SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 10-Q


                   Quarterly Report Under Section 13 or 15(d)
                     of the Securities Exchange Act of 1934

For Quarter Ended:                                        Commission File No.:
  November 30, 1995                                               0-16442

                             FIRST TEAM SPORTS, INC.
             (Exact name of Registrant as specified in its charter)

    Minnesota                                                    41-1545748
(State or other jurisdiction                                  (I.R.S. Employer
of incorporation or organization)                           Identification No.)

                               1201 Lund Boulevard
                             Anoka, Minnesota 55303
                    (Address of principal executive offices)

               Registrant's telephone number, including area code:
                                 (612) 576-3500

                               2274 Woodale Drive
                              Mounds View, MN 55112
                                (Former Address)

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

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 the number of shares  outstanding  of each of the  issuer's  classes of
common stock,  as of the latest  practicable  date:  5,721,000  shares of Common
Stock, $.01 par value per share, outstanding as of January 5, 1996.


<PAGE>

                                                      PART I
                                               FINANCIAL INFORMATION






Item 1.           Financial Statements


                             FIRST TEAM SPORTS, INC.
                           CONSOLIDATED BALANCE SHEETS
                     November 30, 1995 and February 28, 1995


<TABLE>



                                                                            November 30,   February 28,
ASSETS                                                                                         1995
                                                                            -------        -----------
                                                                            (Unaudited)
<S>                                                                         <C>            <C>

CURRENT ASSETS
Cash and cash equivalents ................................................   $ 1,716,471   $   601,394
Receivables:
  Trade, less allowance for
  doubtful accounts of $482,000 at
  November 30, 1995 and $562,000 at
  February 28, 1995 ......................................................    23,105,942    16,854,825
  Refundable income taxes ................................................          --          46,146
Inventory (finished goods) ...............................................    14,214,674    15,187,283
Inventory (unfinished goods) .............................................     6,930,194     5,650,888
Prepaid expenses .........................................................       684,195       888,734
Deferred income taxes ....................................................       712,000       501,000
                                                                             -----------   -----------

Total current assets
                                                                             $47,363,476   $39,730,270
EQUIPMENT AND LEASEHOLD IMPROVEMENTS
 at cost
 Vehicles ................................................................   $    63,582   $    62,306
 Office furniture and equipment ..........................................       847,668       650,479
 Warehouse equipment .....................................................       149,821       118,898
 Production equipment ....................................................     3,380,970     2,558,748
 Leasehold improvements ..................................................       161,483       155,738
 Building construction in process ........................................     2,429,450          --
                                                                             -----------   -----------
                                                                             $ 7,032,974   $ 3,546,169
Less accumulated depreciation ............................................     1,454,284       926,284
                                                                             -----------   -----------

                                                                             $ 5,578,690   $ 2,619,885
                                                                             -----------   -----------

OTHER ASSETS
 License agreements, less accumulated
  amortization of $2,300,000 at November
  30, 1995 and $1,807,000 at February
  28, 1995 ...............................................................   $ 2,804,182   $ 3,296,830
 Other ...................................................................       281,813       216,768
                                                                             -----------   -----------

                                                                             $ 3,085,995   $ 3,513,598
                                                                             -----------   -----------

                                                                             $56,028,161   $45,863,753
                                                                             ===========   ===========


</TABLE>

<PAGE>


                 See Notes to Consolidated Financial Statements

                             FIRST TEAM SPORTS, INC.
                     CONSOLIDATED BALANCE SHEETS (CONTINUED)
                     November 30, 1995 and February 28, 1995



<TABLE>

                                                                                November 30,     February 28,
LIABILITIES AND SHAREHOLDERS' EQUITY                                               1995             1995
                                                                                -----------      ------------
                                   (Unaudited)
<S>                                                                             <C>              <C>

CURRENT LIABILITIES
  Notes payable to bank ........................................................   $14,159,000   $ 9,064,000
  Current maturities of
   long-term debt ..............................................................       815,972       936,644
  Accounts payable, trade ......................................................     7,690,610     9,015,376
  Accrued expenses .............................................................     2,391,328     2,605,160
  Income taxes .................................................................       347,851          --
                                                                                   -----------   -----------

Total current liabilities ......................................................   $25,404,761   $21,621,180
                                                                                   -----------   -----------




LONG-TERM DEBT,
  less current maturities ......................................................   $ 2,449,810   $ 3,053,494
                                                                                   -----------   -----------


DEFERRED INCOME TAXES ..........................................................   $   400,000   $   339,000
                                                                                   -----------   -----------


SHAREHOLDERS' EQUITY
  Common Stock, par value $.01 per share;  authorized  10,000,000 shares; issued
   and outstanding 5,721,043 shares at November 30, 1995,
   5,628,184 shares at February 28, 1995 .......................................   $    57,210   $    56,282
  Additional paid-in capital ...................................................     8,729,802     8,228,843
  Retained earnings ............................................................    18,986,578    12,564,954
                                                                                   -----------   -----------

                                                                                   $27,773,590   $20,850,079
                                                                                   -----------   -----------

                                                                                   $56,028,161   $45,863,753
                                                                                   ===========   ===========

</TABLE>

                 See Notes to Consolidated Financial Statements
<PAGE>

                             FIRST TEAM SPORTS, INC.
                        CONSOLIDATED STATEMENTS OF INCOME
                                   (Unaudited)



<TABLE>

                                                                         Three months ended                 Six months ended
                                                                             November 30,                      November 30,
                                                                         1995              1994             1995          1994
                                                                      -----------      ------------     ------------   -----------

<S>                                                                   <C>              <C>             <C>             <C>

Net sales ..........................................................   $ 22,616,765    $ 24,344,356    $ 76,623,033    $ 66.209,299

Cost of goods sold .... ............................................     15,954,575      16,878,111      52,973,790      46,465,259
                                                                       ------------    ------------    ------------    ------------

Gross profit .......................................................   $  6,662,190    $  7,466,245    $ 23,649,243    $ 19,744,040
                                                                       ------------    ------------    ------------    ------------

Operating expenses:
  Selling ..........................................................   $  1,714,894    $  2,017,508    $  6,491,990    $  5,371,511
  General and
   administrative ..................................................      2,173,392       2,180,770       6,314,713       5,906,216
                                                                       ------------    ------------    ------------    ------------

                                                                       $  3,888,286    $  4,198,278    $ 12,806,703    $ 11,277,727
                                                                       ------------    ------------    ------------    ------------

   Operating income ................................................   $  2,773,904    $  3,267,967    $ 10,842,540    $  8,466,313



Other income
  (expense):
  Interest income ..................................................          3,079               0           3,079             149
  Interest expense .................................................       (296,666)       (204,838)       (755,995)       (510,507)
  Other ............................................................              0           8,782               0         (42,773)
                                                                       ------------    ------------    ------------    ------------

   Income before income
    taxes ..........................................................   $  2,480,317    $  3,054,347    $ 10,089,624    $  7,913,182

Income taxes ................ ......................................        893,000       1,109,098       3,668,000       2,924,354
                                                                       ------------    ------------    ------------    ------------

   Net income for the
    period .........................................................   $  1,587,317    $  1,945,249    $  6,421,624    $  4,988,828
                                                                       ============    ============    ============    ============

Net income per common share:
   Primary .........................................................   $       0.27    $       0.34    $       1.06    $       0.89
   Fully diluted ...................................................   $       0.27    $       0.34    $       1.08    $       0.87
                                                                       ============    ============    ============    ============

Weighted  average  number of
 common shares  outstanding
 including  Common Share
 equivalents:
   Primary .........................................................      5,950,429       5,745,320       6,038,616       5,621,781
   Fully diluted ...................................................      5,966,354       5,752,568       5,959,917       5,738,118
                                                                       ============    ============    ============    ============

</TABLE>



                 See Notes to Consolidated Financial Statements

<PAGE>


                             FIRST TEAM SPORTS, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                 For Six Months Ended November 30, 1995 and 1994
                                   (Unaudited)
<TABLE>




                                              November 30,    November 30,
                                                  1995            1994
<S>                                           <C>            <C>

CASH FLOWS FROM OPERATING ACTIVITIES
  Net Income ..............................   $ 6,421,624    $ 4,988,828
  Adjustments required to reconcile net
   income to net cash provided by (used in)
   operating activities:
   Depreciation ...........................       528,000        330,331
   Amortization ...........................       525,948
   Deferred income taxes ..................      (150,000)          --
   Change in assets and liabilities:
    Receivables ...........................    (6,251,117)    (8,744,972)
    Inventories ...........................      (306,697)    (5,045,286)
    Prepaid expense .......................       204,539        (86,008)
    Accounts payable ......................    (1,324,766)     6,449,200
    Accrued expenses ......................      (213,832)     1,734,052
    Income taxes ..........................       393,997        (31,000)
                                              -----------    -----------

    Net cash used in
     operating activities .................   ($  172,304)   ($   74,153)
                                              -----------    -----------



CASH FLOWS FROM INVESTING ACTIVITIES
 Purchase of property and equipment .......   ($3,486,805)   ($  562,727)
 Other ....................................       (98,345)       (48,969)
                                              -----------    -----------

    Net cash used in investing activities .   ($3,585,150)   ($  611,696)
                                              -----------    -----------

CASH FLOWS FROM FINANCING ACTIVITIES
 Net proceeds on short-term
  borrowings ..............................   $ 5,095,000    $ 1,252,000
 Principal payments on long-term
  borrowings ..............................      (724,356)      (592,818)
 Net proceeds from
  issuances of common stock: 1995,
  92,859 shares; 1994, 38,721 shares ......       501,887        364,732
                                              -----------    -----------

   Net cash provided by
    financing activities ..................   $ 4,872,531    $ 1,023,914
                                              -----------    -----------

   Increase in cash and
    cash equivalents ......................   $ 1,115,077    $   338,065

Cash and cash equivalents:
 Beginning ................................   $   601,394    $   417,987
                                              -----------    -----------

 Ending ...................................   $ 1,716,471    $   756,052
                                              ===========    ===========

</TABLE>


                 See Notes to Consolidated Financial Statements


<PAGE>

                             FIRST TEAM SPORTS, INC.

                   NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
                                   (Unaudited)


NOTE 1.

          The consolidated  condensed  balance sheet as of November 30, 1995 and
the  consolidated  statements of operations for the  three-month  and nine-month
periods  ended  November  30, 1995 and  November  30, 1994 and the  consolidated
statements  of cash  flows  for the  nine-month  periods  then  ended  have been
prepared  by the  Company  without  audit.  In the  opinion of  management,  all
adjustments  (consisting only of normal recurring accruals) necessary to present
fairly the consolidated financial position, results of operations and cash flows
at November 30, 1995 and November  30, 1994 and for all periods  presented  have
been made. The operating  results for the period ended November 30, 1995 are not
necessarily  indicative  of the  operating  results to be expected  for the full
fiscal year.

     Certain   information  and  footnote   disclosures   normally  included  in
consolidated   financial   statements  in  accordance  with  generally  accepted
accounting principles have been condensed or omitted.



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


RESULTS OF OPERATIONS

              Net Sales. The Company's net sales for the third quarter of fiscal
1996 (the quarter ended  November 30, 1995) were  $22,616,765,  a decrease of 7%
over the comparable quarter of fiscal 1995 when net sales were $24,344,356.  Net
sales for the first  nine-months  of fiscal 1996 were  $76,623,034,  compared to
$66,209,299  for the first  nine-months  of fiscal 1995, an increase of 16%. Net
export sales were  $3,582,151,  or 16% of total sales,  in the third  quarter of
fiscal 1996 compared to $2,449,611,  or 10% of total sales, in the third quarter
of fiscal 1995.  The net export  sales for the third  quarter of fiscal 1996 and
1995  consisted  of Canadian  net sales of $459,978  and  $623,171 and net sales
outside of North  America of $3,122,173  and  $1,826,440  respectively.  In-line
skate sales accounted for  approximately 82% and 84% of total sales in the third
quarter of fiscal 1996 and fiscal 1995 respectively.  Accessories, street hockey
equipment, and ice skate sales accounted for approximately 10%, 3%, 5%, and, 7%,
6% and 3% of total  sales in the third  quarter of fiscal  1996 and fiscal  1995
respectively.  Sales  to  the  Company's  ten  largest  accounts  accounted  for
approximately  77% of the  Company's  sales in the third  quarter of fiscal 1996
compared to 71% of sales in the third quarter of fiscal 1995.  The total backlog
orders  as of  January  4,  1996  were  approximately  $23,875,000  compared  to
$21,887,000 as of January 5, 1995. Included in the Company's current backlog are
orders in the amount of $21,676,000 for future ship dates.

     Several  factors  contributed to the decrease in the Company's sales in the
third  quarter  of fiscal  1996.  The retail  environment  was  pessimistic  and
cautious  toward  the  holiday  selling  season  and thus  retailers  kept their
purchases on the conservative  side. With the soft retail  environment the level
of customer  reorders were below  Company  expectations.  In addition,  with the
industry  anticipating  another growth year in 1995 similar to that of 1994, the
marketplace  was inundated  with product  early,  resulting in excess  inventory
levels prior to the holiday selling season.  The increase in the Company's sales
for the first nine-months of fiscal 1996 compared to fiscal 1995, is a result of
the Company's emphasis on building brand image and awareness with innovative new
products,  (e.g.  the Company's new disc braking  system  (DBS)).  This emphasis
resulted in strong sales during the first six-months of fiscal 1996. The Company
has also been  able to  capitalize  on the  continued  growth  of the  industry,
particularly in foreign markets. The Company's net export sales increased 46% in
the third quarter and 175% in the first  nine-months  of fiscal 1996 compared to
the third quarter and first nine-months of fiscal 1995 respectively.
<PAGE>

              Gross Margin.  In the third quarter of fiscal 1996,  the Company's
gross  margin was 29.5% of net sales  compared to a gross margin of 30.7% in the
third quarter of fiscal 1995.  This decrease was due primarily to an increase in
sales of the  Company's  lower margin Skate Attack  products as a percentage  of
total product  sales.  The Company's  Skate Attack brand is made overseas and is
sold primarily to mass merchant customers.

          Operating Expenses.  The Company's operating expenses,  (consisting of
selling expenses and general and administrative expenses), for the third quarter
of fiscal 1996 were $3,888,286,  or 17% of net sales, compared to $4,198,278, or
17% of net sales, in the third quarter of fiscal 1995.

Selling  expenses  were  $1,714,894,  or 8% of net sales in the third quarter of
fiscal 1996, compared to $2,017,508, or 8% of net sales, in the third quarter of
fiscal 1995.  Selling expenses  decreased $302,614 (or 15%) in the third quarter
of fiscal 1996,  compared to the third quarter of fiscal 1995. This decrease can
be attributed to reduced  commissions,  and promotional expenses associated with
the decreased sales volume.

General and  administrative  expenses were  $2,173,392 or 9% of net sales in the
third  quarter of fiscal 1996,  compared to $2,180,770 or 9% of net sales in the
third quarter of fiscal 1995.

          Net  Income.  The  Company  had net income of  $1,587,317  or $.27 per
share, in the third quarter of fiscal 1996, compared to $1,945,249,  or $.34 per
share in the third  quarter  of fiscal  1995.  This  represents  a  decrease  of
$357,932 (or 18%) in total  earnings and a decrease of $.07 (or 20%) in earnings
per share.  This  decrease can be  attributed to the decrease in sales and gross
margins.


LIQUIDITY AND CAPITAL RESOURCES

          The Company's cash and cash equivalents were $1,716,471 as of November
30, 1995,  compared to $601,394 as of February 28, 1995.  This  increase in cash
and cash  equivalents  is a result of  $4,872,531  of cash provided by financing
activities  being  partially  offset by  $3,585,150  of cash  used in  investing
activities and $172,304 of cash used in operating activities.  The net cash used
in  operating  activities  for the first  nine-months  of fiscal  1996  resulted
primarily from the net earnings and the net effect of the change in receivables,
inventories  and  payables.  The net  cash  used  in  investing  activities  was
primarily  used for the purchase of capital  assets  including the Company's new
warehouse and office facility. The net cash provided by financing activities was
primarily from the net borrowings on the Company's line of credit.


<PAGE>

         The Company had net working  capital of  $21,958,715 as of November 30,
1995,  compared to $18,109,090  as of February 28, 1995.  The Company's  current
ratio at November  30,  1995 was 1.9 to 1 compared  to 1.8 to 1 at February  28,
1995. The improvement in the Company's net working capital and current ratio was
primarily  attributable to an increase in the Company's cash and receivables and
a decrease in accounts payable.

                  The Company's  debt-to-worth  ratio was 1 to 1 on November 30,
1995,  compared to 1.2 to 1 on February 28, 1995. The Company's  long-term debt,
which primarily consists of obligations under endorsement license agreements and
equipment  notes,  less current  maturities,  was  $2,449,810 as of November 30,
1995.  As of November  30,  1995,  the  Company  had a revolving  line of credit
established  with a bank that provides for borrowings of up to  $15,000,000.  In
addition,  the  Company  has a lease  line of credit  established  with the bank
providing for  borrowings of up to $1,000,000  for the purchase of equipment and
leasehold  improvements.  As of November 30, 1995,  $243,000 was  outstanding on
this credit facility.

                  The Company  has  entered  into a  development  agreement  and
construction  contract to build an office and warehouse  facility at a projected
cost of approximately  $5,500,000.  The Company commenced occupying date for the
new  facility on January 1, 1996.  The  Company  anticipates  financing  the new
facility through a conventional  real estate  mortgage.  As of November 30, 1995
the Company had borrowed  approximately  $2,400,000 on the  $15,000,000  line of
credit to pay for construction costs to date on the new facility.

                  The Company  believes  that its current cash  position,  funds
available  under existing bank  arrangements  and cash generated from profitable
operations will be sufficient to finance the cash flows for operating activities
at projected levels of sales through fiscal 1996.



                                     PART II
                                OTHER INFORMATION


Item 6.  Exhibits and Reports on Form 8-K

         (a) Exhibits.  See Exhibit Index at p. 13 of this Form
             10-Q.

         (b) Reports  on Form  8-K.  No  reports  on Form 8-K were  filed by the
             Registrant during the quarter to which this Form 10-Q relates.



<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.



                                           FIRST TEAM SPORTS, INC.



                                           By:/s/ John J. Egart
                                              John J. Egart
                                              President and CEO



                                       and By:/s/ Robert L. Lenius, Jr.
                                              Robert L. Lenius, Jr.
                                              Vice President-Finance
                                              (Principal Financial Officer)



Dated:            January 9, 1996

<PAGE>

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                           EXHIBIT INDEX TO FORM 10-Q


For Quarter Ended:             Commission File No.:  0-16422
November 30, 1995

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

                             FIRST TEAM SPORTS, INC.
-------------------------------------------------------------------

Exhibit


     3.1 Articles of  Incorporation,  as  amended--incorporated  by reference to
Exhibit 3.1 to the  Company's  Form 10-K for the fiscal year ended  February 28,
1994 *

     3.2  Bylaws--incorporated  by  reference  to Exhibit  3.2 to the  Company's
Registration Statement on Form S-18 Reg. No. 33-16345C *

     4.1 Specimen of Common Stock  Certificate--incorporated by reference to 4.1
to the  Registrant's  Annual  Report  on Form  10-K for the  fiscal  year  ended
February 28, 1991 *

     27 Financial Data Schedule (filed only with electronic version)








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

*   Incorporated by reference to a previously filed exhibit or report