<PAGE>
                                    FORM 10-Q

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549


(Mark One)

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

For the quarterly period ended              May 5, 2001
                               -----------------------------------------------

                                       OR

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

For the quarterly period ended _______________________to ____________________


                           Commission File No.0-20234

                                Today's Man, Inc.
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

                     Pennsylvania                        23-1743137
--------------------------------------------------------------------------------
            (State or other jurisdiction of             (IRS Employer
            incorporation or organization)           Identification No.)

           835 Lancer Drive, Moorestown, NJ                       08057
--------------------------------------------------------------------------------
       (Address of principal executive offices)                (Zip Code)

Registrant's telephone number   856-235-5656
                             ---------------------------------------------------

                                 Not Applicable
--------------------------------------------------------------------------------
               Former name, former address and former fiscal year,
                          if changed since last report

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, and (2) has been subject to such filing requirements
for the past 90 days.

                                     YES        X          NO           .
                                            ---------        ------------

APPLICABLE ONLY TO REGISTRANTS INVOLVED IN A BANKRUPTCY DURING THE PRECEDING
FIVE YEARS

         Indicate by check mark whether the Registrant has filed all documents
and reports required to be filed by Section 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan
confirmed by a court.

                                     YES        X          NO           .
                                            ---------        ------------


27,040,725 common shares were outstanding as of June 15, 2001.

<PAGE>
                                TODAY'S MAN INC.
                                ----------------

                                      INDEX
                                      -----
<TABLE>
<CAPTION>

                                                                                                        PAGE
                                                                                                        ----
<S>         <C>                                                                                          <C>

PART I.           FINANCIAL INFORMATION:

       Item 1.    Condensed Consolidated Financial Statements - Unaudited

       Consolidated Balance Sheets
                  May 5, 2001 and February 3, 2001.........................................................1

       Consolidated Statements of Operations
                  Thirteen weeks ended May 5, 2001 and April 29, 2000......................................2

       Consolidated Statements of Cash Flows
                  Thirteen weeks ended May 5, 2001 and April 29, 2000......................................3

                  Notes to Consolidated Financial Statements...............................................4

       Item 2.    Management's Discussion and Analysis of Financial Condition
                  and Results of Operations..............................................................5-7

       Item 3.    Quantitative and Qualitative Disclosures about Market Risks..............................8

PART II.          OTHER INFORMATION

       Item 1.    Legal Proceedings........................................................................9

       Item 2.    Changes in Securities and Use of Proceeds................................................9

       Item 3.    Defaults Upon Senior Securities..........................................................9

       Item 4.    Submission of Matters to a Vote of Security Holders......................................9

       Item 5.    Other Information........................................................................9

       Item 6.    Exhibits and Reports on Form 8-K.........................................................9

         Signatures.......................................................................................10
</TABLE>

<PAGE>
                                TODAY'S MAN, INC.
                           CONSOLIDATED BALANCE SHEETS
<TABLE>
<CAPTION>
                                                                                         May 5,            February 3,
                                                                                          2001                 2001
                                                                                          ----             -----------
                                                                                      (Unaudited)
<S>                                                                                       <C>                   <C>

                                     ASSETS

Current assets:
      Cash                                                                             $   125,300            $    480,200
      Due from credit card companies and other receivables, net                          1,632,000               1,576,000
      Inventory                                                                         30,906,900              30,941,100
      Prepaid expenses and other current assets                                          1,216,200               1,024,700
      Prepaid inventory purchases                                                          776,300               1,589,300
                                                                                       -----------            ------------
         Total current assets                                                           34,656,700              35,611,300

Property and equipment, less accumulated depreciation and
      amortization                                                                      26,947,300              27,976,100
Rental deposits and other noncurrent assets                                              2,170,300               1,992,300
                                                                                       -----------            ------------
                                                                                       $63,774,300             $65,579,700
                                                                                       ===========            ============

                      LIABILITIES AND SHAREHOLDERS' EQUITY

Current liabilities:
      Accounts payable                                                                 $ 10,476,600             $11,555,500
      Accrued expenses and other current liabilities                                      4,923,300               6,318,900
      Current maturities of capital lease obligations                                       224,100                 224,100
      Current portion of long term debt                                                           -               3,000,000
                                                                                       ------------            ------------
         Total current liabilities                                                       15,624,000              21,098,500

Capital lease obligations, less current maturities                                          610,200                 713,500
Deferred rent and other                                                                   5,464,700               2,684,800
Obligation under revolving credit facility                                               18,902,100              15,706,000
                                                                                       ------------           -------------
                                                                                         40,601,000              40,202,800
Shareholders' equity:
Preferred stock, no par value, 5,000,000 shares authorized, none issued                           -                       -
Common stock, no par value, 100,000,000 shares authorized,
   27,040,725 shares issued and outstanding                                              48,513,700              48,513,700
Accumulated deficit                                                                     (25,340,400)            (23,136,800)
                                                                                       ------------           -------------
Total shareholders' equity                                                               23,173,300              25,376,900
                                                                                       ------------           -------------
                                                                                        $63,774,300             $65,579,700
                                                                                       ============           =============
</TABLE>
                             See accompanying notes.


<PAGE>

                                TODAY'S MAN, INC.
                      CONSOLIDATED STATEMENTS OF OPERATIONS
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                                   FOR THIRTEEN WEEKS ENDED
                                                                                  May 5,               April 29,
                                                                                  2001                   2000
                                                                                  ----                   ----

<S>                                                                              <C>                    <C>
Net sales                                                                        $31,564,900            $41,071,400

Cost of goods sold                                                                18,722,000             25,157,200
                                                                                 -----------            -----------

       Gross profit                                                               12,842,900             15,914,200

Selling, general and administrative expenses (includes
       $3,987,600 in asset impairment charges and lease
       termination costs in fiscal 2000)                                          14,629,100             20,541,900
                                                                                 -----------            -----------

Loss from operations                                                              (1,786,200)            (4,627,700)

Interest expense and other income, net                                               417,400                605,700
                                                                                 -----------            -----------

       Loss before income taxes                                                   (2,203,600)            (5,233,400)

Provision for income taxes                                                                 -                      -
                                                                                 -----------            -----------

Net loss                                                                         $(2,203,600)           $(5,233,400)
                                                                                 ===========            ===========

Loss per share - basic and diluted                                               $     (0.08)           $     (0.19)
                                                                                 ===========            ===========

Weighted average shares outstanding - basic and diluted                           27,040,725             27,040,725
                                                                                 ===========            ===========
</TABLE>
                             See accompanying notes.

                                       2

<PAGE>
                                TODAY'S MAN, INC.
                      CONSOLIDATED STATEMENTS OF CASH FLOWS
                                   (Unaudited)
<TABLE>
<CAPTION>
                                                                                              FOR THIRTEEN WEEKS ENDED
                                                                                         May 5, 2001              April 29, 2000
                                                                                         -----------              --------------
<S>                                                                                            <C>                      <C>
Operating activities
     Net loss                                                                              $ (2,203,600)            $ (5,233,400)
     Adjustments to reconcile net loss to net cash used in operating
     activities:
         Depreciation and amortization                                                        1,179,000                1,021,600
         Reserve for asset impairment charges                                                         -                2,216,500
         Deferred rent and other                                                               (220,100)                 (54,800)
     Changes in operating assets and liabilities:
         Increase in receivables                                                                (56,000)                (923,800)
         Decrease in inventory                                                                   34,200                1,906,600
         Decrease in prepaid expenses and other current assets and
             prepaid inventory purchases                                                        621,500                  747,300
         Increase in rental deposits and other non current assets                              (178,000)                (405,000)
         Decrease in payables and accrued expenses                                           (2,474,500)                (457,100)
                                                                                           ------------             ------------
     Total adjustments                                                                       (1,093,900)               4,051,300
                                                                                           ------------             -------------

Net cash used in operating activities                                                        (3,297,500)              (1,182,100)

Cash flow used in investing activities:
     Capital expenditures                                                                      (150,200)                (342,200)
                                                                                           ------------            -------------
Net cash used in investing activities                                                          (150,200)                (342,200)

Cash flow provided by financing activities:
     Repayment of capital leases                                                               (103,300)                (255,200)
     Borrowings under revolving credit facility                                              33,075,000               40,498,000
     Repayments of revolving credit facility                                                (32,878,900)             (38,384,600)
     Advances from landlord                                                                   3,000,000                        -
                                                                                           ------------            -------------
Net cash provided by financing activities                                                     3,092,800                1,858,200

Net (decrease) increase in cash                                                                (354,900)                 333,900
Cash at beginning of period                                                                     480,200                  392,700
                                                                                           ------------            -------------
Cash at end of period                                                                      $    125,300             $    726,600
                                                                                           ============            =============
</TABLE>

                             See accompanying notes.

                                       3
<PAGE>
                                TODAY'S MAN, INC.
                          NOTES TO FINANCIAL STATEMENTS
                                   (Unaudited)

1.     Basis of Financial Statement Presentation
       The accompanying unaudited consolidated financial statements, which
include the accounts of the Company and its wholly owned subsidiaries, have been
prepared in accordance with accounting principles generally accepted in the
United States for interim financial information and with the instructions to
Form 10-Q and Rule 10-01 of Regulation S-X. Accordingly, they do not include all
of the information and footnotes required by accounting principles generally
accepted in the United States for complete financial statements. All significant
intercompany transactions and accounts have been eliminated in consolidation. In
the opinion of management, all adjustments (consisting of normal recurring
accruals and the asset write-offs and lease termination costs disclosed in Note
3) considered necessary for a fair presentation have been included. Due to the
seasonal nature of the Company's sales, operating results for the interim period
are not necessarily indicative of results that may be expected for the fiscal
year ending February 2, 2002. For further information, refer to the consolidated
financial statements and footnotes thereto which are included in the Company's
Annual Report on Form 10-K for the fiscal year ended February 3, 2001.


2.     Use of Estimates
       The preparation of financial statements in conformity with accounting
principles generally accepted in the United States requires management to make
estimates and assumptions that affect amounts reported in the financial
statements and accompanying notes. Actual results could differ from those
estimates.


3.     Store Closings
       During the thirteen weeks ended April 29, 2000, the Company recorded
store closing and other unusual charges of $3,987,600 to cover estimated lease
terminations costs and asset impairment charges primarily related to store
closings. At May 5, 2001, $1,601,300 of these charges, including charges
incurred in fiscal 2000 subsequent to the first quarter of fiscal 2000, have not
been paid and are reported in accrued expenses and other current liabilities.


                                       4
<PAGE>


Item 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND
         RESULTS OF OPERATIONS

Investment Considerations
       In analyzing whether to make, or to continue, an investment in the
Company, investors should consider, among other factors, certain investment
considerations more particularly described in "Item 1: Business - Investment
Considerations" in the Company's Annual Report on Form 10-K for the year ended
February 3, 2001, a copy of which can be obtained, without charge except for
exhibits to the Report, upon written request to Mr. Frank E. Johnson, Executive
Vice President and Chief Financial Officer, Today's Man, Inc., 835 Lancer Drive,
Moorestown, New Jersey 08057.


Safe Harbor Statement under Private Securities Litigation Reform Act of 1995
       Certain statements in this Form 10-Q which are not historical facts,
including, without limitation, statements as to the Company's plans for fiscal
2001, or as to management's beliefs, expectations, or opinions, are forward
looking statements that involve risks and uncertainties and are subject to
change at any time. Certain factors, including, without limitation the risk that
the assumptions upon which the forward-looking statements are based ultimately
may prove incorrect, risks relating to the Company's growth strategy, small
store base and geographic concentration, the declining unit sales of men's
tailored clothing, seasonality and global economic conditions, and the other
risks detailed from time to time in the Company's filings with the Securities
and Exchange Commission, including, without limitation, its Annual Report on
Form 10-K, can cause actual results and developments to be materially different
from those expressed or implied by such forward-looking statements. See
"Investment Considerations" above, for instructions on how to receive a copy of
the Company's Annual Report.

RESULTS OF OPERATIONS:
----------------------
       The following table sets forth, as a percentage of net sales, certain
items appearing in the consolidated statements of operations for the thirteen
week periods ended May 5, 2001 and April 29, 2000, respectively.
<TABLE>
<CAPTION>

                                                               PERCENTAGE OF NET SALES
                                                                THIRTEEN WEEKS ENDED
                                                                May 5,       April 29,
                                                                 2001           2000
                                                             ----------------------------
<S>                                                              <C>            <C>
Net sales                                                        100.0%         100.0%
Cost of goods sold                                                59.3           61.3
                                                             ----------------------------
     Gross profit                                                 40.7           38.7
Selling, general and administrative expenses                      46.4           50.0
                                                             ----------------------------
     Loss from operations                                         (5.7)         (11.3)
     Interest expense and other income, net                        1.3            1.5
                                                             ----------------------------
Loss before income taxes                                          (7.0)         (12.8)
Income taxes                                                      (0.0)          (0.0)
                                                             ----------------------------
     Net loss                                                     (7.0%)        (12.8%)
                                                             ============================
</TABLE>

THIRTEEN WEEKS ENDED MAY 5, 2001 AND APRIL 29, 2000:
----------------------------------------------------
NET SALES. Net sales decreased $9,506,500 or 23.1% in the first quarter of
fiscal 2001 compared to the year ago period. Comparative store sales decreased
18.9%. The decrease in sales was due to a decline in foot traffic and hence a
decline in sales. There were 25 and 29 superstores in operation at May 5, 2001
and April 29, 2000, respectively.


                                       5
<PAGE>


                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS
                                   (Continued)

GROSS PROFIT. Gross profit as a percentage of net sales increased to 40.7% for
the first quarter of fiscal 2001 compared to 38.7% in the first quarter of
fiscal 2000. The increase in the gross profit percentage was a result of the
Company's strategy of higher initial mark-ups on its inventory purchases.

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES. Selling, general and
administrative expenses decreased $5,912,800 or 28.8% in the first quarter of
fiscal 2001, and decreased as a percentage of sales to 46.4% from 50.0% in the
first quarter of fiscal 2000. The first quarter of fiscal 2000 included
$3,987,600 in asset impairment charges and lease termination costs for
underperforming stores closed in fiscal 2000. Store payroll, rent and occupancy
and credit card expenses decreased $1,540,200 in the first quarter of fiscal
2001 as a result of operating 25 stores in the first quarter of fiscal 2001
versus 29 stores in the first quarter of fiscal 2000.

INTEREST EXPENSE AND OTHER INCOME, NET. Interest expense, interest income and
other expense, net decreased by $188,300 from the first quarter of fiscal 2000.
The decrease in interest expense was attributable to the decreased amount of
average borrowings incurred as well as the decrease in the interest rate charged
under the Company's Amended Loan and Security Agreement with Mellon Bank. The
Company had average borrowings under its revolving credit facility of
$18,179,000 during the quarter ended May 5, 2001 as compared to average
borrowings of $24,243,700 under its revolving credit facility during the quarter
ended April 29, 2000. The interest rate in effect was 8.625% as of May 5, 2001
as compared to 9.750% as of April 29, 2000. As a result of revolving credit
borrowings, the Company recorded interest expense of $417,400 during the quarter
ended May 5, 2001.

LIQUIDITY AND CAPITAL RESOURCES

       The Company's primary sources of working capital are cash flow from
operations and borrowings under the revolving credit facility. At May 5, 2001,
the Company had working capital of $19,032,700 as compared with $14,512,800 at
February 3, 2001.

       On December 4, 1998, the Company entered into a Loan and Security
Agreement with Mellon Bank, N.A., ("Mellon") individually and as agent. Proceeds
from this loan were used to refinance the Company's previous revolving credit
facility and term loan with Foothill Capital Corporation. The Loan and Security
Agreement, as amended, provides for a $28.0 million revolving credit facility
with a $15.0 million sublimit for letters of credit. The facility bears interest
at 1.125% per annum above Mellon's prime rate and expires on August 31, 2002.
Availability under the revolver is determined by a formula based on inventory
and credit card receivables, less applicable reserves. The amended agreement
provides for an over-advance facility. The agreement contains financial
covenants including tangible net worth, indebtedness to tangible net worth,
maximum net loss per month and limitations on new store openings and capital
expenditures as well as restrictions on the payment of dividends. The Company
granted Mellon Bank a lien on its tangible and intangible assets to secure this
facility. Additionally, Mr. David Feld, Chairman of the Board and principal
shareholder of the Company, provided additional collateral to secure the credit
facility.


                                       6
<PAGE>


                     MANAGEMENT'S DISCUSSION AND ANALYSIS OF
                  FINANCIAL CONDITION AND RESULTS OF OPERATIONS
                                   (Continued)

       On February 28, 2001, the Company and Mellon Bank entered into Amendment
8 to the revolving credit facility. The amended Agreement recast all of the
Company's financial covenants as of and for the year ended February 3, 2001 and
for the remaining term of the loan agreement. The Company was in compliance with
all covenants under the amended Agreement as of May 5, 2001. The permitted
out-of-formula advances may not exceed $2,000,000 from February 28, 2001 to May
15, 2001. The over-advance facility is then reduced to $1,250,000 on May 16,
2001, $0 on June 16, 2001, increases to $2,000,000 on August 5, 2001, reduces to
$1,500,000 on November 4, 2001, $1,000,000 on December 1, 2001, $500,000 on
December 21, 2001 and expires on December 30, 2001. The amendment also changed
the interest charged on the facility to 1.125% per annum above Mellon's prime
rate from 0.75%. (Mellon Bank's prime rate was 7.5% at May 5, 2001).

       Subsequent to the first quarter of fiscal 2001, the Company and Mellon
Bank entered into Amendment 9 to the revolving credit facility. The amendment
recasts certain of the Company's financial covenants and extends the term of the
loan to August 31, 2002 from March 14, 2002. The permitted out-of-formula
advances may not exceed $2,000,000 from February 28, 2001 to May 15, 2001. The
overadvance facility is then reduced to $1,250,000 on May 16, 2001, $0 on June
16, 2001, increases to $2,000,000 on July 16, 2001, reduces to $1,500,000 on
December 1, 2001, $1,000,000 on December 15, 2001, $500,000 on December 21,
2001, and expires on December 30, 2001. The Company must pay a termination fee
of $1,050,000 if the facility is terminated after March 15, 2001 but on or
before August 31, 2002.

       In January 2001, the Company retained investment banker Berwind
Financial, L.P. to explore opportunities for raising additional capital and
enhancing shareholder value.

       In fiscal 2000, the Company closed four under-performing stores.
Subsequent to year end, the Company closed its e-commerce website,
Todaysman.com. The closing of the four stores and website resulted in a charge
to operations in fiscal 2000 of approximately $6.3 million for the write-off of
furniture and fixtures and the accrual of lease termination costs.

       The Company has been substantially dependent upon borrowings under its
credit facility to finance its operations and received an amended credit
facility from Mellon, which allows the Company additional liquidity through an
over-advance facility through December 30, 2001 as discussed above.
Additionally, the Company is in the process of implementing a plan to reverse
the trend of losses noted above. Management's plans implemented thus far, as
well as actions initiated that will continue into fiscal 2001, include the
execution of the amended credit facility, a layoff of non-operating personnel in
January 2001, the closing of four under-performing stores in fiscal 2000 and the
closing of the e-commerce website.

       Management believes the Company's cash requirements in 2001 will be
generated by operations and borrowings under the Company's credit facility.
Management also believes that the actions initiated and its 2001 plans will
result in the successful funding of its working capital and cash requirements
while enabling the Company to meet its financial covenants under its credit
facility.


                                       7
<PAGE>


Item 3.  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS
--------------------------------------------------------------------

       The Company is a retail company doing business within the United States.
Its primary market risk is exposure to interest rates fluctuations on its debt
instruments. The Company's bank revolving credit facility bears interest at
variable rates. The variable interest rate is the rate in effect at the quarter
ended May 5, 2001, and it fluctuates with the lending bank's prime rate. The
change in interest expense of the Company's bank revolving credit facility
resulting from a hypothetical 2% increase in interest rates would not be
material.


                                       8
<PAGE>


PART II - OTHER INFORMATION
---------------------------

Item 1.  Legal Proceedings
         -----------------

         None - not applicable

Item 2.  Changes in Securities and Use of Proceeds
         -----------------------------------------

         None - not applicable

Item 3.  Defaults Upon Senior Securities
         -------------------------------

         None - not applicable

Item 4.  Submission of Matters to a Vote of Shareholders
         -----------------------------------------------
         None - not applicable

Item 5.  Other Information
         -----------------

         None - not applicable

Item 6.  Exhibits and Reports on Form 8-K
         --------------------------------
         Exhibits
         None - not applicable

         Reports on Form 8-K
         None - not applicable


                                       9

<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.



                                       TODAY'S MAN, INC.
                                          (Registrant)


Date: June 19, 2001                    /s/David Feld
                                       -------------------------------------
                                       David Feld
                                       Chairman of the Board



Date: June 19, 2001                    /s/Bruce Weitz
                                       -------------------------------------
                                       Bruce Weitz
                                       President and Chief Executive Officer



Date: June 19, 2001                    /s/Frank E. Johnson
                                       -------------------------------------
                                       Frank E. Johnson
                                       Executive Vice President, Chief Financial
                                       Officer and Treasurer
                                       Principal Financial Officer

Date: June 19, 2001                    /s/Barry S. Pine
                                       -------------------------------------
                                       Barry S. Pine
                                       Vice President and Controller
                                       Principal Accounting Officer