SECURITIES AND EXCHANGE COMMISSION
                      WASHINGTON, DC 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      March 31, 2002

                             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   1-5354

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

Delaware                                          04-1886990
 (State or other jurisdiction          (IRS employer
 of incorporation or organization)     identification number)


  6 Hazel Street, Attleboro, Massachusetts             02703
 (Address of principal executive offices)         (Zip code)


Registrant's telephone number, including area code 508-222-3400

Former  name, former address and former fiscal year,  if  changed
since last report.

      Indicate  by  X 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 __

       APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY
        PROCEEDINGS DURING THE PRECEDING FIVE YEARS:

      Indicate by check mark whether the registrant has filed all
documents and reports required to be filed by Section 12,  13  or
15(d)  of the Securities Exchange Act of 1934 subsequent  to  the
distribution of securities under a plan confirmed by a court:

                          Yes ___  No ___


            APPLICABLE ONLY TO CORPORATE ISSUERS:
     Indicate the number of shares outstanding of each of the
issuer's classes of common stock as of the latest practicable
date:

 Title of Class                    Shares Outstanding on
 Common stock, $.10 par value          April 30, 2002
                                         5,522,490


                           SWANK, INC.
                  PART I - FINANCIAL STATEMENTS
 Item 1.  Financial Statements.  CONDENSED CONSOLIDATED BALANCE
                       SHEETS (UNAUDITED)
                     (Dollars in thousands)

<TABLE>
<CAPTION>
                                       March 31, 2002    December 31, 2001
          ASSETS
<S>                                  <C>             <C> <C>           <C>
Current:
  Cash and cash equivalents                         $766              $974
  Accounts receivable, less
   allowances of $6,085 and $7,182                11,809             9,067
   Inventories:
          Raw materials                  3,801              3,334
          Work in process                2,196              2,176
          Finished goods                13,601    19,598   14,938   20,448

  Income taxes recoverable                         4,247             3,032
  Prepaid and other                                1,408               938

          Total current assets                    37,828            34,459

Property, plant and equipment, at
  cost                                  17,871             17,876
    less accumulated depreciation
      and amortization                  15,463     2,408   15,295    2,581
Other assets                                       4,993             6,171

  Total assets                                   $45,229           $43,211

          LIABILITIES
Current:
  Notes payable to banks                         $19,032           $12,105
  Current portion of long-term
   debt                                               12                16
  Accounts payable                                 3,973             3,700
  Accrued employee compensation                    1,953             1,891
  Other current liabilities                        4,530             7,111

     Total current liabilities                    29,500            24,823

Long-term obligations                             11,757            12,747

          STOCKHOLDERS' EQUITY
Preferred stock, par value $1.00
  Authorized 1,000,000 shares
Common stock, par value $.10
  Authorized 43,000,000 shares:
    Issued 5,633,712 and 5,633,712
      shares                                         563               563
Capital in excess of par value                     1,440             1,440
Retained earnings                                  2,290             3,959
Accumulated other comprehensive
 income                                             (85)              (85)
                                                   4,208             5,877
Treasury stock, at cost, 111,222                   (236)             (236)
 shares and 111,222 shares

      Total stockholders' equity                   3,972             5,641

Total liabilities and stockholders'
 equity                                          $45,229           $43,211

</TABLE>

The  accompanying  notes are an integral part  of  the  condensed
consolidated financial statements.


                           SWANK, INC.
   CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
         FOR THE QUARTERS ENDED MARCH 31, 2002 AND 2001
          (Dollars in thousands except per share data)
                ---------------------------------

                                         2002       2001

Net sales                             $21,145    $19,981

Cost of goods sold                     15,991     13,908

Gross profit                            5,154      6,073

Selling and administrative
 expenses                               7,782      7,415

Restructuring expenses                      -        466

(Loss) from continuing
 operations                           (2,628)    (1,808)

Interest expense, net                     256        386

(Loss) from continuing
 operations before income taxes       (2,884)    (2,194)

(Benefit) for income taxes            (1,215)          -

(Loss) from continuing
 operations                           (1,669)    (2,194)

(Loss) from discontinued
 operations, net of income taxes
 of $0                                      -    (1,568)

Net (loss)                           $(1,669)   $(3,762)

Share and per share information:
Basic (loss) per share:
Continuing operations                  $(.30)     $(.40)
Discontinued operations                     -      (.28)
Net (loss)                             $(.30)     $(.68)

Diluted (loss) per share:
Continuing operations                  $(.30)     $(.40)
Discontinued operations                     -      (.28)
Net (loss)                             $(.30)     $(.68)

Weighted average common shares
 outstanding                        5,522,490  5,522,490

Weighted average common shares
 outstanding assuming dilution      5,522,490  5,522,490


The  accompanying  notes are an integral part  of  the  condensed
consolidated financial statements.



                           SWANK, INC.
   CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
       FOR THE THREE MONTHS ENDED MARCH 31, 2002 AND 2001
                     (Dollars in thousands)
                         --------------


                                        2002          2001
Cash flows from operating
activities:

Net (loss)                            $(1,669)    $(3,762)

Adjustments to reconcile net (loss)
  to net cash (used in) operations:

  Depreciation and amortization            198         262
  (Gain) on disposal of assets            (18)        (55)
  Amortization of deferred (gain)        (117)           -
  Bad debt expense (recoveries)             65        (75)

Changes in assets and liabilities:
   (Increase) in accounts
     receivable                        (2,807)       (307)
   Decrease in inventory                   851       1,855
   (Increase) in income taxes
     recoverable                       (1,215)        (43)
   (Increase) decrease in prepaid
     and other current assets            (483)          94
   Decrease (increase) in other
     noncurrent assets                       2        (31)
   (Decrease) in accounts payable
     and other accrued liabilities     (2,241)       (400)
   (Decrease) in long-term
     obligations                         (873)        (30)
     Net cash (used in) operations     (8,307)     (2,492)

Cash flows from investing
activities:
  Capital expenditures                    (16)        (30)
  Premiums on life insurance              (16)        (35)
  Proceeds on sales of equipment            17           -
  Proceeds from sale of  investment
   in stock                                317           -
  Proceeds from surrender of life
   insurance                               876           -
    Net cash provided by (used in)
     investing activities                1,178        (65)

Cash flows from financing
activities:
  Borrowing under revolving credit
   agreements                           13,579      13,364
  Payments of revolving credit
   obligations                         (6,652)    (11,700)
  Principal payments on long-term
   debt                                    (6)        (48)
  Advance to retirement plan                 -         280
    Net cash provided by financing
     activities                          6,921       1,896

  Currency translation adjustment            -        (34)

  Net (decrease) in cash and cash
   equivalents                           (208)       (695)

   Cash and cash equivalents at
    beginning of period                    974         999

   Cash and cash equivalents at end
    of period                             $766        $304


The  accompanying  notes are an integral part  of  the  condensed
consolidated financial statements.



SWANK, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited)

(1) The unaudited information furnished herein reflects all
    adjustments (consisting only of normal recurring adjustments)
    which are, in the opinion of management, necessary to present
    a fair statement of the results for the periods ended March
    31, 2002 and 2001.  The financial information contained
    herein represents condensed financial data and, therefore,
    does not include all footnote disclosures required to be
    included in financial statements prepared in conformity with
    generally accepted accounting principles. Footnote
    information was included in the financial statements included
    in the Company's 2001 Annual Report on Form 10-K. The
    condensed financial data included herein should be read in
    conjunction with the information in the Annual Report.

    The accompanying condensed consolidated financial statements
    have been prepared on a going concern basis, which
    contemplates the realization of assets and the satisfaction
    of liabilities in the normal course of business. The Company
    experienced operating losses and negative cash flows from
    operating activities for the quarter ended March 31, 2002
    which the Company was able to fund from bank financing
    currently in place. These factors raise substantial doubt
    about the ability of the Company to continue to operate as a
    going concern.  The Company's success going forward will be
    dependent on, among other things, attaining adequate sales
    revenue; continuing the current program of cost control
    initiatives; maintaining cash flow within its amended
    revolving credit agreement; and ultimately, returning to
    profitability.

    At December 31, 2001, the Company was not in compliance with
    the Minimum Tangible Net Worth ratio as required by its 1998
    Revolving Credit Agreement, as amended. The Company's bank
    lender waived that requirement as of and for the quarter
    ended December 31, 2001 through a Bank Waiver dated March 19,
    2002.  The Company also was not in compliance with the
    Minimum Tangible Net Worth ratio for the quarter ended March
    31, 2002 as required by the 1998 Revolving Credit Agreement.
    On May 7, 2002, the Company entered into an Eighth Amendment
    of the 1998 Revolving Credit Agreement (the "Eighth
    Amendment"). The Eighth Amendment modified the 1998 Revolving
    Credit Agreement by, among other things, extending the
    termination date of the 1998 Revolving Credit Agreement to
    June 25, 2003; reducing the maximum amount of revolving
    advances to $23,000,000 from $25,000,000; and revising the
    minimum Tangible Net Worth covenants for the quarters ending
    March 31, 2002, June 30, 2002, September 30, 2002, and
    December 31, 2002. The Eighth Amendment also provides for a
    seasonal overadvance of $1,500,000 for the period July 1,
    2002 through October 15, 2002 (the "Seasonal Overadvance")
    and requires that John Tulin, President and a director of the
    Company, and Marshall Tulin, Chairman and a director of the
    Company, furnish to the Bank a guaranty, in an amount not to
    exceed $750,000, to secure the repayment of the Seasonal
    Overadvance.

    During the past two years, the Company has embarked on a
    number of initiatives designed to reduce costs and increase
    its competitiveness. These actions have, among others,
    included closing the Company's costume jewelry manufacturing
    facilities in both the United States and Costa Rica in 2000
    and 2001, respectively; selling and leasing back the
    Company's Norwalk, Connecticut belt manufacturing facility
    during the second quarter of 2001; and selling certain assets
    associated with and discontinuing the remainder of the
    Company's women's costume jewelry business during the third
    quarter of 2001 (see Note 7).  In addition, the Company
    received refunds of $3,024,000 and $2,251,000 in April 2002
    and April 2001, respectively, from the Internal Revenue
    Service for federal income taxes paid in prior years. During
    the second quarter of 2002, the Company expects to receive an
    additional $1,215,000 from the Internal Revenue Service for
    federal income taxes paid in prior years as a result of a tax
    law change which was effective in March 2002. The Company
    recorded a tax benefit of $1,215,000 during the quarter ended
    March 31, 2002 to reflect this change.

    Although no assurances can be given, the Company
    believes that attaining adequate sales revenue, continuing
    the current program of cost control initiatives, and
    maintaining cash requirements within the amended revolving
    credit agreement terms will enable the Company to continue as
    a going concern.  Accordingly, the consolidated financial
    statements do not include any adjustments related to the
    recoverability and classification of recorded assets or
    liabilities or any other adjustments that would be necessary
    should the Company be unable to operate as a going concern in
    its present form.


SWANK, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited,
Continued)

 (2) During the quarter ended March 31, 2002, the Company
     has not incurred any material changes in commitments and
     contingencies set forth in Footnote J of the 2001 Annual
     Report to Stockholders.

(3)  The following table sets forth the computation of the  net
     loss  per  share  for the quarters ended March  31,  2002  and
     March  31, 2001 (in thousands, except for share and per  share
     data):

                                                Quarter
                                             Ended March 31,
                                            2002         2001
   Numerator:
     Net (loss)                          $(1,669)     $(3,762)

   Denominators:
   Shares used in computing net
    (loss) per common share             5,522,490    5,522,490
   Effect of dilutive options                   -            -
   Shares used in computing net
    (loss) per common share assuming
    dilution                            5,522,490    5,522,490

   Basic (loss) per share:
   Continuing operations                   $(.30)       $(.40)
   Discontinued operations                      -        (.28)
   Net (loss)                              $(.30)       $(.68)

   Diluted (loss) per share:
   Continuing operations                   $(.30)       $(.40)
   Discontinued operations                      -        (.20)
   Net (loss)                              $(.30)       $(.68)


(4)  Segment Information. As further described in Note 7 below,
     during the third quarter of 2001, the Company completed the sale
     of certain assets pertaining to its women's costume jewelry
     division and discontinued its remaining women's jewelry
     businesses. Accordingly, the Company now has only one reportable
     segment.

(5)  Bank financing.  At December 31, 2001, the Company was not
     in compliance with the Minimum Tangible Net Worth ratio as
     required by its 1998 Revolving Credit Agreement, as amended. The
     Company's bank lender waived that requirement as of and for the
     quarter ended December 31, 2001 through a Bank Waiver dated March
     19, 2002.

     The Company was also not in compliance with the Minimum Tangible
     Net Worth ratio for the quarter ended March 31, 2002 as required
     by the 1998 Revolving Credit Agreement.  On May 7, 2002, the
     Company entered into an Eighth Amendment of the 1998 Revolving
     Credit Agreement (the "Eighth Amendment"). The Eighth Amendment
     modified the 1998 Revolving Credit Agreement by, among other
     things, extending the termination date of the 1998 Revolving
     Credit Agreement to June 25, 2003; reducing the maximum amount of
     revolving advances to $23,000,000 from $25,000,000; and revising
     the minimum Tangible Net Worth covenants for the quarters ending
     March 31, 2002, June 30, 2002, September 30, 2002, and December
     31, 2002. The Eighth Amendment also provides for a seasonal
     overadvance of $1,500,000 for the period July 1, 2002 through
     October 15, 2002 (the "Seasonal Overadvance") and requires that
     John Tulin, President and a director of the Company, and Marshall
     Tulin, Chairman and a director of the Company, furnish to the
     bank a guaranty, in an amount not to exceed $750,000, to secure
     the repayment of the Seasonal Overadvance.

(6)  Sale and Lease-Back.  On May 2, 2001, the Company completed
     the sale and lease-back of its manufacturing facility in South
     Norwalk, Connecticut. The net proceeds to the Company of the sale
     of its manufacturing facility were approximately $5,800,000
     reflecting a sale price of $6,100,000 less direct fees and
     expenses associated with the sale. Under the terms of the
     contract of sale, the Company was also required to fund


SWANK, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited,
Continued)

     an escrow payment of $685,400 for roof repairs and general
     maintenance over the life of the lease.  At March 31, 2002,
     approximately $100,000 was unspent. The Company
     contemporaneously leased back the facility from the
     purchaser for a period of 10 years. The Company has
     classified the lease as an operating lease for financial
     reporting purposes.  This transaction resulted in a deferred
     gain of approximately $4,700,000 that was recorded on the
     Company's balance sheet at closing and is being amortized
     over the lease term.  The Company recorded amortization
     income of $117,000 for the quarter ended March 31, 2002.

(7)  Discontinued Operations. On July 23, 2001, the Company
     disposed of certain of its women's costume jewelry division's
     assets pursuant to an Agreement dated July 10, 2001 (the
     "Agreement") between the Company and K&M Associates L.P. ("K&M").
     Pursuant to the Agreement, the Company sold to K&M inventory,
     accounts receivable and miscellaneous other assets relating to
     the Company's Anne Klein, Anne Klein II, Guess?, and certain
     private label women's costume jewelry businesses.  The purchase
     price paid by K&M to the Company at the closing of the
     transactions contemplated by the Agreement was approximately
     $4,600,000.  K&M also assumed the Company's interest in its
     respective license agreements with Anne Klein, a division of
     Kasper A.S.L., Ltd., and Guess? Licensing Inc. and certain
     specified liabilities.  The cash portion of the purchase price is
     subject to adjustment under certain circumstances.  In connection
     with the sale to K&M, the Company and K&M entered into an
     agreement whereby the Company provided certain operational and
     administrative services to and on behalf of K&M for a period of
     time extending from the closing date through December 31, 2001
     (the "Transition Agreement").  Under the terms of the Transition
     Agreement, the Company was reimbursed by K&M for its direct costs
     associated with performing the transition services.  During the
     first quarter of 2001, the Company recorded a loss from
     discontinued operations of $1,568,000 net of income taxes of $0.
     In connection with the disposal of its women's costume jewelry
     business, the Company recorded a non-recurring charge of
     $5,957,000 net of income tax benefit of $810,000 for the year
     ended December 31, 2001. The components of that charge are set
     forth in the following table:

   Description                                         Amount
   Difference between net book value of
   assets sold and cash proceeds received          $2,748,000

   Accrual for certain remaining liabilities
   associated with the Company's women's
   jewelry business including lease
   obligations and minimum royalties for
   licenses not transferred to K&M                  1,981,000

   Additional reserves for women's jewelry
   assets not sold to K&M                           1,544,000

   Legal, professional, and other fees and
   expenses associated with the disposition
   of the women's jewelry business                    494,000

   Subtotal loss on disposition                    $6,767,000

   Income tax benefit                               (810,000)

   Total loss on disposition                       $5,957,000


     The disposition of the women's jewelry business represents
     the disposal of a business segment under Accounting
     Principles Board ("APB") Opinion No. 30.  Accordingly, the
     results of this operation have been classified as
     discontinued, and prior periods have been restated with
     certain fixed overhead charges reallocated to the remaining
     Men's Accessories business segment.  Proceeds from the sale
     of assets to K&M were used to repay borrowings outstanding
     under the 1998 Revolving Credit Agreement during the third
     quarter of 2001.

     The following unaudited pro forma consolidated condensed
     statement of operations for the quarter ended March 31, 2001
     is based on the historical consolidated statement of
     operations of the Company after giving effect to the
     classification of the women's jewelry segment as
     discontinued operations as described above.

     The unaudited pro forma consolidated financial statement
     below is provided for information purposes only and is based
     upon certain assumptions that the Company believes are
     reasonable under the circumstances.  The pro forma financial
     information is not necessarily indicative of the results of
     operations that actually would have occurred if the
     disposition had been consummated on the date indicated nor
     does it purport to indicate the future  results of
     operations of the Company.

     The unaudited pro forma consolidated condensed financial
     information should be read in conjunction with the Company's
     historical consolidated financial statements and notes
     thereto previously filed in the Company's Form 10-Q for the
     quarter ended March 31, 2001.



                           SWANK, INC.
    PRO FORMA CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
              FOR THE QUARTER ENDED MARCH 31, 2001
          (Dollars in thousands except per share data)
                           (Unaudited)

   <TABLE>
   <CAPTION>

                                           Historical  Adjustments   Pro Forma
   <S>                                    <C>         <C>          <C>
   Net sales                                  $27,297       $7,316     $19,981

   Cost of goods sold                          19,187        5,279      13,908

   Gross profit                                 8,110        2,037       6,073

   Selling and administrative expenses         10,624        3,209       7,415

   Restructuring expenses                         765          299         466

   (Loss) from continuing operations          (3,279)      (1,471)     (1,808)

   Interest expense, net                          483           97         386

   (Loss) from continuing operations
    before income taxes                       (3,762)            -     (2,194)
   (Benefit) for income taxes                       -            -           -

   (Loss) from continuing operations,
    net of taxes of $0                        (3,762)            -     (2,194)

   (Loss) from discontinued operations,
    net of taxes of $0                              -      (1,568)           -

   Net (loss)                                $(3,762)     $(1,568)    $(2,194)
   Share and per share information:
   Basic (loss) per share:
   Continuing operations                       $(.68)           $-      $(.40)
   Discontinued operations                          -        (.28)           -
   Net (loss)                                  $(.68)       $(.28)       $.40)

   Diluted (loss) per share:
   Continuing operations                       $(.68)           $-      $(.40)
   Discontinued operations                          -        (.28)           -
   Net (loss)                                  $(.68)       $(.28)       $.40)


   Weighted average common shares
   outstanding                              5,522,490    5,522,490   5,522,490

   Weighted average common shares
   outstanding assuming dilution            5,522,490    5,522,490   5,522,490

 </TABLE>

SWANK, INC.
Notes to Condensed Consolidated Financial Statements (Unaudited,
continued)


   Notes to Consolidated Condensed Pro Forma Financial
   Statements

1.   Revenues and expenses directly associated with the Company's
     Women's Jewelry division have been presented as discontinued
     operations.

2.   Certain shared fixed expenses including rents, depreciation,
     professional fees, utilities, and other occupancy costs which the
     Company historically has allocated to its operating divisions
     based on revenue or space utilization have not been allocated to
     discontinued operations unless the shared expenses will be
     reduced in the future as a result of the disposition.

3.   Corporate general and administrative costs historically
     allocated pro rata to the Company's Women's Jewelry division
     based on gross revenue have not been allocated to discontinued
     operations unless the shared expenses will be reduced in the
     future as a result of the disposition.

4.   Interest expense was eliminated under the assumption that
     the cash proceeds from the sale of certain of the women's costume
     jewelry division's assets were used to eliminate outstanding
     borrowings under the existing credit facility related to the
     women's costume jewelry division assets sold.


Item 2.  Management's Discussion and Analysis of the Financial
Condition and Results of Operations

Overview

As part of its strategy to focus on its core strength in the
men's accessories business, the Company disposed of certain of
its women's costume jewelry assets on July 23, 2001 pursuant to
an Agreement dated July 10, 2001 (the "Agreement") between the
Company and K&M.  Pursuant to the Agreement, the Company sold to
K&M inventory, accounts receivable and miscellaneous other assets
relating to the Company's Anne Klein, Anne Klein II, Guess?, and
certain private label women's costume jewelry businesses. The
purchase price paid by K&M to the Company at the closing of the
transactions contemplated by the Agreement was approximately
$4,600,000.  K&M also assumed the Company's interest in its
respective license agreements with Anne Klein, a division of
Kasper A.S.L., Ltd., and Guess? Licensing Inc. and certain
specified liabilities.  The cash portion of the purchase price is
subject to adjustment under certain circumstances.  In connection
with the sale to K&M, the Company and K&M entered into an
agreement whereby the Company provided certain operational and
administrative services to and on behalf of K&M for a period of
time extending from the closing date through December 31, 2001
(the "Transition Agreement").  Under the terms of the Transition
Agreement, the Company was reimbursed by K&M for its direct costs
associated with performing the transition services.

APB Opinion No. 30 requires that the results of continuing
operations be reported separately from those of discontinued
operations for all periods presented and that any loss on
disposal of a segment of a business be reported in conjunction
with the related results of discontinued operations.
Accordingly, the Company has restated its results from operations
for all prior periods presented.  The Company recorded a loss
from discontinued operations of $1,568,000 net of income taxes of
$0 for the quarter ended March 31, 2001.  During the year ended
December 31, 2001, the Company also recorded a non-recurring
charge of $5,957,000 net of income tax benefit of $810,000, to
reflect the difference between the net book value and the cash
proceeds received for the assets sold to K&M; a valuation
adjustment associated with certain inventory not sold to K&M; a
provision for the remaining obligations under certain license
agreements not assigned to K&M; and accruals for other expenses
directly associated to the disposition including legal and
broker's fees.  See Note 7.

The Company is currently engaged in the manufacture, sale and
distribution of men's belts, leather accessories, suspenders, and
men's jewelry. These products are sold both domestically and
internationally, principally through department stores, and also
through specialty stores and mass merchandisers. The Company
operates a number of factory outlet stores primarily to
distribute excess and out of line merchandise.


Results of Operations

As is customary in the fashion accessories industry, the Company
makes modifications to its lines coinciding with the Spring
(approximately January - June) and Fall (approximately July -
December) seasons. The Company believes that results of
operations are more meaningful on a seasonal basis than on a
quarterly basis.  The timing of shipments can be affected by the
availability of materials, retail sales, and fashion trends.
These factors may shift  volume between quarters within a season
differently in one year than in another. Due to seasonality and
other factors, the results of the quarter are not necessarily
indicative of the results to be expected for the full year.


Net Sales

Net  sales  for the quarter ended March 31, 2002 were $21,145,000
compared  to $19,981,000 for the corresponding period last  year,
reflecting  an  increase of $1,164,000  or  5.8%.   The  increase
during  the  quarter  was  primarily  due  to  shipments  of  the
Company's  Tommy  Hilfiger  branded merchandise  including  men's
belts and personal leather goods, offset in part by decreases  in
certain  private label programs. The Company launched  its  Tommy
Hilfiger collection to the retail trade in May 2001. The decrease
in  private  label shipments was primarily due  to  the  cautious
attitude of  retail buyers



Item  2.   Management's Discussion and Analysis of the  Financial
Condition and Results of Operations (continued)

emerging from a disappointing 2001 holiday season. The Company is
a leading supplier of private label men's accessories to major
department and specialty stores.


Gross Profit

Gross profit for the quarter was $5,154,000, a decrease of
$919,000 or 15.1% compared to the quarter ended March 31, 2001.
Gross profit expressed as a percentage of net sales was 24.4% and
30.9% for the quarters ended March 31, 2002 and March 31, 2001,
respectively.  The decrease in gross profit is primarily due to a
change in the mix of merchandise sold that favored lower margin
goods relative to last year.  In addition, new packaging concepts
were introduced during the first quarter that helped drive sales
higher but generally at lower margins.

Gross profit was also impacted by an increase in unfavorable
overhead variances resulting from a decline in production volume
at the Company's belt manufacturing facility.  During the
quarter, the Company generally reduced production levels and
deferred certain merchandise purchases in an attempt to reduce
inventories and conserve cash.  At March 31, 2002, inventories
for Men's Accessories were lower than the corresponding period
last year by $2,616,000 or 11% and lower than at December 31,
2001 by $850,000 or 4%. Royalty expenses were higher during the
quarter due to increased sales of licensed products, especially
Tommy Hilfiger branded goods.


Selling and Administrative Expenses

Selling and administrative expenses increased $367,000 from
$7,415,000 to $7,782,000, or 5.0% for the quarter ended March 31,
2002 compared to the quarter ended March 31, 2001.

The  increase in selling and administrative expenses  was  mainly
due  to  increased advertising and promotion and  other  variable
selling  and  distribution  costs.   Selling  expenses  increased
$695,000 or 14.5% during the quarter and, as a percentage of  net
sales, increased to 25.9% from 23.9% for the corresponding period
last  year.  Administrative expenses as a percentage of net sales
were  10.9% and 13.2% for the quarters ended March 31,  2002  and
March  31, 2001, respectively.  Administrative expenses decreased
$327,000  or  12.4%  for the quarter ended March  31,  2002.  The
decrease  was  mostly due to lower compensation and  professional
fees expenses.


Interest Expense

Net interest expense decreased by $130,000 or 34% during the
quarter ended March 31, 2002 compared to the same period last
year.  The decrease was primarily due to lower average borrowings
primarily as a result of the transactions discussed in Notes 6
and 7 to the Condensed Consolidated Financial Statements.  The
Company's average borrowing cost was also lower during the
quarter ended March 31, 2002 compared to the prior year due to a
decrease in the Prime lending rate.


Provision for Income Taxes

The Company recorded an income tax benefit of $1,215,000 on the
consolidated pre-tax loss for the quarter ended March 31, 2002 as
a result of a change in tax law that permits the Company to
carryback operating losses to additional years.  The Company
recorded no income tax benefit on the consolidated pretax loss
for the quarter ended March 31, 2001.  At December 31, 2001, the
Company recorded a valuation allowance on its deferred tax asset
of $9,964,000 to reduce the asset to its estimated net realizable
value.  Based upon the projections for future taxable income over
the periods in which the temporary differences that created the
deferred tax asset are anticipated to reverse, management
believes it is more likely than not that the Company will realize
the benefit of these deductible temporary differences, net of the
valuation allowance.  The amount of the deferred tax asset
considered realizable could be adjusted in the future if
estimates of taxable income are revised based on actual results.



Item  2.   Management's Discussion and Analysis of the  Financial
Condition and Results of Operations (continued)

Discontinued Operations

The following table summarizes loss from discontinued operations,
net of tax, for the quarter ended March 31, 2002 and 2001 (in
thousands):

                          Three Months ended March 31
                                  2002         2001
   (Loss) from
   discontinued women's
   costume jewelry  business       $  -    $ (1,568)

   (Loss) on disposition
   of women's costume
   jewelry business                   -            -

   Income tax benefit
   for discontinued operations        -            -

   Net (loss) from
   discontinued operations         $  -     $ (1,568)


Revenues and expenses directly associated with the women's
costume jewelry business have been presented as discontinued
operations.  Certain general administrative costs and shared
fixed costs including rents, depreciation, professional fees,
utilities, and other occupancy costs that the Company has
historically allocated to its operating divisions based on
revenue or space utilization have not been allocated to
discontinued operations unless the expenses were assumed to be
reduced in the future as a result of the disposition.

Interest expense was eliminated under the assumption that the
cash proceeds from the sale of certain of the women's costume
jewelry division's assets were used to eliminate outstanding
borrowings under the existing credit facility related to the
women's costume jewelry division assets sold.

The net loss from discontinued operations for the quarters ended
March 31, 2002 and 2001 were $0 and $1,568,000, respectively.  As
discussed in Note 7, the Company recorded a loss in 2001 on the
disposition of its women's jewelry division of $5,957,000.  The
loss on disposition consists of the difference between the net
book value of the assets sold and the cash proceeds received from
K&M; a provision for additional reserves on the remaining women's
jewelry assets not sold to K&M; accruals for remaining payments
on license and lease agreements not assigned or transferred to
K&M; and other fees and expenses directly attributable to the
disposition including legal and broker's expenses.


Liquidity and Capital Resources

As is customary in the fashion accessories industry, substantial
percentages of the Company's sales and earnings occur in the
months of September, October and November, during which the
Company makes significant shipments of its products to retailers
for sale during the holiday season. As a result, accounts
receivable peak in the fourth quarter.  The Company builds its
inventory during the year to meet the demand for the holiday
season.  The required cash is provided by a revolving credit
facility.

At December 31, 2001, the Company was not in compliance with the
Minimum Tangible Net Worth ratio as required by its 1998
Revolving Credit Agreement. The Company's bank lender
subsequently waived those requirements as of and for the quarter
ended December 31, 2001. The Company also was not in compliance
with the Minimum Tangible Net Worth ratio for the quarter ended
March 31, 2002 as required by the 1998 Revolving Credit
Agreement. On May 7, 2002, the Company entered into an Eighth
Amendment of the 1998 Revolving Credit Agreement (the "Eighth
Amendment"). The Eighth Amendment modified the 1998 Revolving
Credit Agreement by, among other things, extending the
termination date of the 1998 Revolving Credit Agreement to June
25, 2003; reducing the maximum amount of revolving advances to
$23,000,000 from $25,000,000; and revising the minimum Tangible
Net Worth covenants for the quarters ending March 31, 2002, June
30, 2002, September 30, 2002, and December 31, 2002. The Eighth
Amendment also provides for a seasonal overadvance of $1,500,000
for the period July 1, 2002 through October 15, 2002 (the
"Seasonal Overadvance") and requires that John Tulin, President
and a director of the Company, and

Item  2.   Management's Discussion and Analysis of the  Financial
Condition and Results of Operations (continued)

Marshall Tulin, Chairman and a director of the Company, furnish
to the Bank a guaranty, in an amount not to exceed $750,000, to
secure the repayment of the Seasonal Overadvance.  (see Note 5).

The accompanying consolidated financial statements have been
prepared on a going concern basis, which contemplates the
realization of assets and the satisfaction of liabilities in the
normal course of business. The Company experienced operating
losses and negative cash flows from operating activities for the
year ended December 31, 2001 which the Company was able to fund
from bank financing currently in place and from the proceeds of
certain transactions as described in Notes 6 and 7. These factors
raise substantial doubt about the ability of the Company to
continue to operate as a going concern. The Company's success
going forward will be dependent on, among other things, attaining
adequate sales revenue; continuing the current program of cost
control initiatives; maintaining cash flow within its amended
revolving credit agreement; and ultimately, returning to
profitability.

Although no assurances can be given, the Company believes that
attaining adequate sales revenue, continuing the current program
of cost control initiatives, and maintaining cash requirements
within the amended revolving credit agreement terms will enable
the Company to continue as a going concern.  Accordingly, the
consolidated financial statements do not include any adjustments
related to the recoverability and classification of recorded
assets or liabilities or any other adjustments that would be
necessary should the Company be unable to operate as a going
concern in its present form.

The Company's working capital decreased by $1,308,000 during the
quarter ended March 31, 2002 compared to a decrease of $3,428,000
for the quarter ended March 31, 2001.

Cash used in operations for the quarter ended March 31, 2002
totaled $8,307,000 compared to cash used of $2,492,000 for the
quarter ended March 31, 2001. Cash used in operations for the
current period consisted primarily of the consolidated net loss,
increases in accounts receivable and income taxes recoverable,
and seasonal reductions in accounts receivable reserves, accounts
payable, and other accrued liabilities. Accounts receivable
reserves decreased due to actual charges processed during the
quarter for cash discounts, in-store markdowns, cooperative
advertising, and customer returns primarily relating to
commitments made during 2001. Cash used in operations for the
same period last year was principally due to the consolidated net
loss for the period, reductions in accounts payable and other
current liabilities, offset in part by a decrease in inventories.

Cash  provided by investing activities was $1,178,000 due  mainly
to  the  sale  of a common stock investment and the surrender  of
life   insurance  policies  which  proceeds  were  used  to  fund
withdrawals from the Company's deferred compensation  plan.  Cash
provided  by  financing activities totaled $6,921,000  consisting
mostly  of net borrowings against the Company's revolving  credit
agreement.

"Forward Looking Statements"

Certain of the preceding paragraphs contain "forward looking
statements" under the securities laws of the United States.
Actual results may vary from anticipated results as a result of
various risks and uncertainties, including sales patterns,
overall economic conditions, competition, pricing, consumer
buying trends and other factors.


Item 3.    Quantitative and Qualitative Disclosures about Market
Risk

During the quarter ended March 31, 2002, there were no material
changes in the information called for by this item from the
information contained in Item 7A of the Company's Annual Report
on Form 10-K for the fiscal year ended December 31, 2001.



PART II - OTHER INFORMATION

Item 6.    Exhibits and Reports on Form 8-K

(a)  Exhibit No.     Description

      None.

(b)  Reports on Form 8-K.

      None.


                           SIGNATURES

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

                                   SWANK, INC.
                                   Registrant


                                   /s/ Jerold R. Kassner

                                   Jerold R. Kassner
                                   Senior Vice President,
                                   Chief Financial Officer
                                   And Treasurer



Date:    May 15,2002