------------
Stockholders' equity:
    Common stock, $.10 par value; 10,000,000 share authorized,
    1,323,200 issued (1997), 1,315,200 issued (1996) .........          132,320           131,520
    Preferred stock, $.10 par value;  1,000,000 authorized,
    none issued
    Capital in excess of par value ...........................        4,282,734         4,267,534
    Retained earnings (deficit) ..............................       (1,446,449)       (1,019,367)
    Treasury stock at cost ...................................          (27,500)          (27,500)
    Accumulated foreign translation adjustment ...............         (591,424)         (571,691)
                                                                   ------------      ------------
Total stockholders' equity ...................................        2,349,681         2,780,496
                                                                   ------------      ------------

Total liabilities and stockholders' equity ...................     $ 10,219,751      $  9,576,861
                                                                   ============      ============

See notes to the condensed consolidated financial statements.

Note:The balance  sheet at November  30, 1996 has been  derived from the audited
     financial  statements at that date but does not include all the information
     and footnotes required by generally accepted accounting principles.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                   Sirco International Corp. and Subsidiaries
                 Condensed Consolidated Statements of Operations
                                   (Unaudited)

                                                    For the Three Months Ended
                                                   Feb. 28, 1997   Feb. 29, 1996
                                                   -------------   -------------
<S>                                                 <C>              <C>
Net sales .....................................     $ 3,066,144      $ 6,578,047
Cost of goods sold ............................       2,372,389        4,676,216
                                                    -----------      -----------

Gross profit ..................................         693,755        1,901,831

Selling, warehouse, and general and
    administrative expenses ...................       1,100,205        1,467,551
                                                    -----------      -----------

                                                       (406,450)         434,280

Other (income) expense:
Interest expense ..............................         124,479          194,944
Interest income ...............................          (9,186)         (24,103)
Miscellaneous income, net .....................         (94,661)         (48,654)
                                                    -----------      -----------

                                                         20,632          122,187
                                                    -----------      -----------

Net income (loss) before income taxes .........        (427,082)         312,093
Provision for income taxes ....................            --             51,278
                                                    -----------      -----------

Net income (loss) .............................     ($  427,082)     $   260,815
                                                    ===========      ===========

Net income (loss) per share of common stock:
    Primary ...................................     ($     0.32)     $      0.21
                                                    ===========      ===========

    Fully diluted .............................     ($     0.32)     $      0.20
                                                    ===========      ===========

Shares used in computing earnings
 (loss) per common and common equivalent share:
    Primary ...................................       1,314,233        1,261,633
                                                    ===========      ===========
    Assuming full dilution ....................       1,314,233        1,276,465
                                                    ===========      ===========

See notes to the condensed consolidated financial statements.
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                          Sirco International Corp. and Subsidiaries
                        Condensed Consolidated Statements of Cash Flows
                                          (Unaudited)

                                                                 For the Three Months Ended
                                                                Feb. 28, 1997   Feb. 29, 1996
                                                                -------------   -------------
<S>                                                            <C>               <C>
Cash flows from operating activities:
Net income (loss) .........................................     ($  427,082)     $   260,815
Adjustments to reconcile net income (loss)
    to net cash provided by (used in) operating activities:
     Depreciation and amortization ........................          24,815           17,696
     Provision for losses in accounts receivable ..........           1,805           11,000
     Loss in sale of property and equipment ...............           7,104             --
     Changes in operating assets and liabilities:
      Accounts receivable .................................        (118,198)        (400,672)
      Inventories .........................................        (154,197)        (255,463)
      Prepaid expenses ....................................        (193,072)         (31,972)
      Other current assets ................................          69,062          101,631
      Other assets ........................................         (63,073)         (72,963)
      Accounts payable and accrued expenses ...............      (1,662,933)       1,039,851
                                                                -----------      -----------

Net cash (used in) provided by operating activities: ......      (2,515,769)         669,923
                                                                -----------      -----------

Cash flows from investing activities:
Purchase of property and equipment ........................         (20,013)         (42,027)
Proceeds from sale of property and equipment ..............           3,655             --
Proceeds from agreement to sell subsidiary ................           7,556             --
                                                                -----------      -----------
Net cash used in investing activities .....................          (8,802)         (42,027)
                                                                -----------      -----------

Cash flows from financing activities:
Increase (decrease) in loans payable to
    financial institutions and short-term
    loans payable-other ...................................       2,753,675         (369,811)
Proceeds from exercise of stock options ...................          16,000          250,000
Repayment of long-term debt ...............................            (857)        (173,777)
                                                                -----------      -----------
Net cash provided by (used in) financing activities .......       2,768,818         (293,588)
                                                                -----------      -----------

Effect of exchange rate changes on cash ...................          (4,042)          (2,221)
                                                                -----------      -----------

Increase in cash and cash equivalents .....................         240,205          332,087
Cash and cash equivalents at beginning of period ..........         390,043          176,241
                                                                -----------      -----------

Cash and cash equivalents at the end of period ............     $   630,248      $   508,328
                                                                ===========      ===========
<PAGE>
<CAPTION>
                          Sirco International Corp. and Subsidiaries
                        Condensed Consolidated Statements of Cash Flows
                                          (Unaudited)
                                          (continued)


                                                                 For the Three Months Ended
                                                                Feb. 28, 1997   Feb. 29, 1996
                                                                -------------   -------------
<S>                                                            <C>               <C>

Supplemental disclosures of cash flow information
Cash paid during the period for:
    Interest ..............................................     $   127,938      $   171,605
    Income taxes ..........................................     $   300,015      $      --

See notes to the condensed consolidated financial statements.
</TABLE>
<PAGE>
                            SIRCO INTERNATIONAL CORP.

        Notes To Condensed Consolidated Financial Statements (Unaudited)


Note 1-Basis of Presentation

The accompanying unaudited condensed consolidated financial statements have been
prepared in accordance with generally accepted accounting principles for interim
financial  information and with the  instructions to Form 10-Q and Article 10 of
Regulation  S-X.  Accordingly,  they do not include all of the  information  and
footnotes  required by generally  accepted  accounting  principles  for complete
financial statements. In the opinion of management,  all adjustments (consisting
of normal recurring accruals)  considered necessary for a fair presentation have
been included.  Operating  results for the three month period ended February 28,
1997 are not necessarily  indicative of the results that may be expected for the
year ended November 30, 1997. For further information, refer to the consolidated
financial  statements  and footnotes  thereto  included in the Company's  Annual
Report on Form 10-K for the year ended November 30, 1996.


Note 2-Financing Arrangements

On December  17,  1996,  the  Company's  factoring  agreement  with  Rosenthal &
Rosenthal Inc. was terminated and replaced with a financing agreement with Coast
Business  Credit,  a division of Southern  Pacific  Thrift and Loan  Association
("Coast"),  that provides for revolving loans and letter of credit  financing in
the  amount  of the  lesser  of  $7,000,000  or the sum of (a)  80% of  eligible
accounts  receivable (as defined) and (b) 50% of eligible inventory (as defined)
up to a  maximum  inventory  loan of  $3,000,000  less 50% of  letter  of credit
financing outstanding. The amount of the facility available for letter of credit
financing  is limited to  $2,500,000.  The loan bears  interest  at 2% above the
prime rate,  matures on December 17, 1998,  and is  guaranteed  by the Company's
Chairman and Chief Executive  Officer.  The Company has granted Coast a security
interest in substantially all of the Company's assets.  The agreement with Coast
contains various restrictive covenants, including among others, a restriction on
the  payment  or  declaration  of  any  cash  dividends,  a  restriction  on the
acquisition  of any assets  other than in the  ordinary  course of  business  in
excess  of  $100,000,  restrictions  related  to  mergers,  borrowing  and  debt
guarantees, and a $100,000 annual limitation on the acquisition or retirement of
the Company's common and preferred stock,  which acquisitions or retirements are
limited to transactions  with employees,  directors and consultants  pursuant to
the terms of employment,  consulting or other stock restriction  agreements with
such  persons.  The  agreement  also  requires the Company to maintain a minimum
tangible net worth of  $1,400,000.  As of February  28,  1997,  the Company owed
Coast  approximately  $3,721,000 and had outstanding letters of credit amounting
to approximately $455,000. At February 28, 1997, the prime rate was 8.25%.

In January 1997, the Company's Canadian subsidiary, Sirco International (Canada)
Ltd. ("Sirco Canada"), was advised by its bank, National Bank of Canada, that it
would no longer  provide  Sirco  Canada a  revolving  line of  credit  but would
continue  to provide  the real  property  mortgage.  The  mortgage is payable in
monthly installments of approximately $3,500, including interest at 10.25%, with
a balloon  payment of  approximately  $325,000 in the year 2000. At February 28,
1997, the mortgage was approximately $348,000.
<PAGE>
In March 1995, the Company  entered into an agreement  with Yashiro  pursuant to
which  Yashiro  agreed to issue or cause to be  issued,  until  March 20,  1997,
unsecured trade letters of credit in an aggregate  amount of up to the lesser of
$1,200,000  or 35% of the  book  value of the  Company's  inventory.  On  August
28,1996, the agreement was amended to, among other things,  reduce the aggregate
amount of letters of credit to be issued to the lesser of  $1,000,000  or 35% of
the book  value of the  Company's  inventory.  Yashiro  charged  the  Company  a
handling  fee of 3% for each  letter  of credit  that was  opened.  All  amounts
borrowed  from Yashiro under the agreement are due and payable on June 30, 1997.
Interest is payable to Yashiro  monthly at 2% above the prime rate.  At February
28,  1997,  the Company  was  directly  indebted  to Yashiro  for  approximately
$634,000  and had  outstanding  letters  of credit  amounting  to  approximately
$14,000. At February 28, 1997, the prime rate was 8.25%.
<PAGE>
Item 2.  Management's Analysis and Discussion of Financial Condition and Results
of Operations

Three Months Ended February 28, 1997 vs. February 29, 1996

Net  sales  for  the  three  months  ended   February  28,  1997   decreased  by
approximately   $3,512,000   to   approximately   $3,066,000   as   compared  to
approximately  $6,578,000 reported in the prior fiscal period. Net sales for the
Company's Luggage and Backpack Divisions decreased by approximately  $2,721,000.
This decrease in net sales is  attributable to the loss by the Company in fiscal
1996 of the license from FILA Sport  S.p.A.  ("FILA")  (see below).  The sale of
FILA product accounted for  approximately  $2,768,000 in net sales for the first
three  months of fiscal 1996.  Net sales of the  Company's  Canadian  subsidiary
decreased by approximately  $791,000. This decrease is primarily attributable to
the loss by Sirco  Canada in fiscal 1996 of the license  from Airway  Industries
Inc.  ("Airway")  to sell  "Atlantic"  luggage (see  below).  The sale of Airway
products  accounted for approximately  $514,000 in net sales for the first three
months of fiscal  1997 as  compared  to  approximately  $1,248,000  in net sales
reported in the first three months of fiscal 1996.  The  Company's  gross profit
for the  three  months  ended  February  28,  1997  decreased  by  approximately
$1,208,000 to approximately  $694,000 from approximately  $1,902,000 reported in
the prior fiscal  period,  and the gross profit  percentage for the three months
ended  February  28, 1997  decreased  to 22.6% from 28.9%  reported in the prior
fiscal  period.  The decrease in gross profit is primarily  attributable  to the
reduction  in sales of licensed  product that  traditionally  had a higher gross
profit margin than the Company's other product lines.

After extensive negotiations in February 1996, the Company and FILA entered into
an agreement  pursuant to which the Company ceased  shipping  products under the
FILA  license  on June 30,  1996,  subject  to certain  rights  with  respect to
remaining inventory.  The Company sold approximately  $2,768,000 of FILA product
in the fiscal  quarter ended February 29, 1996 and  approximately  $8,584,000 of
FILA  product  in fiscal  1996.  The loss of the FILA  trademark  had an adverse
impact on the Company's  results of  operations  for the fiscal  quarter  ending
February  28, 1997 and may have an adverse  impact on the  Company's  results of
operations  for the fiscal  quarter  ending May 31, 1997.  However,  the Company
expects  that a  significant  portion of the net sales of FILA  product  will be
replaced by sales of other licensed products incorporating the recently licensed
"Perry Ellis",  "Hedgren" and "Skechers"  names,  symbols and logos. The Company
started  shipping a significant  amount of product  under these  licenses in the
fourth quarter of fiscal 1996 and expects to recoup a significant portion of the
lost FILA sales by the end of fiscal  1997.  However,  future net sales could be
negatively  impacted if sales from these  licenses or  increases  in sales under
other existing licenses do not replace the sales of FILA product.

During  fiscal  1996,  Airway  notified  the Company that it would not renew its
license  agreement with the Company,  pursuant to which Sirco Canada was granted
an exclusive  license to sell in Canada,  luggage and luggage  related  products
under the trade names  "Atlantic" and "Oleg Cassini"  through December 31, 1996.
In November  1996,  the Company  entered into an Asset  Purchase  Agreement with
Airway,  whereby  Airway agreed,  among other things,  to purchase any remaining
Atlantic  inventory  owned by Sirco  Canada on December  31,  1996,  to purchase
certain  fixed  assets  and to enter  into a two year  lease  for a  substantial
portion of the premises owned by Sirco Canada at fair market value.  In November
1996, the Company  restructured  Sirco Canada,  hired a new President to run the
<PAGE>
operation and started to market the Company's other licensed products in Canada,
including  product   incorporating  its  recently  licensed  "Perry  Ellis"  and
"Hedgren"  names,  symbols and logos.  During the fiscal quarters ended February
28, 1997 and February 29, 1996 and the fiscal year ended  November 30, 1996, the
Company's  net sales of  Airway  product  amounted  to  approximately  $514,000,
$1,248,000 and $5,782,000,  respectively.  The loss of the Airway license had an
adverse  effect on the Company's  results of operations  for the fiscal  quarter
ended  February  28,  1997 and could  have an  adverse  effect on the  Company's
results of operations  for the remainder of fiscal year ended November 30, 1997.
However,  the Company  expects to recoup a  significant  portion of Airway sales
from sales in Canada of its other licensed products.

Selling,  warehouse,  and general and administrative  expenses decreased for the
three months ended February 28, 1997 by approximately  $368,000 to approximately
$1,100,000  from  approximately  $1,468,000  reported  in prior  fiscal  period.
Selling,  warehouse,  and  general  and  administrative  expenses  decreased  by
approximately  $227,000 for the  Company's  Luggage and Backpack  Divisions  and
approximately  $141,000 for the Company's  Canadian  subsidiary.  Of the overall
decrease,  approximately $258,000 was in selling expense,  approximately $69,000
was  in  warehouse  expense  and  approximately   $41,000  was  in  general  and
administrative  expense.  The decrease in selling  expense is a direct result of
the  reduction in sales of licensed  product in the first three months of fiscal
1997 while the reduction in warehouse and general and administrative  expense is
primarily a result of the restructuring of the Company's  Canadian  operation at
the end of fiscal 1996.

Interest  expense for the three  months  ended  February  28, 1997  decreased by
approximately  $70,000  from the  amount  reported  in the  three  months  ended
February 29, 1996 due to lower average borrowings.

Miscellaneous  income for the three months ended  February 28, 1997 increased by
approximately  $46,000 over the amounts  reported in the prior fiscal period due
to continued strong performance of the Company's "direct-buy" program.

Liquidity and Capital Resources

At February 28, 1997, the Company had cash and cash equivalents of approximately
$630,000, and working capital of approximately $1,084,000.

Net cash (used in) provided by  operating  activities  aggregated  approximately
($2,516,000)  and  $670,000  in fiscal  quarters  ended  February  28,  1997 and
February 29, 1996, respectively. The increase of approximately $3,178,000 in net
cash used in operating  activities  in fiscal 1997,  as compared to fiscal 1996,
primarily reflects the net loss of approximately  $427,000 for the first quarter
of fiscal  1997 as compared  to net income of  approximately  $261,000 in fiscal
1996,  and an  increase  in the  use of  cash of  approximately  $2,703,000  for
accounts  payables and accrued  expenses.  This increase is the result of higher
than normal  trade  accounts  payable at  February  29, 1996 to support the high
sales volume from the first  quarter of fiscal 1996,  and efforts by the Company
to stay current with trade vendors in fiscal 1997.

Net cash used in  investing  activities  aggregated  approximately  ($9,000) and
($42,000)  in fiscal  quarters  ended  February  28, 1997 and February 29, 1996,
respectively.  The principle uses of cash from investing  activities in 1997 and
1996 was for the purchase of equipment.  The  principal  source of cash provided
from  investing  activities  for the  quarter  ended  February  28, 1997 was the
proceeds of the sale of equipment and the proceeds of a note receivable from the
1992 sale of a subsidiary.
<PAGE>
Net cash provided by (used in)  financing  activities  aggregated  approximately
$2,769,000  and  ($294,000)  in fiscal  quarters  ended  February  28,  1997 and
February  29,  1996,  respectively.   In  the  first  fiscal  quarter  of  1997,
approximately $2,754,000 of net cash was provided by short-term debt and $16,000
was provided  from the proceeds of the exercise of stock  options.  In the first
quarter  of fiscal  1996,  the  Company  used net cash to  re-pay  approximately
$544,000 in short and long-term debt. Also in fiscal 1996, the Company  received
$250,000 in proceeds from the exercise of stock options.

In March 1995, the Company entered into an agreement with Yashiro Company,  Inc.
("Yashhiro"),  pursuant  to which  Yashiro  had  agreed  to issue or cause to be
issued,  until March 20, 1997, unsecured trade letters of credit in an aggregate
amount  of up to the  lesser  of  $1,200,000  or 35% of the  book  value  of the
Company's  inventory.  See Note 2 to Notes to Condensed  Consolidated  Financial
Statements (Unaudited).  At February 28, 1997, the Company was directly indebted
to Yashiro for  approximately  $634,000  and had  outstanding  letters of credit
amounting to approximately $14,000.

On December  17,  1996,  the  Company's  factoring  agreement  with  Rosenthal &
Rosenthal Inc. was terminated and replaced with a financing agreement with Coast
Business  Credit,  a division  of  Southern  Pacific  Thrift & Loan  Association
("Coast").  See Note 2 to Notes to Condensed  Consolidated  Financial Statements
(Unaudited).  As of February 28, 1997,  the Company was indebted to Coast in the
amount  of  approximately  $3,721,000  and had  outstanding  letters  of  credit
amounting to approximately $455,000.

In January 1997, Sirco Canada was advised by its bank,  National Bank of Canada,
that it would no longer  provide  Sirco  Canada a  revolving  line of credit but
would  continue to provide the real  property  mortgage.  See Note 2 to Notes to
Condensed Consolidated Financial Statements  (Unaudited).  At February 28, 1997,
the  mortgage was  approximately  $348,000.  The Company is currently  using the
Coast line of credit to provide  letter of credit  financing  that was  formerly
provided by National Bank of Canada.

For the quarter ended February 28, 1997, the Company had  approximately  $20,000
in capital  expenditures.  The Company does not plan to make significant capital
expenditures in fiscal 1997.

The Company is currently  exploring  alternatives for raising  additional equity
capital.  Management believes that by increasing its working capital through the
sale of common stock, it will be able to more effectively market and develop its
newly licensed product under the "Hedgren" and "Perry Ellis" names. There can be
no  assurance,  however,  that the Company will be able to raise any  additional
equity capital.  The Company believes that its existing cash and cash equivalent
balances,  present  sources of financing and cash flow from  operations  will be
sufficient to meet the Company's cash and capital  requirements for at least the
next twelve months.
<PAGE>


                            SIRCO INTERNATIONAL CORP.

                            PART II-OTHER INFORMATION

Item 6.           Exhibits and Reports on Form 8-K

                  (a)  Exhibits.

                         None

  27              Financial Data Schedule.

                  (b)  Reports on Form 8-K

                         None.



<PAGE>


                                   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 hereunto duly authorized.


                                                  Sirco International Corp.



Date: April 9, 1997                               By: /s/Joel Dupre
                                                      ------------- 
                                                      Joel Dupre
                                                      Chairman of the Board and
                                                      Chief Executive Officer





Date: April 9, 1997                               By: /s/Paul Riss
                                                      ------------ 
 
                                                      Paul Riss
                                                      Chief Financial Officer
                                                      (Principal Financial and
                                                       Accounting Officer)



<PAGE>


                                  EXHIBIT INDEX

No.                     Description                                 
---                     -----------                                 

27                Financial Data Schedule.