<PAGE>

                 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
                          Washington, D.C. 20549

                                 FORM 10-K

[X]  ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE
     ACT OF 1934 FOR THE FISCAL YEAR ENDED:

                            SEPTEMBER 30, 1999

                                   -OR-

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

Commission File No. 1-5050

                          ALBERTO-CULVER COMPANY
                          ----------------------
          (Exact name of registrant as specified in its charter)

           Delaware                                      36-2257936
--------------------------------                       ------------------
 (State or other jurisdiction of                       (I.R.S. Employer
  incorporation or organization)                       Identification No.

     2525 Armitage Avenue
     Melrose Park, Illinois                                   60160
--------------------------------                       --------------------
(Address of principal executive offices)                    (Zip code)

Registrant's telephone number, including area code:  (708)450-3000

Securities registered pursuant to Section 12(b) of the Act:

                                                        Name of each exchange
             Title of each class                         on which registered
             -------------------                        ----------------------
Class A Common Stock, par value $.22 per share         New York Stock Exchange
Class B Common Stock, par value $.22 per share         New York Stock Exchange

Securities registered pursuant to Section 12(g) of the Act: None

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the preceding 12 months (or for such shorter period that the registrant was
required to file such reports) and (2) has been subject to such filing
requirements for the past 90 days. YES X  NO
                                       -     ---

Indicate by check mark if disclosure of delinquent filers pursuant to Item 405
of Regulation S-K is not contained herein, and will not be contained, to the
best of registrant's knowledge, in definitive proxy or information statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [ X ]

The aggregate market value of common stock held by non-affiliates (assuming for
this purpose only that all directors and executive officers are affiliates) on
November 15, 1999 was $415.8 million for Class A Common Stock and $395.8 million
for Class B Common Stock.

At November 15, 1999, there were 22,635,692 shares of Class A Common Stock
outstanding and 32,957,471 shares of Class B Common Stock outstanding.

                      DOCUMENTS INCORPORATED BY REFERENCE
                      -----------------------------------

Parts I and II ...... Portions of annual report to stockholders for the year
                      ended September 30, 1999, as specifically described
                      herein.

Part III ............ Portions of proxy statement and notice of annual meeting
                      of stockholders on January 27, 2000, as specifically
                      described herein .

<PAGE>

                          FORWARD-LOOKING STATEMENTS
                          --------------------------

This Annual Report on Form 10-K and the documents incorporated by reference
herein include certain forward-looking statements within the meaning of Section
27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act
of 1934. Such statements are based on management's current expectations and
assessments of risks and uncertainties and reflect various assumptions
concerning anticipated results, which may or may not prove to be correct. Some
of the factors that could cause actual results to differ materially from
estimates or projections contained in such forward-looking statements include
the pattern of brand sales, including variations in sales volume within periods;
competition within the relevant product markets, including pricing, promotional
activities, continuing customer acceptance of existing products and the ability
to develop and successfully introduce new products; uncertainties pertaining to
Y2K computer exposures; risks inherent in acquisitions and strategic alliances;
changes in costs, including changes in labor costs, raw material prices or
promotional expenses, the costs and effects of unanticipated legal or
administrative proceedings; variations in political, economic or other factors
such as currency exchange rates, inflation rates, recessionary or expansive
trends, tax changes, legal and regulatory changes or other external factors over
which Alberto-Culver Company has no control. Alberto-Culver Company disclaims
any obligation to update any forward-looking statement in this Annual Report on
Form 10-K or any incorporated document.

                                 PART I
ITEM  1. BUSINESS
-----------------

BUSINESS SEGMENTS AND GEOGRAPHIC AREA INFORMATION
-------------------------------------------------

Alberto-Culver Company and its consolidated subsidiaries (herein referred to
collectively as the "company," unless indicated otherwise) have three principal
business segments.  The company's consumer products business includes two
segments, "Alberto-Culver North America" and "Alberto-Culver International," and
includes developing, manufacturing, distributing and marketing branded consumer
products worldwide.  Alberto-Culver North America includes the company's
consumer products operations in the United States and Canada while Alberto-
Culver International sells consumer products in more than 120 other countries.

The classes of products in the Alberto-Culver North America and the Alberto-
Culver International business segments include health and beauty care products
as well as food and household products.  Health and beauty care products
accounted for approximately 39%, 41% and 44% of the company's consolidated net
sales for the years ended September 30, 1999, 1998 and 1997, respectively.  Food
and household products accounted for approximately 6%, 7% and 7% of the
company's consolidated net sales for the years ended September 30, 1999, 1998
and 1997, respectively.

The third segment, "Specialty Distribution - Sally", consists of Sally Beauty
Company ("Sally Beauty"), a distributor of professional beauty supplies through
its Sally Beauty Supply stores and its full service operations. Sales of the
Specialty Distribution - Sally business segment accounted for approximately 56%,
53% and 50% of the company's consolidated net sales for the years ended
September 30, 1999, 1998 and 1997, respectively.

Financial information about business segments and geographic area information is
incorporated herein by reference to the "Business Segments and Geographic Area
Information" note of "Notes to Consolidated Financial Statements" in the
company's annual report to stockholders for the year ended September 30, 1999.

ALBERTO-CULVER NORTH AMERICA
----------------------------

The company's major health and beauty care products marketed in the United
States include the ALBERTO V05, TRESemme and CONSORT lines of hair care
products, the ST. IVES SWISS FORMULA line of hair and skin care products, FDS
feminine deodorant sprays and the TCB and MOTIONS lines of hair care products
for the ethnic market.  Food and household products sold in the United States
include MRS. DASH

                                      -2-
<PAGE>

salt alternatives, MOLLY MCBUTTER butter flavor sprinkles, SUGARTWIN sugar
substitute and STATIC GUARD anti-static spray.

In Canada, the company sells most of the products marketed in the United States
along with the ALBERTO and ALBERTO BALSAM lines of hair care products.

The Alberto-Culver North America segment also includes the manufacturing of
custom label products in the United States for other companies.

ALBERTO-CULVER INTERNATIONAL
----------------------------

The company manufactures and markets health and beauty products throughout
Scandinavia and Europe through its Cederroth International subsidiary
headquartered in Sweden. Major products include SALVE adhesive bandages, SAMARIN
antacids, SELTIN salt substitute, JORDAN toothbrushes, TOPZ cotton buds, SAVETTE
wet wipes, BLIW liquid soaps, DATE anti-perspirants and cologne for women,
FAMILY FRESH shampoo and shower products, SUKETTER artificial sweetener, ALBERTO
V05 hair care products, the ST. IVES SWISS FORMULA line of hair and skin care
products, HTH and L300 skin care products, GRUMME TVATTSAPA detergents and
PHARBIO natural pharmaceuticals.

In the United Kingdom, the company markets, among other products, the ALBERTO
V05, ALBERTO BALSAM and TRESemme lines of hair care products and the ST. IVES
SWISS FORMULA line of hair and skin care products. INDOLA professional hair
colors, shampoos, conditioners and styling products are marketed throughout
Europe and other international markets.

In Latin America, the significant products sold by the company include the
ALBERTO V05, GET SET and ANTIALL lines of hair care products, the ST. IVES SWISS
FORMULA line of hair and skin care products, VERITAS soap and deodorant body
powder products and FARMACO soap products. Other large international markets for
the company include Australia, Italy and New Zealand.

SPECIALTY DISTRIBUTION - SALLY
------------------------------

Sally Beauty Company operates a network of cash-and-carry professional beauty
supply stores and also sells professional beauty products to hairdressers,
beauticians and cosmetologists through its full-service operations. Sally Beauty
Supply stores provide salon owners, hairdressers and consumers with an extensive
selection of hair care and skin care products, cosmetics, styling appliances and
other beauty items. Sally's Beauty Systems Group sells exclusive professional
beauty lines directly to the salon market through its own sales force and
stores. As of September 30, 1999, Sally Beauty had 2,157 stores in the United
States, Puerto Rico, the United Kingdom, Canada, Japan and Germany.

PRODUCT DEVELOPMENT AND MARKETING
---------------------------------

Many of the company's consumer products are developed in the company's
laboratories. New products introduced by the company are assigned product
managers who guide the products from development to the consumer. The product
managers are responsible for the overall marketing plans for the products and
coordinate advertising, promotion and market research activities.

The company allocates a large portion of its revenues to the advertising,
promotion and market research of consumer products. Net earnings are materially
affected by these expenditures, which are charged to income in the period
incurred. Advertising, promotion and market research expenditures were $259.7
million in 1999, $257.7 million in 1998 and $255.3 million in 1997.

Advertising, promotion and market research expenditures relating to a new
product will ordinarily constitute a higher percentage of sales than in the case
of a well-established product. There can be no assurance that such expenditures
will result in consumer acceptance and profitability for a product.

                                      -3-

<PAGE>

The company regards television as the best medium for its advertising and uses
it to conduct extensive network, spot and cable television advertising
campaigns. The company also advertises through other media such as newspapers,
magazines and radio as well as through Sally Beauty Company's direct mailings to
professional customers.

Extensive advertising and promotion are required to build and protect a
product's market position. The company believes there is significant consumer
awareness of its major brands and that such awareness is an important factor in
the company's operating results.

COMPETITION
-----------

The markets for the company's branded consumer products are highly competitive
and sensitive to changes in consumer preferences and demands. The company's
competitors range in size from large, highly diversified companies (some of
which have substantially greater financial resources than the company) to small,
specialized producers. The company competes on the basis of product quality and
price and believes that brand loyalty and consumer acceptance are important
factors. The company's markets are characterized by frequent introductions of
competitive products and by the entry of other manufacturers as new competitors,
both of which are typically accompanied by extensive advertising and promotional
campaigns. Such campaigns are often very costly and can significantly affect the
sales and earnings of the company and its competitors.

Sally Beauty Company experiences competition from local and regional
professional beauty supply stores, full-service dealers calling directly on
salons and a wide range of retail outlets carrying a limited selection of
professional beauty products.

DISTRIBUTION IN THE UNITED STATES
---------------------------------

Retail health and beauty care products and food and household products are sold
primarily through the company's sales force consisting of approximately 50
employees and 120 independent brokers calling upon wholesale drug establishments
and retail outlets such as supermarkets, drug stores, mass merchandisers and
variety stores.

Professional hair care products in the United States are sold by company sales
representatives and brokers to beauty supply outlets and to beauty distributors
who in turn sell to beauty salons, barber shops and beauty schools.

SALLY BEAUTY COMPANY DISTRIBUTION
---------------------------------

Sally Beauty Company sells professional beauty supplies through full-service
distributors and its 2,157 stores located in 47 states, Puerto Rico, the United
Kingdom, Canada, Japan and Germany. Sally Beauty's stores are self-service,
cash-and-carry and are primarily located in shopping centers. Sally operates the
world's largest chain of professional beauty supply stores and as such is a
major customer of some of the company's competitors in the personal care
products industry. Sally sells Alberto-Culver North America's professional hair
care products, but these products represent only a small portion of Sally's
selection of salon brands.

FOREIGN OPERATIONS
------------------

Products of the company are sold in more than 120 countries or geographic
regions, primarily through direct sales by subsidiaries, independent
distributors and licensees.

The company's foreign operations are subject to risks inherent in transactions
involving foreign currencies and political uncertainties.

                                      -4-

<PAGE>

EMPLOYEES
---------

In its domestic and foreign operations, the company had approximately 13,400
full-time equivalent employees as of September 30, 1999, consisting of 8,000
hourly personnel and 5,400 salaried employees. At September 30, 1998, the
company had approximately 12,700 full-time equivalent employees. The increase in
employees during fiscal year 1999 is principally due to the growth in the number
of Sally Beauty Company stores.

Certain subsidiaries of the company have union contracts covering production,
warehouse, shipping and maintenance personnel. The company considers relations
with its employees to be satisfactory.

REGULATION
----------

The company is subject to the regulations of several federal and state agencies,
including the Federal Food and Drug Administration and the Federal Trade
Commission.

TRADEMARKS AND PATENTS
----------------------

The company's trademarks, certain of which are material to its business, are
registered or legally protected in the United States, Canada and other countries
throughout the world in which products of the company are sold. Although the
company owns patents and has other patent applications pending, its business is
not materially dependent upon patents or patent protection.

                                      -5-

<PAGE>

ITEM 2. PROPERTIES
------------------

The company's properties, plants and equipment are maintained in good condition
and are suitable and adequate to support the business.  The company's principal
properties and their general characteristics are described below:

<TABLE>
<CAPTION>
                                                                                        Business
Location                                  Type of Facility                              Segment
--------                                  ----------------                              --------
<S>                                       <C>                                           <C>
Company-Owned Properties:
-------------------------

Melrose Park, Illinois
 .  2525 Armitage Avenue                  Corporate Office, Manufacturing, Warehouse    (1)
 .  2020 and 2040 Indian Boundary Drive   Office, Warehouse                             (1)
 .  2150 N. 15th Avenue                   Manufacturing, Warehouse                      (1)
 .  2100 N. 15th Avenue                   Warehouse                                     (1)
 .  1930 George Street                    Office, Warehouse                             (1)
Basingstoke, Hampshire, England           Office                                        (2)
Buenos Aires, Argentina                   Office, Manufacturing, Warehouse              (2)
Columbus, Ohio                            Warehouse                                     (3)
Denton, Texas                             Office, Warehouse                             (3)
Falun, Sweden                             Office, Manufacturing, Warehouse              (2)
Jacksonville, Florida                     Warehouse                                     (3)
Madrid, Spain                             Office, Manufacturing, Warehouse              (2)
Naguabo, Puerto Rico                      Manufacturing, Warehouse                      (1)(2)
Naucalpan de Juarez, Mexico               Office, Manufacturing, Warehouse              (2)
North Rocks, New South Wales, Australia   Office, Manufacturing, Warehouse              (2)
Reno, Nevada                              Warehouse                                     (3)
Rochester, New York                       Office, Warehouse                             (3)
Swansea, Wales, England                   Office, Manufacturing, Warehouse              (2)
Toronto, Ontario, Canada                  Office, Manufacturing, Warehouse              (1)

Leased Properties:
------------------

Albertslund, Denmark                      Office, Warehouse                             (2)
Atlanta, Georgia                          Warehouse                                     (1)
Auckland, New Zealand                     Office, Warehouse                             (2)
Buffalo, New York                         Office, Warehouse                             (3)
Chatsworth, California                    Office, Manufacturing, Warehouse              (1)
Espoo, Finland                            Office, Warehouse                             (2)
Geneva, Switzerland                       Office                                        (2)
Greenville, Ohio                          Warehouse                                     (3)
Macedonia, Ohio                           Office, Warehouse                             (3)
Monroe, Connecticut                       Office, Warehouse                             (3)
Ontario, California                       Warehouse                                     (1)
Rakkestad, Norway                         Office, Warehouse                             (2)
Stockholm, Sweden                         Office, Manufacturing, Warehouse              (2)
Various (2,157 locations in 47 states,
 Puerto Rico, the United Kingdom, Canada,
 Japan and Germany)                       Sally Beauty Company Stores                   (3)
</TABLE>

(1)  Alberto-Culver North America
(2)  Alberto-Culver International
(3)  Specialty Distribution - Sally

                                      -6-
<PAGE>

ITEM 3. LEGAL PROCEEDINGS
-------------------------

There are no material legal proceedings pending.

ITEM 4. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
-----------------------------------------------------------

There were no matters submitted to a vote of security holders, through the
solicitation of proxies or otherwise, during the fourth quarter of the year
ended September 30, 1999.

EXECUTIVE OFFICERS
------------------

The following table sets forth the names and current positions of the
registrant's executive officers, including their five-year business history and
ages.  Executive officers of the company and its subsidiaries are elected
annually.

<TABLE>
<CAPTION>
Name                       Current Position and Five-Year Business History              Age
----                       -----------------------------------------------              ---
<S>                        <C>                                                          <C>

Leonard H. Lavin (1)       October, 1994 - Chairman; previously Chairman and             80
                           Chief Executive Officer for more than five years.

Howard B. Bernick (1)      October, 1994 - President and Chief Executive Officer;        47
                           previously President and Chief Operating Officer for
                           more than five years.

Bernice E. Lavin (1)       July, 1994 - Vice Chairman, Secretary and Treasurer;          74
                           previously Vice President, Secretary and Treasurer for
                           more than five years.

Carol L. Bernick (1)       April, 1998 - Vice Chairman and Assistant Secretary,          47
                           Alberto-Culver Company and President, Alberto-Culver
                           North America, a division of the registrant; October, 1994
                           to April, 1998 - Executive Vice President and Assistant
                           Secretary, Alberto-Culver Company and President,
                           Alberto-Culver  USA, Inc., a subsidiary of registrant.

William J. Cernugel        Senior Vice President, Finance.                               57

Thomas J. Pallone          Vice President, Research and Development.                     54

Michael H. Renzulli        President, Sally Beauty Company, Inc., a subsidiary of        59
                           registrant.
</TABLE>

                                      -7-
<PAGE>

<TABLE>
<CAPTION>
Name                       Current Position and Five-Year Business History              Age
----                       -----------------------------------------------              ---
<S>                        <C>                                                          <C>

Gary P. Schmidt            June, 1997 - Vice President, General Counsel and             48
                           Assistant Secretary; April, 1990 to June, 1997 -
                           Vice-President, General Counsel and Secretary,
                           Fujisawa USA, Inc.

Paul H. Stoneham           October, 1998 - President, Alberto-Culver International,     38
                           Inc., a subsidiary of registrant; December, 1997 to
                           September, 1998 - Marketing Director, Hair Care
                           Products - Germany, Procter and Gamble GmbH;
                           January, 1994 to November, 1996 - Marketing Director,
                           Health and Beauty Care Products - U.K., Procter and
                           Gamble (UK) Ltd.
</TABLE>

(1)  Leonard H. Lavin and Bernice E. Lavin are husband and wife.  Carol L.
     Bernick is the wife of Howard  B. Bernick and the daughter of Mr. and Mrs.
     Lavin.

                                      -8-
<PAGE>

                                 PART II

ITEM 5. MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS
-----------------------------------------------------------------------------

Information required for this Item is incorporated herein by reference to the
section entitled "Market Price of Common Stock and Cash Dividends Per Share" and
notes 3 and 4 of "Notes to Consolidated Financial Statements" in the
registrant's annual report to stockholders for the year ended September 30,
1999.

ITEM 6. SELECTED FINANCIAL DATA
-------------------------------

Information required for this Item is incorporated herein by reference to the
section entitled "Selected Financial Data" in the registrant's annual report to
stockholders for the year ended September 30, 1999.

ITEM 7. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
-------------------------------------------------------------------------------
OF OPERATIONS
-------------

Information required for this Item is incorporated herein by reference to the
section entitled "Management's Discussion and Analysis of Results of Operations
and Financial Condition" in the registrant's annual report to stockholders for
the year ended September 30, 1999.

ITEM 7a. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
-------------------------------------------------------------------

Information required for this Item is incorporated herein by reference to the
section entitled "Management's Discussion and Analysis of Results of Operations
and Financial Condition" in the registrant's annual report to stockholders for
the year ended September 30, 1999.

ITEM 8. FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA
---------------------------------------------------

Information required for this Item is incorporated herein by reference to the
consolidated financial statements and notes and "Independent Auditors' Report"
of KPMG LLP in the registrant's annual report to stockholders for the year ended
September 30, 1999.

ITEM 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND
-----------------------------------------------------------------------
FINANCIAL DISCLOSURE
--------------------

None.

                                      -9-
<PAGE>

                                 PART III

ITEM 10. DIRECTORS AND EXECUTIVE OFFICERS OF THE REGISTRANT
-----------------------------------------------------------

Information required for this Item regarding the directors of the company and
regarding delinquent filers pursuant to Item 405 of Regulation S-K is
incorporated herein by reference to the sections entitled "Election of
Directors" and "Section 16(a) Beneficial Ownership Reporting Compliance",
respectively, in the registrant's proxy statement for its annual meeting of
stockholders on January 27, 2000.  Information concerning Executive Officers of
the registrant is included in Part I of this report.

ITEM 11. EXECUTIVE COMPENSATION
-------------------------------

Information required for this Item is incorporated herein by reference to the
section entitled "Executive Compensation" in the registrant's proxy statement
for its annual meeting of stockholders on January 27, 2000.

ITEM 12. SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT
-----------------------------------------------------------------------

Information required for this Item is incorporated herein by reference to the
sections entitled "Share Ownership of Directors  and Executive Officers" and
"Principal Stockholders" in the registrant's proxy statement for its annual
meeting of stockholders on January 27, 2000.

ITEM 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
-------------------------------------------------------

Information required for this Item is incorporated herein by reference to the
sections entitled "Certain Relationships and Related Transactions" and "Certain
Business Relationships" in the registrant's proxy statement for its annual
meeting of stockholders on January 27, 2000.

                                      -10-
<PAGE>

                                    PART IV

ITEM 14.  EXHIBITS, FINANCIAL STATEMENT SCHEDULES AND REPORTS ON FORM 8-K
-------------------------------------------------------------------------

     (a)  Documents filed as part of this report:

          1.   Financial statements:

               The consolidated financial statements and notes to be included in
               Part II, Item 8 are incorporated by reference to the registrant's
               annual report to stockholders for the year ended September 30,
               1999, which is filed as an exhibit to this report.

          2.   Financial statement schedules:

                               Description                       Schedule
                               -----------                       --------

                     Valuation and Qualifying Accounts               II

               Schedules I, III, IV, and V are omitted as the information
               required by these schedules is not applicable.

          3.   Exhibits:

               Exhibit
               Number                          Description
               ------                          -----------

               3(i)(a)     Copy of Restated Certificate of Incorporation of
                           Alberto-Culver Company (filed as Exhibit 3(a) and
                           incorporated herein by reference from the company's
                           Form 10-K Annual Report for the year ended
                           September 30, 1988).

               3(i)(b)     Copy of the amendment to the Restated Certificate of
                           Incorporation of Alberto-Culver Company (filed as
                           Exhibit 3(i)(c) and incorporated herein by reference
                           from the company's Form 10-Q Quarterly Report for the
                           quarter ended March 31, 1997).

               3(ii)       Copy of the By-Laws of Alberto-Culver Company, as
                           amended and in effect as of January 17, 1990 (filed
                           as Exhibit 3(b)(1) and incorporated herein by
                           reference from the company's Form 10-Q Quarterly
                           Report for the quarter ended December 31, 1989).

               4           Certain instruments defining the rights of holders of
                           long-term obligations of the registrant and certain
                           of its subsidiaries (the total amount of securities
                           authorized under each of which does not exceed ten
                           percent of the registrant's consolidated assets) are
                           omitted pursuant to part 4 (iii) (A) of Item 601 (b)
                           of Regulation S-K. The registrant agrees to furnish
                           copies of any such instruments to the Securities and
                           Exchange Commission upon request.

                                     -11-
<PAGE>

          3.   Exhibits: (continued)

               Exhibit
               Number                          Description
               ------                          -----------

               4(a)        Copy of Indenture dated June 10, 1998 between
                           Alberto-Culver Company and The First National Bank of
                           Chicago, as Trustee (filed as Exhibit 4(a) and
                           incorporated herein by reference from the company's
                           Form 10-Q Quarterly Report for the quarter ended
                           June 30, 1998).

               4(b)        Copy of 6.375% Debentures due June 15, 2028 (filed as
                           Exhibit 4(b) and incorporated herein by reference
                           from the company's Form 10-Q Quarterly Report for the
                           quarter ended June 30, 1998).

               10(a)       Copy of Alberto-Culver Company Management Incentive
                           Plan dated October 1, 1998, as amended.*

               10(b)       Copy of Alberto-Culver Company Employee Stock Option
                           Plan of 1988, as amended* (filed as Exhibit 10(b) and
                           incorporated herein by reference from the company's
                           Form 10-Q Quarterly Report for the quarter ended
                           December 31, 1997).

               10(c)       Copy of Alberto-Culver Company 1994 Shareholder Value
                           Incentive Plan, as amended* (filed as Exhibit 10(c)
                           and incorporated herein by reference from the
                           company's Form 10-K Annual Report for the year ended
                           September 30, 1997).

               10(d)       Copy of Alberto-Culver Company 1994 Restricted Stock
                           Plan, as amended* (filed as Exhibit 10(d) and
                           incorporated herein by reference from the company's
                           Form 10-Q Quarterly Report for the quarter ended
                           December 31, 1996).

               10(e)       Copy of Alberto-Culver Company 1994 Stock Option Plan
                           for Non-Employee Directors, as amended* (filed as
                           Exhibit 10(e) and incorporated herein by reference
                           from the company's Form 10-Q Quarterly Report for the
                           quarter ended December 31, 1997).

               10(f)       Copy of Split Dollar Life Insurance Agreement dated
                           September 30, 1993 between Alberto-Culver Company and
                           the trustee of the Lavin Survivorship Insurance
                           Trust* (filed as Exhibit 10(e) and incorporated
                           herein by reference from the company's Form 10-K
                           Annual Report for the year ended September 30, 1993).

               10(g)       Form of Severance Agreement between Alberto-Culver
                           Company and certain executive officers* (filed as
                           Exhibit 10(f) and incorporated herein by reference
                           from the company's Form 10-Q Quarterly Report for the
                           quarter ended December 31, 1996).

                                     -12-
<PAGE>

          3.   Exhibits: (continued)

               Exhibit
               Number                          Description
               ------                          -----------

               10(h)       Copy of Multicurrency Credit Agreement dated as of
                           September 11, 1998 among Alberto-Culver Company, Bank
                           of America National Trust and Savings Association as
                           U.S. agent and the other financial institutions being
                           parties thereto (filed as Exhibit 10(h) and
                           incorporated herein by reference from the company's
                           Form 10-K Annual Report for the year ended
                           September 30, 1997).

               10(i)       Copy of the Alberto-Culver Company Executive Deferred
                           Compensation Plan dated January 1, 1999* (filed as
                           Exhibit 10(i) and incorporated herein by reference
                           from the company's Form 10-Q Quarterly Report for the
                           quarter ended December 31, 1998).

               10(j)       Form of Amendment of Severance Agreement between
                           Alberto-Culver Company and certain executive
                           officers.*

               13          Portions of annual report to stockholders for the
                           year ended September 30, 1999 incorporated herein by
                           reference.

               21          Subsidiaries of the Registrant.

               23          Consent of KPMG LLP

               27          Financial Data Schedule


                    *This exhibit is a management contract or compensatory plan
                     or arrangement of the registrant.


     (b)  Reports on Form 8-K: None

                                     -13-
<PAGE>

                                 SIGNATURES
                                 ----------

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange
Act of 1934, the registrant has duly caused this report to be signed on its
behalf by the undersigned, thereunto duly authorized, on the 14th day of
December, 1999.

                                       ALBERTO-CULVER COMPANY

                                       By /s/  Howard B. Bernick
                                         --------------------------------------
                                          Howard B. Bernick
                                          President and Chief Executive Officer

Pursuant to the requirements of the Securities Exchange Act of 1934, this report
has been signed below by the following persons on behalf of the registrant and
in the capacities and on the dates indicated.

<TABLE>
<CAPTION>
         Signature                         Title                             Date
----------------------------  -------------------------------  --------------------------------
<S>                           <C>                              <C>
/s/ Leonard H. Lavin          Chairman of the Board            December 14, 1999
----------------------------  and Director
Leonard H. Lavin

/s/ Howard B. Bernick         President, Chief Executive       December 14, 1999
----------------------------  Officer and Director
Howard B. Bernick

/s/ Bernice E. Lavin          Vice Chairman, Secretary,        December 14, 1999
----------------------------  Treasurer and Director
Bernice E. Lavin

/s/ Carol L. Bernick          Vice Chairman,                   December 14, 1999
----------------------------  Assistant Secretary and Director
Carol L. Bernick

/s/ William J. Cernugel       Senior Vice President, Finance   December 14, 1999
----------------------------  (Principal Financial &
William J. Cernugel           Accounting Officer)

/s/ A. Robert Abboud          Director                         December 14, 1999
----------------------------
A. Robert Abboud

/s/ A.G. Atwater, Jr.         Director                         December 14, 1999
----------------------------
A. G. Atwater, Jr.

/s/ Robert P. Gwinn           Director                         December 14, 1999
----------------------------
Robert P. Gwinn

/s/ Allan B. Muchin           Director                         December 14, 1999
----------------------------
Allan B. Muchin

/s/ Robert H. Rock            Director                         December 14, 1999
----------------------------
Robert H. Rock

/s/ Dr. Harold M. Visotsky    Director                         December 14, 1999
----------------------------
Dr. Harold M. Visotsky

/s/ William W. Wirtz          Director                         December 14, 1999
----------------------------
William W. Wirtz
</TABLE>

                                      -14-
<PAGE>

                         Independent Auditors' Report
                         ----------------------------


The Board of Directors and Stockholders
Alberto-Culver Company:

On October 22, 1999, we reported on the consolidated balance sheets of Alberto-
Culver Company and subsidiaries as of September 30, 1999 and 1998 and the
related consolidated statements of earnings, cash flows and stockholders' equity
for each of the years in the three-year period ended September 30, 1999, as
contained in the 1999 annual report to stockholders. These consolidated
financial statements and our report thereon are incorporated by reference in the
annual report on Form 10-K for fiscal year 1999. In connection with our audits
of the aforementioned consolidated financial statements, we also audited the
related financial statement schedule as listed in Item 14(a)2 of the annual
report on Form 10-K. That financial statement schedule is the responsibility of
the company's management. Our responsibility is to express an opinion on that
financial statement schedule based on our audits.

In our opinion, such financial statement schedule, when considered in relation
to the basic consolidated financial statements taken as a whole, presents
fairly, in all material respects, the information set forth therein.





                                       /s/ KPMG LLP

Chicago, Illinois
October 22, 1999


                                      -15-
<PAGE>

                                                                     Schedule II
                                                                     -----------



                    ALBERTO-CULVER COMPANY AND SUBSIDIARIES

                       Valuation and Qualifying Accounts
                                (In thousands)


<TABLE>
<CAPTION>
                                                Year Ended September 30,
                                           ---------------------------------
<S>                                        <C>          <C>         <C>
                                              1999        1998         1997
                                           --------    --------     --------
Allowance for doubtful accounts:

  Balance at beginning of period           $10,868       9,042        8,208

  Additions (deductions):

    Charged to costs and expenses            3,166       7,162        5,664

    Uncollectible accounts written off,
      net of recoveries                     (5,585)     (5,532)      (4,820)

    Allowance for doubtful accounts
      of acquired companies                    104         266           --

  Other                                       (112)        (70)         (10)
                                           --------    --------     --------
  Balance at end of period                 $ 8,441      10,868        9,042
                                           ========    ========     ========
</TABLE>

                                      -16-