<PAGE>   1

                       SECURITIES AND EXCHANGE COMMISSION
                            WASHINGTON, D.C.  20549

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

                                 F O R M  10-Q

For the Quarter Ended June 28, 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 August 5, 1997, there were 12,823,662 shares of Class A Common Stock and
7,337,021 shares of Class B Common Stock of Springs Industries, Inc.
outstanding.

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

There are 14 pages in the sequentially numbered, manually signed original of
this report.

                                Page 1 of 14
                      The Index to Exhibits is on Page 13
<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                                                               11

SIGNATURES                                                                              12

EXHIBIT INDEX                                                                           13
</TABLE>
<PAGE>   3


                                     PART I
                         ITEM I - FINANCIAL STATEMENTS

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

<TABLE>
<CAPTION>
                                         THIRTEEN WEEKS ENDED        TWENTY-SIX WEEKS ENDED 
                                       ------------------------     ------------------------
                                         JUNE 28,      JUNE 29,      JUNE 28,      JUNE 29,
                                           1997          1996          1997          1996   
                                       ----------     ---------     ----------    ----------
<S>                                      <C>          <C>         <C>             <C>
OPERATIONS
  Net sales   . . . . . . . . . . . . .  $ 528,931    $ 540,243   $1,071,940      $1,119,583
  Cost and expenses:
    Cost of goods sold  . . . . . . . .    430,828      439,223      877,585         916,978
    Selling, general and
      administrative expenses . . . . .     68,435       69,809      139,467         144,308
    Restructuring and
      realignment expenses  . . . . . .      2,221       30,424        4,984          30,424
    Interest expense  . . . . . . . . .      4,705        5,538        9,226          13,372
    Other (income) expense  . . . . . .        300      (42,542)         151         (43,481)
                                         ---------    ---------   ----------      ---------- 
      Total . . . . . . . . . . . . . .    506,489      502,452    1,031,413       1,061,601
                                         ---------    ---------   ----------      ---------- 

  Income before income taxes and
    extraordinary item  . . . . . . . .     22,442       37,791       40,527          57,982

  Income tax provision (benefit)  . . .      7,315       (5,193)      14,189           2,692
                                         ---------    ---------   ----------      ---------- 

    Income before extraordinary item. .     15,127       42,984       26,338          55,290

  Extraordinary item:
    Loss on extinguishment of debt,
      net of income tax benefit of
      $2,176  . . . . . . . . . . . . .          -        3,552            -           3,552
                                         ---------    ---------   ----------      ---------- 

    Net income  . . . . . . . . . . . .  $  15,127    $  39,432   $   26,338      $   51,738
                                         =========    =========   ==========      ==========

  Per share:
    Income before extraordinary item  .  $     .73    $    2.10   $     1.28      $     2.70
    Extraordinary loss from
      extinguishment of debt  . . . . .          -         (.17)           -            (.17)
                                         ---------    ---------   ----------      ---------- 
    Net income  . . . . . . . . . . . .  $     .73    $    1.93   $     1.28      $     2.53
                                         =========    =========   ==========      ==========

  Cash dividends declared:
    Class A shares  . . . . . . . . . .  $     .33    $     .33   $      .66      $      .66
                                         =========    =========   ==========      ==========
    Class B shares  . . . . . . . . . .  $     .30    $     .30   $      .60      $      .60
                                         =========    =========   ==========      ==========

  Weighted average shares of
    common stock  . . . . . . . . . . .                               20,518          20,441
                                                                  ==========      ==========

RETAINED EARNINGS
  Retained earnings at beginning
    of period . . . . . . . . . . . . .  $ 680,309    $ 622,236   $  675,533      $  616,347
  Net income  . . . . . . . . . . . . .     15,127       39,432       26,338          51,738
  Cash dividends declared . . . . . . .     (6,436)      (6,429)     (12,871)        (12,846)
                                         ---------    ---------   ----------      ---------- 
  Retained earnings at end of
    period  . . . . . . . . . . . . . .  $ 689,000    $ 655,239   $  689,000      $  655,239
                                         =========    =========   ==========      ==========
</TABLE>

See Notes to Condensed Consolidated Financial Statements.
<PAGE>   4

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

<TABLE>
<CAPTION>
                                                                    JUNE 28,               DECEMBER 28,
                                                                      1997                     1996   
                                                                   ----------              -----------
<S>                                                                <C>                     <C>
ASSETS
Current assets:
  Cash and cash equivalents . . . . . . . . . . . . . . .          $      673               $   30,719
  Accounts receivable . . . . . . . . . . . . . . . . . .             326,393                  350,830
  Inventories . . . . . . . . . . . . . . . . . . . . . .             411,193                  370,896
  Other . . . . . . . . . . . . . . . . . . . . . . . . .              45,675                   37,177
                                                                   ----------               ----------
    Total current assets  . . . . . . . . . . . . . . . .             783,934                  789,622
                                                                   ----------               ----------

Property, plant and equipment . . . . . . . . . . . . . .           1,346,467                1,320,400
  Accumulated depreciation  . . . . . . . . . . . . . . .            (816,159)                (785,836)
                                                                   ----------               ----------
    Property, net . . . . . . . . . . . . . . . . . . . .             530,308                  534,564
                                                                   ----------               ----------
Other assets  . . . . . . . . . . . . . . . . . . . . . .              82,809                   73,770
                                                                   ----------               ----------
    Total . . . . . . . . . . . . . . . . . . . . . . . .          $1,397,051               $1,397,956
                                                                   ==========               ==========
LIABILITIES AND SHAREOWNERS' EQUITY
Current liabilities:
  Short-term borrowings . . . . . . . . . . . . . . . . .          $   10,600               $        -
  Current maturities of long-term debt  . . . . . . . . .               6,773                    6,921
  Accounts payable  . . . . . . . . . . . . . . . . . . .              87,675                  103,841
  Other accrued liabilities . . . . . . . . . . . . . . .             133,636                  141,727
                                                                   ----------               ----------
    Total current liabilities . . . . . . . . . . . . . .             238,684                  252,489
                                                                   ----------               ----------
Noncurrent liabilities:
  Long-term debt  . . . . . . . . . . . . . . . . . . . .             177,022                  177,640
  Accrued benefits and deferred
   compensation . . . . . . . . . . . . . . . . . . . . .             163,464                  160,535
  Deferred income taxes and other deferred
   credits  . . . . . . . . . . . . . . . . . . . . . . .              22,458                   26,513
                                                                   ----------               ----------
    Total noncurrent liabilities  . . . . . . . . . . . .             362,944                  364,688
                                                                   ----------               ----------
Shareowners' equity:
  Class A common stock- $.25 par value
    (12,924,601 and 12,746,374 shares
    issued in 1997 and 1996, respectively)  . . . . . . .               3,231                    3,187
  Class B common stock- $.25 par value
    (7,337,021 and 7,508,579 shares issued
    in 1997 and 1996, respectively) . . . . . . . . . . .               1,834                    1,877
  Additional paid-in capital  . . . . . . . . . . . . . .             110,617                  110,352
  Retained earnings . . . . . . . . . . . . . . . . . . .             689,000                  675,533
  Cost of Class A shares in treasury
    (103,179 and 106,739 shares
    in 1997 and 1996, respectively) . . . . . . . . . . .              (2,316)                  (2,378)
  Currency translation adjustment and other . . . . . . .              (6,943)                  (7,792)
                                                                   ----------               ----------
    Total shareowners' equity . . . . . . . . . . . . . .             795,423                  780,779
                                                                   ----------               ----------
    Total . . . . . . . . . . . . . . . . . . . . . . . .          $1,397,051               $1,397,956
                                                                   ==========               ==========
</TABLE>

See Notes to Condensed Consolidated Financial Statements.
<PAGE>   5

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


<TABLE>
<CAPTION>
                                                                                     TWENTY-SIX WEEKS ENDED  
                                                                               --------------------------------
                                                                               JUNE 28,               JUNE 29,
                                                                                 1997                   1996  
                                                                              ----------             ---------
  <S>                                                                          <C>                   <C>
  Operating activities:
    Net income  . . . . . . . . . . . . . . . . . . . . . . . . . . .          $ 26,338              $  51,738
    Adjustments to reconcile net income to net
     cash provided (used) by operating activities:
     Depreciation and amortization  . . . . . . . . . . . . . . . . .            44,954                 50,042
     Gain on sale of businesses . . . . . . . . . . . . . . . . . . .                 -                (49,896)
     Provision for restructuring costs  . . . . . . . . . . . . . . .                 -                 30,375
     (Gain) loss on disposal of property, plant
      and equipment . . . . . . . . . . . . . . . . . . . . . . . . .              (329)                 6,241
     Extraordinary loss on extinguishment of
      debt  . . . . . . . . . . . . . . . . . . . . . . . . . . . . .                 -                  5,728
     Changes in operating assets and liabilities,
      net of effects of business acquisitions and
      sale of businesses  . . . . . . . . . . . . . . . . . . . . . .           (34,053)               (56,856)
     Other, net . . . . . . . . . . . . . . . . . . . . . . . . . . .            (4,925)                (3,100)
                                                                               --------              ---------
        Net cash provided by operating activities.  . . . . . . . . .            31,985                 34,272
                                                                               --------              ---------
  Investing activities:
    Purchases of property, plant and
      equipment . . . . . . . . . . . . . . . . . . . . . . . . . . .           (39,796)               (35,510)
    Business acquisitions . . . . . . . . . . . . . . . . . . . . . .            (6,429)                (1,900)
    Proceeds from sales of businesses and other
      assets  . . . . . . . . . . . . . . . . . . . . . . . . . . . .               913                194,749
    Other, net  . . . . . . . . . . . . . . . . . . . . . . . . . . .            (6,789)                     -
                                                                               --------              ---------
        Net cash provided (used) by investing
         activities . . . . . . . . . . . . . . . . . . . . . . . . .           (52,101)               157,339
                                                                               --------              ---------
  Financing activities:
    Proceeds (repayments) of short-term borrowings, net . . . . . . .            10,600                (21,900)
    Proceeds from long-term borrowings  . . . . . . . . . . . . . . .                 -                  2,261
    Repayment of long-term debt . . . . . . . . . . . . . . . . . . .            (1,235)               (76,120)
    Cash dividends paid . . . . . . . . . . . . . . . . . . . . . . .           (19,295)               (19,263)
                                                                               --------              ---------
        Net cash used by financing activities . . . . . . . . . . . .            (9,930)              (115,022)
                                                                               --------              ---------
  Increase (decrease) in cash and cash
   equivalents  . . . . . . . . . . . . . . . . . . . . . . . . . . .          $(30,046)             $  76,589
                                                                               ========              =========
</TABLE>



See Notes to Condensed Consolidated Financial Statements.
<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.  Inventory:

    Inventories are summarized as follows (in thousands):

<TABLE>
<CAPTION>
                                                              June 28,          Dec. 28,
                                                                1997              1996  
                                                             ---------         ---------
    <S>                                                      <C>               <C>
    Standard cost (which approximates
    average cost) or average cost:
     Finished goods   . . . . . . . . . . . . . . . . . . .  $ 278,571         $ 242,650
     In process . . . . . . . . . . . . . . . . . . . . . .    192,832           185,307
     Raw materials and supplies   . . . . . . . . . . . . .     60,960            67,925
                                                             ---------         ---------
                                                               532,363           495,882
    Less LIFO reserve   . . . . . . . . . . . . . . . . . .   (121,170)         (124,986)
                                                             ---------         ---------
     Total  . . . . . . . . . . . . . . . . . . . . . . . .  $ 411,193         $ 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.
<PAGE>   7

5.  Divestiture:

    On April 17, 1996, the Company sold Clark-Schwebel, Inc., a business in the
    specialty fabrics segment, for $193 million in cash.  A gain of $50.1
    million was included in other (income) expense for the second quarter of
    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 June 28, 1997, the Company has recorded cash expenditures of
    approximately $3.5 million against the severance expense accrual and $4.3
    million against the accrual for certain other expenses associated with the
    plan.  In addition, through June 28, 1997, the Company has incurred
    expenses of $8.5 million, including $2.2 million during the second quarter,
    for equipment relocation and other realignment expenses and has made
    capital investments of $3.9 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 128 to have a material
    effect on its financial statements.

8.  Other:

    The second quarter 1996 results also included an extraordinary charge of
    $3.5 million, net of an income tax benefit of $2.2 million, incurred as a
    result of the early extinguishment of $68.7 million of senior notes
    payable.  The notes had an effective interest rate of 10 percent.

    Also included in other (income) expense in the second quarter of 1996 were
    asset write-downs totaling approximately $5 million.

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.
<PAGE>   8


    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.
<PAGE>   9

                 ITEM 2. - MANAGEMENT'S DISCUSSION AND ANALYSIS

GENERAL

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 June 28, 1997, the Company has recorded cash expenditures of
approximately $3.5 million against the severance expense accrual and $4.3
million against the accrual for certain other expenses associated with the
plan.  In addition, through June 28, 1997, the Company has incurred expenses of
$8.5 million, including $2.2 million during the second quarter, for equipment
relocation and other realignment expenses and has made capital investments of
$3.9 million related to the plan.  Over the next 30 months, Springs plans to
make future capital investments of $13.4 million and incur future expenses of
approximately $14.6 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 in the
specialty fabrics segment, for $193 million in cash.  A gain of $50.1 million
was included in other (income) expense for the second quarter of 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.

RESULTS OF OPERATIONS

Sales

Net sales for the second quarter of 1997 were $528.9 million, down 2 percent
from the second quarter of 1996.  Excluding the results of Clark-Schwebel,
Inc., net sales for the quarter approximated last year's.  The home furnishings
segment produced a second-quarter net sales increase of 2 percent.
Second-quarter net sales for the specialty fabrics segment were 20 percent
lower than a year ago due to weak market demand for certain products of the
segment and due to the sale of Clark-Schwebel, Inc.

Year-to-date net sales were $1,071.9 million, down 4 percent compared to the
first six months of 1996.  Adjusting for the sale of Clark-Schwebel, Inc., net
sales for the first six months of 1997 were 2 percent higher than during the
first half of 1996.  Home furnishings' year-to-date sales were 4 percent higher
compared to those of the first six months of 1996.  Year-to-date net sales for
the specialty fabrics segment were 34 percent lower than a year ago due to
weak market demand for certain products of the segment and due to the sale of 
Clark-Schwebel, Inc.
<PAGE>   10

Earnings

Net income for the second quarter of 1997 was $15.1 million, or $.73 per share,
after the effect of realignment expenses associated with the Company's
restructuring of its fabric manufacturing operations announced in June of 1996.
Net income for the second quarter of 1996 was $39.4 million, or $1.93 per
share, and included a gain on the sale of Clark-Schwebel, Inc. of $50.1
million, or $2.45 per share, and a restructuring charge and other write-offs
which reduced net income by $26.6 million, or $1.30 per share.  Without these
unusual items, net income for the second quarter of 1997 would have been $16.5
million, or $.80 per share, compared to $15.9 million, or $.78 per share, for
the second quarter of 1996.  The home furnishings segment achieved a
significant increase in operating earnings compared to last year.  On a
comparable basis, without the restructuring and realignment expenses, operating
earnings for the home furnishings segment increased by more than 25 percent
over the prior year.  Operating earnings for the specialty fabrics segment
declined precipitously compared to the second quarter of 1996.  Weak market
demand affecting certain portions of the specialty fabrics segment, along with
certain recent customer bankruptcy filings, contributed to the decline.

Earnings for the six months ended June 28, 1997, were $26.3 million, or $1.28
per share, compared to $51.7 million, or $2.53 per share, for the first six
months of 1996.  Excluding the aforementioned unusual items, net income for the
six months ended June 28, 1997 would have been $29.4 million, or $1.43 per
share, compared to $28.2 million, or $1.38 per share, for the six months ended
June 29, 1996.  In the home furnishings segment, earnings were higher than a
year ago due to improved volume and margin expansion in bed, bath and window
fashions.  Year-to-date operating earnings for the specialty fabrics segment
were lower than the prior year due to weak market demand for certain portions
of its business, certain recent customer bankruptcy filings, and the sale of
Clark-Schwebel, Inc., in April of 1996.

CAPITAL RESOURCES AND LIQUIDITY

A normal seasonal increase in working capital since year-end resulted in
increased short-term borrowings.  Management expects to spend more than $60
million on capital expenditures during the last six months of 1997.  These
investments will focus on manufacturing equipment, distribution facilities and
information systems.  Management expects that cash flow from operations and
borrowings from commercial paper and committed short-term bank lines will
adequately provide for the Company's 1997 operating cash needs.

The second quarter of 1996 results included an extraordinary charge of $3.5
million, net of an income tax benefit of $2.2 million, as a result of a
commitment to extinguish $68.7 million of senior notes payable on July 1, 1996.
The notes had an effective interest rate of 10 percent.

OTHER

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.
<PAGE>   11

                               ITEM 6 - EXHIBITS



The following exhibits are filed as part of this report:

       (27)    Financial Data Schedule (for SEC use only)
<PAGE>   12

                                   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:  August 11, 1997
<PAGE>   13

                                 EXHIBIT INDEX


<TABLE>
<CAPTION>
Item                                                                 Page
----                                                                 ----
<S>                                                                  <C>
(27)    Financial Data Schedule (for SEC purposes)                   14
</TABLE>