<PAGE>

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

                                   FORM 10-Q

             [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
                    OF THE SECURITIES EXCHANGE ACT OF 1934
                For the quarterly period ended April 30, 2001.

                                      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:  0-21448


                          NATIONAL HOME CENTERS, INC.
            (Exact name of registrant as specified in its charter)

                Arkansas                           71-0403343
     (State or other jurisdiction of            (I.R.S. Employer
     incorporation or organization)            Identification No.)

                               Highway 265 North
                          Springdale, Arkansas 72765
         (Address of principal executive offices, including zip code)


                                (501) 756-1700
             (Registrant's telephone number, including area code)


     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 report(s), and (2) has been subject to such
filing requirements for the past 90 days. Yes  X    No_____.
                                             ------

As of June 12, 2001 National Home Centers, Inc. had 7,142,251 shares of $0.01
par value Common Stock outstanding.

--------------------------------------------------------------------------------
<PAGE>

                         PART I - FINANCIAL INFORMATION
                         ITEM I - FINANCIAL STATEMENTS

                          NATIONAL HOME CENTERS, INC.
                            CONDENSED BALANCE SHEETS

<TABLE>
<CAPTION>
        ------------------------------------------------------------------------------------------------------
                                                                             April 30,           January 31,
                                                                               2001                 2001
          Assets                                                            (Unaudited)              (1)
          ----------------------------------------------------------------------------------------------------
          <S>                                                          <C>                       <C>
          Current Assets:
             Cash                                                       $          42,999               38,928
             Accounts Receivable                                               11,483,905            8,261,858
             Inventories                                                       13,927,640           13,544,665
             Other                                                                558,915              536,668
          ----------------------------------------------------------------------------------------------------

                Total Current Assets                                           26,013,459           22,382,119
          ----------------------------------------------------------------------------------------------------

          Property, Plant and Equipment                                        19,062,106           18,745,543
          Less Accumulated Depreciation                                        10,647,581           10,532,852
          ----------------------------------------------------------------------------------------------------

                Net Property, Plant and Equipment                               8,414,525            8,212,691
          ----------------------------------------------------------------------------------------------------

          Other Assets, Net of Amortization                                     1,893,570            2,910,801
          ----------------------------------------------------------------------------------------------------

                                                                        $      36,321,554           33,505,611
          ----------------------------------------------------------------------------------------------------

          Liabilities and Stockholders' Equity
          ----------------------------------------------------------------------------------------------------
          Current Liabilities:
             Current Installments of Long-Term Debt                     $         875,576              759,660
             Accounts Payable                                                   8,076,871            6,091,847
             Accrued Expenses                                                   2,890,917            2,597,841
          ----------------------------------------------------------------------------------------------------

                Total Current Liabilities                                      11,843,364            9,449,348
          ----------------------------------------------------------------------------------------------------

          Long-Term Debt, Excluding Current Installments                       13,737,749           13,524,627
          Stockholders' Equity                                                 10,740,441           10,531,636
          ----------------------------------------------------------------------------------------------------

                                                                        $      36,321,554           33,505,611
          ----------------------------------------------------------------------------------------------------
</TABLE>

(1) January 31, 2001 balances are condensed from the audited balance sheet.

See accompanying notes to Condensed Financial Statements.
<PAGE>

                              NATIONAL HOME CENTERS, INC.
                           CONDENSED STATEMENTS OF EARNINGS

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------------------------
                                                                         Three Months Ended
                                                                               April 30,
(Unaudited)                                                          2001                      2000
-------------------------------------------------------------------------------------------------------
<S>                                                          <C>                             <C>
Net Sales                                                    $          25,115,715           26,582,020
Cost of Sales                                                           18,805,450           20,416,211
-------------------------------------------------------------------------------------------------------

     Gross Profit                                                        6,310,265            6,165,809
-------------------------------------------------------------------------------------------------------

Selling, General and
  Administrative Expenses:
     Salaries and Benefits                                               4,002,269            3,727,182
     Rent                                                                  318,665              298,818
     Depreciation and Amortization                                         329,901              314,445
     Other                                                               1,126,181            1,178,342
-------------------------------------------------------------------------------------------------------
     Total Selling, General and
       Administrative Expenses                                           5,777,016            5,518,787
-------------------------------------------------------------------------------------------------------

         Operating Income                                                  533,249              647,022
Interest Expense                                                           324,444              382,653
-------------------------------------------------------------------------------------------------------

    Earnings Before Income Taxes                                           208,805              264,369
Income Taxes                                                                     0                    0
-------------------------------------------------------------------------------------------------------

     Net Earnings                                            $             208,805              264,369
-------------------------------------------------------------------------------------------------------

Earnings Per Share (basic and diluted)                       $                0.03                 0.04
-------------------------------------------------------------------------------------------------------

Weighted Average Number of
     Common Shares Outstanding                                           7,142,251            7,142,251
-------------------------------------------------------------------------------------------------------
</TABLE>

           See accompanying notes to Condensed Financial Statements.
<PAGE>

                              NATIONAL HOME CENTERS, INC.
                           CONDENSED STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------
                                                                                          Three Months Ended
                                                                                               April 31,
                                                                            -----------------------------------------
(Unaudited)                                                                                  2001                2000
---------------------------------------------------------------------------------------------------------------------
<S>                                                                           <C>                         <C>
Cash Flows from Operating Activities:
   Net Earnings                                                               $           208,805             264,369
   Adjustments to Reconcile Net Earnings to Net Cash
      Provided by (Used in) Operating Activities:
        Depreciation and Amortization                                                     329,901             314,445
        Gain on Disposal of Property, Plant and Equipment                                 (24,001)             (2,000)
        Increase in Cash Surrender Value of Life Insurance                                (35,882)                  0
        Changes in Assets and Liabilities:
           Accounts Receivable                                                         (3,222,047)            (15,334)
           Inventories                                                                   (382,975)            456,538
           Other Current Assets                                                           (22,247)            139,422
           Accounts Payable                                                             1,985,024             657,048
           Accrued Expenses                                                               293,076            (159,572)
---------------------------------------------------------------------------------------------------------------------

             Net Cash Provided by (Used in) Operating Activities                         (870,346)          1,654,916
---------------------------------------------------------------------------------------------------------------------
Cash Flows from Investing Activities:
   Additions to Property, Plant and Equipment                                            (478,695)           (331,909)
   Proceeds from Sale of Property, Plant and Equipment                                     27,400               2,000
   Decrease in Other Assets                                                               996,674                   0
---------------------------------------------------------------------------------------------------------------------

             Net Cash Provided by (Used in) Investing Activities                          545,379            (329,909)
---------------------------------------------------------------------------------------------------------------------
Cash Flows from Financing Activities:
   Proceeds from Long-Term Debt                                                         1,496,254             271,537
   Repayments of Long-Term Debt                                                        (1,167,216)         (1,595,521)
---------------------------------------------------------------------------------------------------------------------

             Net Cash Provided by (Used in) Financing Activities                          329,038          (1,323,984)
---------------------------------------------------------------------------------------------------------------------

Net Increase in Cash                                                                        4,071               1,023
Cash at Beginning of Period                                                                38,928              43,847
---------------------------------------------------------------------------------------------------------------------

Cash at End of Period                                                         $            42,999              44,870
---------------------------------------------------------------------------------------------------------------------
Supplemental Disclosures:
   Interest Paid                                                              $           337,777             385,165
---------------------------------------------------------------------------------------------------------------------
</TABLE>

  See accompanying notes to Condensed Financial Statements.
<PAGE>

                  NATIONAL HOME CENTERS, INC. ("THE COMPANY")
                    NOTES TO CONDENSED FINANCIAL STATEMENTS

                                 April 30, 2001

1.   Basis of Presentation
     ---------------------
     The accompanying unaudited condensed financial statements have been
     prepared in accordance with generally accepted accounting principles for
     interim financial information and with the instructions to Form 10-Q and
     Article 10 of Regulation S-X of the Securities and Exchange Commission.
     Accordingly, the financial statements do not include all of the information
     and notes required by generally accepted accounting principles for complete
     financial statements.  In the opinion of management, all adjustments
     (consisting of normal recurring accruals) considered necessary for a fair
     presentation have been included.  Results of operations for the three
     months ended April 30, 2001, are not necessarily indicative of the results
     to be expected for the fiscal year ending January 31, 2002.  For further
     information, refer to the financial statements and related notes thereto
     included in the Company's Annual Report on Form 10-K filed with the
                               --------------------------
     Commission on April 27, 2001, and Form 10-K/A filed with the Commission on
     June 1, 2001.

2.   Income Taxes
     ------------
     No income tax provision was recorded for the three months ended April 30,
     2001 or 2000 due to the realization of previously unrecognized NOL
     carryforwards.

ITEM 2
------

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

                                    General
                                    -------

National Home Centers, Inc., an Arkansas corporation, ("the Company") is a full
line retailer of home improvement products and building materials, with eight
locations in Arkansas.  The Company serves retail consumers and professional
contractors primarily in Arkansas and also in Oklahoma, Missouri and Kansas.

Over the past several years, the Company has experienced increased competition
in its markets from other national and/or regional chains that are seeking to
gain or retain market share by reducing prices.  This has continued to place
pressure on all of the Company's stores and their respective sales, gross
margins and operating income.

                             Results of Operations
                             ---------------------

Three Months Ended April 30, 2001 and 2000
------------------------------------------

Net sales for the first quarter of fiscal 2001 decreased 6% to $25.1 million,
compared to $26.6 million for the first quarter of fiscal 2000.  Net income for
the first quarter of fiscal 2001 was $209,000 or $0.03 income per share,
compared with net income for the first quarter of fiscal 2000 of $264,000 or
$0.04 income per share. EBITDA (earnings before interest, taxes, depreciation
and amortization) was $863,000 versus $961,000 in the first quarter last year.
The Company operated eight stores at the end of the quarter. For the first
quarter of 2001 and 2000, the Company's revenues consisted of 79% to
professional contractors and 21% to retail customers.
<PAGE>

Gross profit as a percentage of net sales for the first quarter of fiscal 2001
increased to 25.1% from 23.2% for the same period last year. Gross margins have
increased as a result of a combination of improved commodities markets and
management's efforts to increase margins in all categories of products.

Selling, general and administrative expenses increased to 23.0% of net sales for
the first quarter of fiscal 2001 compared to 20.8% of net sales for the same
period last year. The increase in salaries and benefits reflects the higher
costs associated with the tight labor markets in which the Company operates.  In
addition, transportation expenses (included in other selling, general and
administrative expenses) were higher as a percentage of net sales due to the
large increase in fuel costs.

Net interest expense as a percentage of net sales was 1.3% for the quarter ended
April 30, 2001, compared to 1.4% for the same period last year.


                        Liquidity and Capital Resources
                        -------------------------------

The Company's working capital at April 30, 2001 increased to $14.2 million from
$12.9 million at January 31, 2001, primarily due to increased accounts
receivable resulting from higher sales, partially offset by an increase in
accounts payable.

The Company's primary capital needs are to finance operations.  During the three
months ended April 30, 2001, operating activities used net cash of $0.9 million.
Primary sources of cash from operating activities included approximately $2.0
million from increases in accounts payable and $0.5 million from net income,
adjusted for depreciation and amortization.  The primary use of cash was $3.2
million increase in accounts receivable.

Net cash provided by investing activities for the first three months of fiscal
2001 was approximately $0.5 million. $1.0 million was provided by a decrease in
other assets and $0.5 million used for purchases of equipment.  Net cash
provided by financing activities during the first three months of fiscal 2001
totaled approximately $0.3 million, resulting from net proceeds of long-term
debt.

The Company has a loan and security agreement with a financial institution
providing a $20 million revolving line of credit. This agreement expires in July
2002. The agreement provides for interest to be charged at .375% per annum in
excess of the Prime Rate (7.5% at April 30, 2001).  The agreement limits
availability to a borrowing base of 85% of eligible accounts receivable and 65%
of inventory, with each capped at $10 million. The agreement does not contain
any financial covenants.  The Company had additional available borrowing
capacity of approximately $3.8 million under the revolving line of credit as of
April 30, 2001.

As of April 30, 2001, the Company is generally current with all accounts payable
vendors and is utilizing discounts on payments made to vendors that supply
inventory to the Company.


                           Forward-looking Statements
                           --------------------------

Many issues discussed in this report are forward-looking statements made under
Section 27A of the Securities Act of 1933, as amended, and Section 21E of the
Securities Exchange Act of 1934, as amended. These statements involve known and
unknown risks, uncertainties and other factors that may cause actual events or
results, levels of activity, growth, performance, earnings per share or
achievements to be materially different from any future results, levels of
activity, growth, performance, earning per share or achievements
<PAGE>

expressed or implied by such forward-looking statements. Investors are cautioned
that all forward-looking statements involve risk and uncertainties. The Company
does not undertake to publicly update or revise its forward looking statements
even if experience or future changes make it clear that any projected results
expressed or implied in such statements will not be realized. Factors that could
cause actual results to differ materially include, but are not limited to the
following: the strength and extent of new and existing competition; the
Company's ability to maintain competitive pricing in its markets; the Company's
ability to increase sales; the Company's ability to attract, train and retain
experienced, quality employees; the Company's ability to dispose of excess real
estate and other assets; general economic conditions; housing turnover; interest
rates; weather; and other factors described from time to time in the Company's
Securities and Exchange Commission filings.

                    Impact of Inflation and Changing Prices
                    ---------------------------------------

Although the Company cannot accurately determine the precise effect of inflation
on its operations, it does not believe inflation has had a material effect on
sales or results of operations.


ITEM 3
------

           Quantitative and Qualitative Disclosure about Market Risk
           ---------------------------------------------------------

The Company is exposed to changes in interest rates on a majority of its total
debt. Any increases in interest rates could also affect the ability of the
Company to collect accounts receivable from customers. The Company depends on
the market for favorable long-term mortgage rates to help generate sales and
create housing turnover. Should mortgage rates increase substantially, the
Company could have difficulty generating sales. The Company's exposure to
commodity markets for lumber, plywood and other building materials does
fluctuate in pricing but is limited to what is held in inventory as the Company
does not trade commodity futures or options. Quotes to customers for proposed
products to be sold are short-term and increases or decreases in commodity
pricing are generally passed on to the customer. The Company has no foreign
sales and accepts payment only in US dollars; therefore it is not subject to any
currency exchange rate risk.
<PAGE>

                          PART II - OTHER INFORMATION


Item 1. Legal Proceedings.

On May 24, 2000, Raeleen Ann Barnes Matlock, acting as administratrix for the
estate of Jimmy Ray Barnes, filed a lawsuit in the Circuit Court of Pulaski
County, Arkansas against W.M. Barr & Co., Inc., Ring Can Corporation, and the
Company.  The lawsuit alleges negligence, breach of warranty, and product
liability claims against the defendants in connection with the manufacture,
distribution, and sale of an allegedly defective container of paint thinner.
The plaintiff is seeking actual damages in the amount of $6,000,000 and punitive
damages in the same amount.  On June 20, 2000, the Company filed an answer to
the complaint, generally denying the allegations with regard to the Company and
requesting that the court dismiss the complaint as against the Company.

On November 3, 2000, a judgment was entered against the Company in the
Washington County, Arkansas Circuit Court, Case Number CIV 97-1553, in favor of
James and Patricia Larson in the amount of $235,000 for damages suffered in a
1997 accident. The Company, along with its insurance provider as surety, has
filed an appeal with the Arkansas Court of Appeals and has posted the
appropriate supersedeas bond. The final amount of any potential judgment will be
covered by insurance.

The Company is also, at times, a party to routine litigation incidental to its
business.  In the opinion of the Company's management, such proceedings should
not, individually or in the aggregate, have a material adverse effect on the
Company's results of operations or financial condition.  The Company maintains
insurance in such amounts and with such coverage and deductibles as management
believes are reasonable.

Item 2.   Changes in Securities.

Not applicable.

Item 3.   Defaults Upon Senior Securities.

Not applicable.

Item 4. Submission of Matters to a Vote of Security Holders.

Not applicable.

Item 5.   Other Information.

Not applicable.

Item 6. Exhibits and Reports on Form 8K.

Not applicable.
<PAGE>

                             SIGNATURES


     Pursuant to the requirements 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.


                                        National Home Centers, Inc.

Date:  June 12, 2001                    /s/ Dwain A. Newman
                                        --------------------------------
                                        Dwain A. Newman
                                        Chief Executive Officer and
                                        Chairman


Date:  June 12, 2001                    /s/ Brent A. Hanby
                                        --------------------------------
                                        Brent A. Hanby
                                        Executive Vice President and
                                        Chief Financial Officer