<PAGE>   1
                             GARDEN BOTANIKA, INC.
                            CALCULATION OF EARNINGS
                     PER COMMON AND COMMON EQUIVALENT SHARE
                                  (EXHIBIT 11)
                 (amounts in thousands, except per share data)


<TABLE>
<CAPTION>
                                                                                   Fiscal Year Ended
                                                                       ----------------------------------------
                                                                       February 1,    February 3,   January 28,
                                                                          1997           1996          1995
                                                                       -----------    ----------    -----------
<S>                                                                     <C>            <C>            <C>     
PRIMARY:
  Earnings -
      Net loss applicable to common and common
        equivalent shares                                               $(4,933)       $(1,664)       $(1,387)
                                                                        =======        =======        ======= 

  Shares -
      Weighted average common shares outstanding                          6,146            265            260
      Weighted average preferred shares outstanding (1)                    --            3,491          2,910
      Net effect of stock options, based on treasury stock method
        using average market price (2)                                     --             --             --
      Common share equivalents (3)                                         --               25             39
                                                                        -------        -------        ------- 

 Weighted average common and common equivalent shares                     6,146          3,781          3,209
                                                                        =======        =======        ======= 

Primary loss per common and common equivalent share                      ($0.80)        ($0.44)        ($0.43)
                                                                        =======        =======        ======= 
</TABLE>


FULLY DILUTED:

   Fully diluted loss per share is not presented, as there were no potentially
dilutive securities.


NOTES:

(1)  In connection with its initial public offering of Common Stock completed on
     May 22, 1996, all of the Company's outstanding Preferred Stock
     automatically converted to Common on a one-for-one basis. Therefore, losses
     per common and common equivalent share are based on the weighted average
     number of Common and Preferred shares outstanding.

(2)  In the calculation of weighted average common and common equivalent shares,
     nonqualified stock options and warrants to purchase Common Stock are
     considered Common Stock equivalents. Such options and warrants are
     converted using the treasury stock method, which assumes that the shares
     issuable upon exercise of the options or warrants were outstanding for the
     full period. In accordance with generally accepted accounting principles,
     no Common Stock equivalents related to stock options are shown, as their
     effect would have been anti-dilutive for each period presented.

(3)  Pursuant to Securities and Exchange Commission Accounting Bulletins, common
     and common equivalent shares issued during the 12-month period prior to the
     Company's May 1996 initial public offering have been included in the
     calculation as if they were outstanding for all periods reported prior to
     the filing of the Registration Statement (using the treasury stock method
     at the assumed initial public offering price).