13




                    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, 1997

                                  OR

       TRANSITION  REPORT PURSUANT TO SECTION 13 OR 15(d)  OF  THE
       SECURITIES EXCHANGE ACT  OF 1934
          For   the   transition   period   from_______to _________

                         Commission file number 1-5354

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

    Delaware     04-1886990
 (State or otherjurisdiction ofincorporation     (IRS employer identification 
     or organization)                             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 May 5 ,1997

               Common stock, $.10 par value       16,509,323

<PAGE>
                                 SWANK, INC.
                  PART I - FINANCIAL STATEMENTS
 Item 1.  Financial Statements.  CONDENSED CONSOLIDATED BALANCE
                       SHEETS (UNAUDITED)
                     (Dollars in thousands)
<TABLE>
<CAPTION>
                                                         March 31, 1997      December 31, 1996
<S>                                                  <C>        <C>       <C>        <C>
          ASSETS                                                                              
Current:                                                                                      
  Cash and cash equivalents                                    $    652               $  2,871
  Accounts receivable, less allowances                                                        
    of $8,806 and $10,463                                         9,825                  7,977
  Inventories, at the lower of cost or market                                                 
          Raw materials                                4,008                3,930             
          Work in process                              6,688                5,122             
           Finished goods                             13,501     24,197    13,318       22,370
  Deferred income taxes                                           2,921                  2,921
  Prepaid and other current                                       1,273                  1,766
                                                                                              
          Total current assets                                   38,868                 37,905
                                                                                              
Property, plant and equipment, at cost                23,471               23,260             
  Capital leases                                       1,404                1,404             
    less accumulated depreciation and amortization  (18,252)      6,623  (17,904)        6,760
  Other assets                                                    4,286                  4,122
                                                                                              
  Total assets                                                  $49,777                $48,787
                                                                                              
          LIABILITIES                                                                         
Current:                                                                                      
  Short-term debt                                              $ 5 ,034                $     0
  Current portion of long-term debt                                 800                  1,637
  Term loan classified as current                                 2,495                  2,700
  Accounts payable                                                3,528                  3,331
  Accrued employee compensation                                   1,555                  4,776
  Income taxes payable                                              263                  1,483
  Other current liabilities                                       5,689                  4,938
                                                                                              
          Total current liabilities                              19,364                 18,865
                                                                                              
Long-term obligations                                             8,067                  8,591
                                                                                              
          Total liabilities                                      27,431                 27,456
                                                                                              
          STOCKHOLDERS' EQUITY                                                                
Preferred stock, par value $1.00                                                              
  Authorized 1,000,000 shares                                                                
Common stock, par value $.10                                                                   
  Authorized 43,000,000 shares:                                                               
    Issued 16,843,042 and 16,843,042 shares            1,684                1,684             
Capital in excess of par value                           570                  852             
Retained earnings                                     20,822     23,076    20,776       23,312
                                                                                              
Deferred employees' benefits                                                                  
  40,572 and 1,274,788 shares                                      (21)                (1,272)
Treasury stock 333,519 and 333,519 shares                         (709)                  (709)
                                                                                              
          Total stockholders' equity                             22,346                 21,331
                                                                                              
Total liabilities and stockholders' equity                      $49,777                $48,787

</TABLE>
The  accompanying  notes are an integral part  of  the  condensed
consolidated financial statements.

<PAGE>
                           SWANK, INC.
   CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
         FOR THE QUARTERS ENDED MARCH 31, 1997 AND 1996
                            (Dollars in thousands)
                        ----------------



                                                     1997        1996


Net Sales                                         $27,567     $30,706
Cost of goods sold                                 14,729      18,585
Gross profit                                       12,838      12,121
Selling and administrative expenses                12,538      12,850
Income (loss) from operations                         300       (729)
Interest charges                                      224         461
Income (loss) before income taxes                      76     (1,190)
(Provision) benefit for income taxes                 (30)         297
Net income (loss)                                     $46      $(893)
Share and per share information:                                     
Weighted average common shares outstanding     16,501,921  15,845,062
Net income (loss) per share                         $0.00      $(.06)
                                                                     


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

<PAGE>

                           SWANK, INC.
   CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
         FOR THE QUARTERS ENDED MARCH 31, 1997 AND 1996
                            (Dollars in thousands)
                         --------------

<TABLE>
<CAPTION>
                                                                    1997      1996
<S>                                                             <C>        <C>
Cash flow from operating activities:                                     
                                                                         
Net income (loss)                                               $     46   $  (893)
                                                                                   
Adjustments to reconcile net income (loss)                                         
 to net cash used in operations:                                                   
                                                                                   
     Depreciation and amortization                                  454        326 
     Decrease in receivable allowances                           (1,657)    (1,962)
     Increase in post retirement benefits                            75         93
                                                                                   
Changes in assets and liabilities                                                  
  Increase in accounts receivable                                  (191)    (1,346)
  (Increase) decrease in inventory                               (1,827)     3,151
  Decrease in prepaid and other current assets                      387         23
  (Increase) decrease in other assets                              (164)       145
  Decrease in accounts payable, accrued and other liabilities    (3,358)    (1,721)
                                                                                   
               Net cash used in operations                       (6,235)    (2,184)
                                                                                   
Cash flow from investing activities:                                               
                                                                                   
  Capital expenditures                                             (213)      (134)
                                                                                   
               Net cash used in investing activities               (213)      (134)
                                                                                   
Cash flow from financing activities:                                               
                                                                                   
  Borrowing under revolving credit agreements                     8,253      3,000
  Payments of borrowings under revolving credit agreements       (3,219)          -
  Principal payments on long-term debt                             (705)          -
  Payments of capital lease obligations                             (79)          -
  Advance to retirement plan                                        (21)       (17)
                                                                                   
               Net cash provided by financing activities          4,229      2,983
                                                                                   
  Net increase (decrease) in cash and cash equivalents           (2,219)       665
                                                                                   
  Cash and cash equivalents at beginning of period                2,871      1,121
                                                                                   
  Cash and cash equivalents at end of period                    $   652     $1,786

</TABLE>


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

<PAGE>
       Notes   to   Unaudited  Condensed  Consolidated  Financial
       Statements.

(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,
1997  and  1996.   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 financial statements included in the Company's annual
report on Form 10-K for the fiscal year ended December 31,  1996.
The  condensed financial data included herein should be  read  in
conjunction with the information in the annual report.

2)    During  the  three month period ended March 31,  1997,  the
Company has not incurred any material changes in commitments  and
contingencies as previously referenced in Footnote I of the  1996
annual report.

3)    During  the  quarter  ended March  31,  1997,  the  Company
fulfilled   its  previously  recorded  commitment   to   allocate
1,274,788  shares to the individual accounts of  participants  in
the  stock ownership component of  the Company's retirement plan.
As  a  result  of the allocation, deferred employee benefits  was
reduced by $1,272,000, accrued  employee compensation was reduced
by  $990,000  and capital in excess of par value was  reduced  by
$282,000.

(4)  In  February  1997,  the  FASB  issued  Statement  No.  128,
"Earnings  Per Share," which establishes standards for  computing
and  presenting earnings per share data. The Company  will  adopt
Statement 128 in the fourth quarter of fiscal 1997 and, based  on
the  existing  simple  capital  structure,  management  does  not
believe the effect of adoption will be material.

<PAGE>

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

Results of Operations

      As  is  customary in the fashion accessories industry,  the
Company  makes  modifications to its lines  coinciding  with  the
Spring  (January - June) and Fall (July - December) seasons.  The
Company  believes that results of operations are  more meaningful
on a seasonal basis (six months) than on a quarterly basis as the
timing  of  sales  and  related income between  quarters  can  be
affected  by  the  availability of materials,  retail  sales  and
fashion  trends.  These factors may affect the  shift  of  volume
between  quarters within a season differently in  one  year  than
another. Due to seasonality and other factors, the results of the
first 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, 1997 were
$27,567,000, a decrease of $3,139,000 or 10%, from the quarter
ended March 31, 1996. The largest portion of this decrease is a
result of the Company's  actions to reduce excess inventories in
the first quarter of 1996.

  Men's and Women's Jewelry net sales declined $638,000 or 5% for
the quarter, Men's Leather Accessories sales fell $2,237,000 or
14%, and other product lines' sales decreased $264,000 or 37%.
The decrease in Jewelry net sales was primarily due to greater
sales of excess and out of line merchandise in the first quarter
of 1996. The market for Women's Jewelry continues to be difficult
due to a lackluster retail environment for fashion accessories.
Over half of the change in  Men's Leather Accessories sales is
attributable to personal leather goods. During the first quarter
of 1996,  sales of excess and out of line merchandise were
greater than in 1997 and also included initial shipments of new
mass merchandise programs.  In addition, 1997 was adversely
affected by supply issues. The remainder of the change in  Men's
Leather Accessories sales was due primarily to declines in the
disposition of excess and out of line belt merchandise from the
levels experienced in the first quarter of 1996. A portion  may
also  have been attributable to a reduction in orders of
established products by certain retailers pending availability of
the Company's new Men's designer lines.  Significant 1997
shipments of products in the Company's new Men's lines did not
begin until late in the quarter. Although management anticipates
that the Company will be strengthened by the addition of the new
lines,  unfavorable consumer acceptance of the new lines could
adversely affect future operating results.  The reduction in net
sales for other product lines is primarily due to decreases
associated with certain merchandise sold through the Company's
factory outlets.

    Net sales at the Company's factory outlets, which are
included in the net sales amounts by product above, decreased
$468,000 or 29% for the quarter ended March 31, 1997.  Same-store
sales decreased 3% in the quarter and  the remaining  26% was due
to the closure of 11 store locations in 1996 and an additional 5
during the first quarter of 1997.  Factory outlet sales
constituted less than 5% of consolidated net sales in the quarter
ended March 31, 1997. The Company believes the factory outlets
are still a valuable distribution channel for the disposition of
excess inventory and /or discontinued inventory and  continues to
assess the performance of each store.

<PAGE>

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

Gross Profit

     Gross profit for the quarter ended March 31, 1997 increased
$718,000 or 6%. Gross profit expressed as a percentage of net
sales increased to 46.6% from 39.5% for the quarter.  Gross
profit increased $829,000 (13%) and $11,000 (.2 %) for Men's and
Women's Jewelry and Men's Leather Accessories, respectively.
Gross profit decreased $122,000 or 38% for other product lines
which consist of certain items sold through the Company's factory
outlets.

  Gross profit as a percent of sales for the quarter increased to
52.3% from 44.0% for Men's and Women's Jewelry and to 41.1% from
35.3% for Men's Leather Accessories. Gross profit as a percent of
sales for other product lines decreased to 43.6% from 44.6%. The
improvement in gross margin during the quarter is attributable to
lower product costs and a more favorable sales mix resulting from
reduced shipments of excess and out-of-line merchandise vs. the
comparable period in 1996. The gross profit improvement was also
due to favorable manufacturing overhead variances incurred during
the quarter.   The Company temporarily increased jewelry
production levels during the quarter in order to improve delivery
positions on certain merchandise programs, primarily for shipment
during the quarter.

  Customer returns through March 31, 1997 are generally
consistent with the estimates utilized in establishing the
allowance for customer returns as of December 31,1996.  First
quarter adjustments to the allowance in 1997 and 1996 include
routine accruals for estimated returns on current period sales
and charges for actual returns received through March 31.  The
extent of the variance, if any, of actual 1997 returns from the
allowance established at  December 31, 1996 will be finally
determined during the second quarter and recorded at that time.
Specific incremental allowances were provided at December 31,
1996 for returns associated with the transition in Men's designer
lines.  There have been no significant adjustments to these
allowances as the actual returns are anticipated in subsequent
quarters.


Selling and Administrative Expenses

     Selling and administrative expenses decreased $312,000 or 2%
for the quarter ending March 31, 1997, principally due to lower
costs associated with fringe benefits.  Year-to-year reductions
in selling expenses attributable to the closure of  factory
outlets were offset by increases in advertising and promotional
expenditures.  Total advertising and promotional expenditures
totaled 8.4% and 5.7% of net sales for the quarters ending March
31, 1997 and March 31, 1996, respectively.  Advertising and
promotion expenses were lower in 1996 due to the financial
constraints which the Company was experiencing at the time.
Selling and administrative expenses as a percent of net sales
increased to 45.5% from 41.8% primarily due to the decrease in
net sales.


Interest Expense

  Interest expense decreased $237,000, or 51%, for the quarter
ended March 31, 1997 reflecting reduced borrowing levels during
the quarter and lower average interest rates on bank debt. The
Company did not commence substantial borrowings under its
revolving credit agreement until late February 1997.

<PAGE>

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


Provision for Income Taxes

     The Company recorded a provision for income taxes at an
effective rate of 39.0% for the quarter ending March 31, 1997
which approximates blended state and federal statutory rates. The
Company recorded a tax benefit  during the first quarter of 1996
at an effective rate of 25%, which is below the federal statutory
rate, to reflect the then anticipated utilization of alternative
minimum tax credit carryforwards.


Earning (Loss) Per Share

     Average shares outstanding used to compute earnings (loss)
per share  are  adjusted to include shares held by the Company's
employee stock ownership plan deemed to be allocated to
participants in accordance with Statement of Position 93-6
"Accounting for Employee Stock Ownership Plans."


Liquidity and Capital Resources

     The Company's working capital increased $464,000 during
quarter ended March 31, 1997.

  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,
receivables peak in the fourth quarter. The Company generally
builds its inventory during the first three quarters of the year
to meet the demand for the holiday season.  The required cash is
provided by a revolving credit facility.

    Cash used in operations for the quarter totaled $6,235,000,
consisting primarily of reductions in receivable allowances,  an
increase in inventory balances,  and a decrease in accounts
payable, accrued and other,  the latter attributable to  payments
of compensation accrued at year end and income taxes. Inventory
levels increased $1,827,000 or 8% during the quarter reflecting
seasonal growth and certain increases in connection with product
transitions in Men's lines.  The Company's inventories
traditionally are at a seasonal low point at year end. The
Company continues to focus on asset management as part of its
overall program to enhance  its competitiveness, productivity and
efficiency.  Accounts receivable allowances decreased  due to
actual charges processed for cash discounts, doubtful accounts,
in-store markdowns, cooperative advertising and customer returns.
These reductions are partially offset by increases resulting from
accruals associated with current period activity.

  Cash used in investing activities was $213,000 for equipment.
Cash provided by financing activities totaled $4,229,000
consisting primarily of net borrowings under the Company's
revolving credit agreement and a  $705,000 prepayment of long-
term bank borrowings as required by the loan agreements.

"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.

<PAGE>
                         PART II - OTHER INFORMATION

Item 6.     Exhibits and Reports on Form 8-K

(a)  Exhibits

       27.0      Financial data schedule.


(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\ Christopher F. Wolf
----------------------------
Christopher F. Wolf

Senior Vice President, Treasurer

and Chief Financial Officer


Date:       May 8, 1997