<PAGE>   1
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549
                             -----------------------


                                    FORM 10-Q

For the Quarter Ended September 27, 1997          Commission File Number 1-5315



                             -----------------------



                            SPRINGS INDUSTRIES, INC.
             (Exact name of registrant as specified in its charter)


             SOUTH CAROLINA                                    57-0252730
     (State or other jurisdiction of                         (I.R.S. Employer
      incorporation or organization)                       Identification No.)


205 North White Street
Fort Mill, South Carolina                                         29715
(Address of principal executive offices)                       (Zip Code)

               Registrant's telephone number, including area code:
                                 (803) 547-1500




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 at least the past 90 days.


Yes   X    No
    -----    -----




As of November 3, 1997, there were 12,890,251 shares of Class A Common Stock and
7,271,021 shares of Class B Common Stock of Springs Industries, Inc.
outstanding.



There are 19 pages in the sequentially numbered, manually signed original of
this report.


                                  Page 1 of 19
                       The Index to Exhibits is on Page 14


                                     


<PAGE>   2



                         TABLE OF CONTENTS TO FORM 10-Q



PART I - FINANCIAL INFORMATION

<TABLE>
<CAPTION>
ITEM                                                                      PAGE
----                                                                      ----
<S>                                                                       <C>

1.                FINANCIAL STATEMENTS                                       3

2.                MANAGEMENT'S DISCUSSION AND ANALYSIS OF                    9
                    FINANCIAL CONDITION AND RESULTS OF OPERATIONS



PART II - OTHER INFORMATION


ITEM                                                                      PAGE
----                                                                      ----
6.                EXHIBITS                                                  12


SIGNATURES                                                                  13


EXHIBIT INDEX                                                               14
</TABLE>



                                     - 2 -
<PAGE>   3

                                     PART I
                         ITEM 1. - FINANCIAL STATEMENTS


SPRINGS INDUSTRIES, INC.
Consolidated Statement of Operations
and Retained Earnings
(In thousands except per share data)
(Unaudited)

<TABLE>
<CAPTION>
                                         THIRTEEN WEEKS ENDED     THIRTY-NINE WEEKS ENDED
                                       ------------------------  ---------------------------
                                        SEPT. 27,    SEPT. 28,     SEPT. 27,      SEPT. 28,
                                          1997         1996          1997           1996
                                       ----------   ---------    -----------    -----------
<S>                                    <C>          <C>          <C>            <C>
OPERATIONS
  Net sales ........................   $ 579,236    $ 562,900    $ 1,651,176    $ 1,682,483
  Cost and expenses:
    Cost of goods sold .............     470,802      455,668      1,348,387      1,372,646
    Selling, general and
      administrative expenses ......      67,767       69,335        207,234        213,643
    Restructuring and
      realignment expenses .........       2,329          309          7,313         30,733
    Interest expense ...............       4,615        4,492         13,841         17,864
    Other (income) expense .........      (7,169)      (2,024)        (7,018)       (45,505)
                                       ---------    ---------    -----------    -----------
      Total ........................     538,344      527,780      1,569,757      1,589,381
                                       ---------    ---------    -----------    -----------
  Income before income taxes and
    extraordinary item .............      40,892       35,120         81,419         93,102
  Income tax provision .............      13,493       12,503         27,682         15,195
                                       ---------    ---------    -----------    -----------
    Income before extraordinary item      27,399       22,617         53,737         77,907
  Extraordinary item:
    Loss on extinguishment of debt,
      net of income tax benefit of
      $2,176 .......................        --           --             --            3,552
                                       ---------    ---------    -----------    -----------
    Net income .....................   $  27,399    $  22,617    $    53,737    $    74,355
                                       =========    =========    ===========    ===========
  Per share:
    Income before extraordinary item   $    1.34    $    1.11    $      2.62    $      3.81
    Extraordinary loss from
      extinguishment of debt .......        --           --             --             (.17)
                                       ---------    ---------    -----------    -----------
    Net income .....................   $    1.34    $    1.11    $      2.62    $      3.64
                                       =========    =========    ===========    ===========
  Cash dividends declared:
    Class A shares .................   $     .33    $     .33    $       .99    $       .99
                                       =========    =========    ===========    ===========
    Class B shares .................   $     .30    $     .30    $       .90    $       .90
                                       =========    =========    ===========    ===========
  Weighted average shares of
    common stock ...................                                  20,537         20,453
                                                                 ===========    ===========

RETAINED EARNINGS
  Retained earnings at beginning
    of period ......................   $ 689,000    $ 655,239    $   675,533    $   616,347
  Net income .......................      27,399       22,617         53,737         74,355
  Cash dividends declared ..........      (6,438)      (6,425)       (19,309)       (19,271)
                                       ---------    ---------    -----------    -----------
  Retained earnings at end of
    period .........................   $ 709,961    $ 671,431    $   709,961    $   671,431
                                       =========    =========    ===========    ===========
</TABLE>


See Notes to Condensed Consolidated Financial Statements.


                                      - 3 -


<PAGE>   4








SPRINGS INDUSTRIES, INC.
Condensed Consolidated Balance Sheet
(In thousands except share data)
(Unaudited)

<TABLE>
<CAPTION>

                                                SEPT. 27,    DECEMBER 28,
                                                  1997           1996
                                              -----------    -----------
<S>                                           <C>           <C>
ASSETS
Current assets:
  Cash and cash equivalents ...............   $       680    $    30,719
  Accounts receivable .....................       363,687        350,830
  Inventories .............................       401,304        370,896
  Other ...................................        42,151         37,177
                                              -----------    -----------
    Total current assets ..................       807,822        789,622
                                              -----------    -----------

Property, plant and equipment .............     1,350,435      1,320,400
  Accumulated depreciation ................      (815,806)      (785,836)
                                              -----------    -----------
    Property, plant and equipment, net ....       534,629        534,564
                                              -----------    -----------
Other assets ..............................        83,462         73,770
                                              -----------    -----------
    Total .................................   $ 1,425,913    $ 1,397,956
                                              ===========    ===========
LIABILITIES AND SHAREOWNERS' EQUITY
Current liabilities:
  Short-term borrowings ...................   $    18,850    $      --
  Current maturities of long-term debt ....         9,626          6,921
  Accounts payable ........................        75,853        103,841
  Other accrued liabilities ...............       147,493        141,727
                                              -----------    -----------
    Total current liabilities .............       251,822        252,489
                                              -----------    -----------
Noncurrent liabilities:
  Long-term debt ..........................       168,835        177,640
  Accrued benefits and deferred
   compensation ...........................       168,182        160,535
  Deferred income taxes and other deferred
   credits ................................        20,589         26,513
                                              -----------    -----------
    Total noncurrent liabilities ..........       357,606        364,688
                                              -----------    -----------

Shareowners' equity:

  Class A common stock- $.25 par value
    (12,991,492 and 12,746,374 shares
    issued in 1997 and 1996, respectively)          3,248          3,187
  Class B common stock- $.25 par value
    (7,271,021 and 7,508,579 shares issued
    in 1997 and 1996, respectively) .......         1,818          1,877
  Additional paid-in capital ..............       110,769        110,352
  Retained earnings .......................       709,961        675,533
  Cost of Class A shares in treasury
    (101,477 and 106,739 shares
    in 1997 and 1996, respectively) .......        (2,283)        (2,378)
  Currency translation adjustment and other        (7,028)        (7,792)
                                              -----------    -----------
    Total shareowners' equity .............       816,485        780,779
                                              -----------    -----------
    Total .................................   $ 1,425,913    $ 1,397,956
                                              ===========    ===========
</TABLE>

See Notes to Condensed Consolidated Financial Statements.




                                     - 4 -


<PAGE>   5

SPRINGS INDUSTRIES, INC.
Condensed Consolidated Statement of Cash Flows
(In thousands)
(Unaudited)

<TABLE>
<CAPTION>
                                                  THIRTY-NINE WEEKS ENDED
                                                  -----------------------
                                                   SEPT. 27,   SEPT. 28,
                                                     1997        1996
                                                   ---------   ---------
<S>                                                <C>         <C>    
Operating activities:
  Net income ...................................   $ 53,737    $  74,355
  Adjustments to reconcile net income to net
   cash provided by operating activities:
   Depreciation and amortization ...............     65,794       70,966
   Gain on sale of businesses and other
    investments ................................     (6,587)     (49,896)
   Provision for restructuring costs ...........       --         30,375
   (Gain) loss on disposal of property, plant
    and equipment ..............................       (695)       5,997
   Extraordinary loss on extinguishment of
    debt .......................................       --          5,728
   Changes in operating assets and liabilities,
    net of effects of business acquisitions and
    sale of businesses .........................    (56,974)     (57,589)
   Other, net ..................................     (2,834)        (808)
                                                   --------    ---------
      Net cash provided by operating activities      52,441       79,128
                                                   --------    ---------

Investing activities:
  Purchases of property, plant and
    equipment ..................................    (64,943)     (50,669)
  Business acquisitions ........................     (6,429)      (1,900)
  Notes receivable funded ......................    (14,000)        --
  Principal collected on notes receivable ......      2,638         --
  Proceeds from sales of businesses and other
    assets .....................................      1,693      194,822
  Proceeds from sale of investment .............     12,017         --
                                                   --------    ---------
      Net cash provided (used) by investing
       activities ..............................    (69,024)     142,253
                                                   --------    ---------
Financing activities:
  Proceeds (repayments) of short-term
    borrowings net .............................     18,850      (21,900)
  Proceeds from long-term borrowings ...........       --          2,261
  Repayment of long-term debt ..................     (6,573)    (161,336)
  Cash dividends paid ..........................    (25,733)     (25,688)
                                                   --------    ---------
      Net cash used by financing activities ....    (13,456)    (206,663)
                                                   --------    ---------
Increase (decrease) in cash and cash
 equivalents ...................................   $(30,039)   $  14,718
                                                   ========    =========
</TABLE>



See Notes to Condensed Consolidated Financial Statements.



                                      - 5 -
<PAGE>   6






              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1.       Significant Accounting Policies:

         The accompanying condensed consolidated financial statements should be
         read in conjunction with the financial statements presented in the
         Springs Industries, Inc. ("Springs" or the "Company") 1996 Annual
         Report on Form 10-K.

         In the opinion of the management of Springs, these unaudited condensed
         consolidated financial statements contain all adjustments of a normal
         recurring nature necessary for their fair presentation. The results for
         interim periods reflect estimates for certain items which can be
         definitively determined only on an annual basis. These items include
         the valuation of a substantial portion of inventories on a LIFO cost
         basis and the provision for income taxes. These interim financial
         statements reflect applicable portions of the estimated annual amounts
         for such items.

         The results of operations for interim periods are not necessarily
         indicative of operating results to be expected for the remainder of the
         year.

2.       Inventories:

         Inventories are summarized as follows (in thousands):

<TABLE>
<CAPTION>
                                                                   Sept. 27,      Dec. 28,
                                                                     1997           1996
                                                                   ----------    ----------
 <S>                                                               <C>               <C>    
 Standard cost (which approximates average cost) or average cost:
  Finished goods ................................................   $ 266,258    $ 242,650
  In process ....................................................     196,104      185,307
  Raw materials and supplies ....................................      59,916       67,925
                                                                    ---------    ---------
                                                                      522,278      495,882
 Less LIFO reserve ..............................................    (120,974)    (124,986)
                                                                    ---------    ---------
  Total .........................................................   $ 401,304    $ 370,896
                                                                    =========    =========
</TABLE>


3.       Reclassification:

         Certain prior-year amounts have been reclassified to conform with the
         1997 presentation, including classification in net sales of certain
         promotional costs which were previously included in selling, general
         and administrative expenses.

4.       Commitments:

         The Company enters into forward delivery contracts and futures
         contracts for raw material purchases, consistent with the size of its
         business, to reduce the Company's exposure to price volatility.
         Management assesses these contracts on a continuous basis to determine
         if contract prices will be recovered through subsequent sales.



                                     - 6 -
<PAGE>   7



5.       Divestiture:

         On April 17, 1996, the Company sold Clark-Schwebel, Inc., a business
         formerly included in the specialty fabrics segment, for $193 million in
         cash. A gain of $50.1 million was included in other (income) expense
         for the nine months ended September 28, 1996. Through the date of sale,
         Clark-Schwebel, Inc. had 1996 sales of $68.9 million and earnings
         before interest expense and taxes of $11.3 million. During the five
         years ended in 1995, Clark-Schwebel's average contribution was 13
         percent of Springs' sales and 9 percent of its earnings before interest
         expense and taxes.

6.       Restructuring and Realignment Costs:

         During the second quarter of 1996, the Company adopted a plan to
         consolidate and realign its fabric manufacturing operations. In
         connection with this plan, the Company closed three fabric
         manufacturing plants, added production in other plants, and increased
         outside purchases of grey fabric. A pretax restructuring charge of
         $30.4 million was recorded during the second quarter of 1996 which
         included a $16.3 million write-off of plant and equipment, a $6.6
         million accrual for anticipated severance expense arising from the
         elimination of approximately 850 positions, and a $7.5 million accrual
         for certain other anticipated expenses associated with the plan.

         Through September 27, 1997, the Company has recorded cash expenditures
         of approximately $3.8 million against the severance accrual and $4.6
         million against the accrual for certain other expenses associated with
         the plan. The severance accrual was also reduced by $0.2 million during
         the third quarter of 1997. A decrease of $2.0 million, due to a
         lower-than-expected average cost per associate, was offset
         substantially by an increase of $1.8 million arising from the
         elimination of approximately 320 positions at other manufacturing
         facilities. In addition, through September 27, 1997, the Company has
         incurred expenses of $11.1 million, including $2.5 million during the
         third quarter, for equipment relocation and other realignment expenses
         and has made capital investments of $4.4 million related to the plan.

7.       Impact of Recently Issued Accounting Standards:

         In February of 1997, the Financial Accounting Standards Board issued
         Statement No. 128, "Earnings Per Share," which is required to be
         adopted for both interim and year-end financial statements ending after
         December 15, 1997. At that time, the Company will be required to change
         the method currently used to compute earnings per share and to restate
         all prior periods. The Company does not expect Statement No. 128 to
         have a material effect on its financial statements.

8.       Other:

         Included in other (income) expense for the third quarter and first nine
         months of 1997 was a $6.6 million gain on the sale of an investment.
         Other (income) expense for the nine months ended September 28, 1996,
         included a gain of $50.1 million on the sale of Clark-Schwebel, Inc.
         and asset write-downs totaling approximately $5.5 million.

         Certain Company information systems will require modification or
         replacement over the next three years in order to render these systems
         compliant with the year 2000. Information systems that will be affected
         by the year 2000 issue have been identified, and the Company is


                                     - 7 -
<PAGE>   8

         developing and implementing plans to ensure compliance by the year
         2000. The Company is in the process of estimating the financial impact
         of its millennium solution.

9.       Legal and Environmental:

         As disclosed in the 1996 Annual Report on Form 10-K, Springs is
         involved in certain administrative proceedings alleging violations of
         environmental laws and regulations, including proceedings under the
         Comprehensive Environmental Response, Compensation, and Liability Act.
         In connection with these proceedings, the Company has accrued an amount
         which represents management's best estimate of Springs' probable
         liability.

         Springs is also involved in various other legal proceedings and claims
         incidental to its business. Springs is protecting its interests in all
         such proceedings.

         In the opinion of management, based on the advice of counsel, the
         likelihood that the resolution of the above matters would have a
         material adverse impact on either the financial condition or the future
         results of operations of Springs is remote.

10.      Subsequent Event:

         In October of 1997, the Company's Board of Directors approved the
         purchase of up to 2 million shares of the Company's Class A common
         stock. Management was authorized to begin buying the shares in the open
         market and in private transactions.






                                      - 8 -


<PAGE>   9






                 ITEM 2. - MANAGEMENT'S DISCUSSION AND ANALYSIS


RESULTS OF OPERATIONS

Sales

Net sales for the third quarter of 1997 were $579.2 million, up 3 percent from
the third quarter of 1996. The home furnishings segment produced a third-
quarter net sales increase of 3 percent. Third-quarter net sales for the
specialty fabrics segment were up 2 percent compared to 1996.

Year-to-date net sales were $1,651.2 million, down 2 percent compared to the
first nine months of 1996 due to the sale of Clark-Schwebel, Inc. Year-to- date
sales of home furnishings were 4 percent higher than during the first nine
months of 1996. Year-to-date net sales for the specialty fabrics segment were 26
percent lower than a year ago due to continued weak market demand and the 1996
divestiture of Clark-Schwebel, Inc.

Earnings

Net income for the third quarter of 1997 was $27.4 million, or $1.34 per share,
after the effect of realignment expenses associated with the Company's
restructuring of its fabric manufacturing operations announced in June of 1996
and a $6.6 million pretax gain on the sale of an investment. Without these
unusual items, net income for the third quarter of 1997 would have been $24.8
million, or $1.21 per share, compared to $22.8 million, or $1.11 per share, for
the third quarter of 1996. The Company has continued its efforts to expand
margins in its home furnishings business with a focus on improving operating
efficiency. The home furnishings segment achieved a 10 percent increase in
operating earnings compared to last year. Excluding realignment expenses,
operating earnings for the home furnishings segment increased approximately 16
percent over the third quarter of 1996. Operating earnings for the specialty
fabrics segment were significantly lower compared to the third quarter of 1996.
Weak market demand affecting certain portions of the specialty fabrics segment
contributed to the decline.

Earnings for the nine months ended September 27, 1997, were $53.7 million, or
$2.62 per share, compared to $74.4 million, or $3.64 per share, for the first
nine months of 1996. Year-to-date net income for 1997 included restructuring and
realignment charges of $7.3 million and a $6.6 million gain on the sale of an
investment. In 1996, earnings for the first nine months included restructuring
and realignment charges of $30.7 million, a $50.1 million gain on the sale of
Clark-Schwebel, Inc., asset write-downs totaling approximately $5.5 million, and
a $5.7 million extraordinary loss on the early extinguishment of debt. Excluding
these unusual items, net income for the nine months ended September 27, 1997
would have been $54.2 million, or $2.64 per share, compared to $51.0 million, or
$2.49 per share, for the nine months ended September 28, 1996. In the home
furnishings segment, earnings were higher than a year ago due to improved volume
and margin expansion in bed and bath. Year-to-date operating earnings for the
specialty fabrics segment were significantly lower than in the prior year due to
continued weak market demand for certain portions of its business and the sale
of Clark-Schwebel, Inc. in April of 1996.



                                      - 9 -


<PAGE>   10






CAPITAL RESOURCES AND LIQUIDITY

As of September 27, 1997, the Company's debt, net of cash, represented 23.1% of
total capital. This compares to 21.7% at December 28, 1996. A seasonal increase
in accounts receivable and inventory resulted in increased short-term
borrowings. On August 11, 1997, the Company renewed for one year its $100
million long-term loan facility, dated August 12, 1996, which may be used to
refinance existing debt and for general corporate purposes. Management expects
to spend approximately $30 million on capital expenditures during the fourth
quarter of 1997. These investments will focus on manufacturing equipment,
distribution facilities and information systems.

In October of 1997 the Company's Board of Directors approved the purchase of up
to 2 million shares of the Company's Class A common stock. Management was
authorized to begin buying the shares in the open market and in private
transactions. Management expects that cash from operations and borrowings from
commercial paper and committed short-term bank lines will adequately provide for
the remainder of the Company's 1997 operating cash needs and for the Company's
1997 repurchase of shares.


OTHER

During the second quarter of 1996, the Company adopted a plan to consolidate and
realign its fabric manufacturing operations. In connection with this plan, the
Company closed three fabric manufacturing plants, added production in other
plants, and increased outside purchases of grey fabric. A pretax restructuring
charge of $30.4 million was recorded during the second quarter of 1996, which
included a $16.3 million write-off of plant and equipment, a $6.6 million
accrual for anticipated severance expense arising from the elimination of
approximately 850 positions, and a $7.5 million accrual for certain other
anticipated expenses associated with the plan.

Through September 27, 1997, the Company has recorded cash expenditures of
approximately $3.8 million against the severance expense accrual and $4.6
million against the accrual for certain other expenses associated with the plan.
The severance accrual was also reduced by $0.2 million during the third quarter
of 1997. A decrease of $2.0 million, due to a lower-than-expected average cost
per associate, was offset substantially by an increase of $1.8 million arising
from the elimination of approximately 320 positions at other manufacturing
facilities. In addition, through September 27, 1997, the Company has incurred
expenses of $11.1 million, including $2.5 million during the third quarter, for
equipment relocation and other realignment expenses and has made capital
investments of $4.4 million related to the plan. Over the next 27 months,
Springs plans to make future capital investments of $12.9 million and incur
future expenses of approximately $12.0 million for equipment relocation and
other realignment costs which do not qualify as "exit costs."

On April 17, 1996, the Company sold Clark-Schwebel, Inc., a business formerly
included in the specialty fabrics segment, for $193 million in cash. A gain of
$50.1 million was included in other (income) expense for the nine months ended
September 28, 1996. Through the date of sale, Clark-Schwebel, Inc. had 1996
sales of $68.9 million and earnings before interest expense and taxes of $11.3
million. During the five years ended in 1995, Clark-Schwebel's average
contribution was 13 percent of Springs' sales and 9 percent of its earnings
before interest expense and taxes.

Certain prior year amounts have been reclassified to conform with the 1997
presentation, including classification in net sales of certain promotional

                                     - 10 -


<PAGE>   11


costs which were previously included in selling, general and administrative
expenses.

Certain Company information systems will require modification or replacement
over the next three years in order to render these systems compliant with the
year 2000. Information systems that will be affected by the year 2000 issue have
been identified, and the Company is developing and implementing plans to ensure
compliance by the year 2000. The Company is in the process of estimating the
financial impact of its millennium solution.

This report contains or may contain forward-looking statements that reflect
management's current assumptions and estimates of future performance and
economic conditions. The Company cautions investors that any forward-looking
statement is subject to risks and uncertainties that may cause actual results
to vary significantly from those projected, stated, or implied by the
forward-looking statement. Factors that could cause actual results to differ,
in addition to those discussed in the Company's most recently filed 10-K,
include the health of the retail economy, progress toward our cost reduction
goals and our year 2000 compliance plans, and the success of efforts aimed at
improving the operating performance of our specialty fabrics segment.

RECENTLY ISSUED ACCOUNTING STANDARDS

In February of 1997, the Financial Accounting Standards Board issued Statement
No. 128, "Earnings Per Share," which is required to be adopted for both interim
and year-end financial statements ending after December 15, 1997. At that time,
the Company will be required to change the method currently used to compute
earnings per share and to restate all prior periods. The Company does not expect
Statement No. 128 to have a material effect on its financial statements.



                                     - 11 -


<PAGE>   12






                               ITEM 6. - EXHIBITS



The following exhibits are filed as part of this report:

         (10)     Material Contracts

                  Second Amendment dated August 11, 1997, to $100,000,000
                  Wachovia Bank of Georgia, N.A., Term Loan Credit Agreement
                  dated August 12, 1996

         (27)     Financial Data Schedule


                                     - 12 -


<PAGE>   13






                                   SIGNATURES


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

                                     SPRINGS INDUSTRIES, INC.



                                     By: /s/ James F. Zahrn
                                         -------------------------------
                                         James F. Zahrn
                                         Executive Vice President and
                                         Chief Financial Officer
                                         (Duly Authorized Officer and
                                         Principal Financial Officer)




DATED:  November 10, 1997


                                     - 13 -


<PAGE>   14






                                  EXHIBIT INDEX



<TABLE>
<CAPTION>

Item                                                                   Page
----                                                                   ----
<S>         <C>                                                        <C>
(10)        Material Contracts
            Second Amendment dated August 11, 1997, to                  15
            $100,000,000 Wachovia Bank of Georgia, N.A., Term
            Loan Credit Agreement dated August 12, 1996
            (4 pages)

(27)        Financial Data Schedule (for SEC purposes)                  19

</TABLE>


                                     - 14 -