EXHIBIT 11

                         CANDIE'S, INC. AND SUBSIDIARIES
                       COMPUTATIONS OF EARNINGS PER SHARE
                           FOR THE THREE MONTHS ENDED
                        (MODIFIED TREASURY STOCK METHOD)

                                                             April 30,
                                                                        (1)
                                                         1997          1996
                                                         -----         ----

AVERAGE SHARES OUTSTANDING                             9,974,634      8,750,424

NET EFFECT OF DILUTIVE STOCK
 OPTIONS-BASED ON THE MODIFIED
 TREASURY STOCK METHOD USING
 AVERAGE MARKET PRICE WHICH IS
 GREATER THAN QUARTER-END
 MARKET PRICE                                          6,451,399           --
                                                     -----------    -----------

TOTAL COMMON STOCK AND EQUIVALENT
 SHARES                                               16,426,033      8,750,424
                                                     ===========    ===========

NET INCOME (LOSS)                                    $   823,338    $  (423,338)
ADD:
INCOME EARNED, NET OF
  FEDERAL INCOME TAX EFFECT                              198,955           --
                                                     -----------    -----------

TOTAL EPS INCOME (LOSS)                              $ 1,022,293    $  (423,338)
                                                     ===========    ===========

PER SHARE AMOUNT (PRIMARY AND FULLY DILUTED)         $       .06    $      (.05)
                                                     ===========    ===========


(1) NO ADDITIONAL INCOME(EARNINGS FROM INVESTING THE EXCESS PROCEEDS UPON THE
EXERCISE OF COMMON STOCK EQUIVALENTS) NOR COMMON STOCK EQUIVALENTS WERE INCLUDED
IN THE CALCULATION OF NET LOSS PER SHARE FOR 1996 BECAUSE THE RESULTS WOULD HAVE
BEEN ANTIDILUTIVE.


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