SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

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F O R M 10-Q

For the Quarter Ended March 29, 1997 Commission File Number 1-5315

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S P R I N G S I N D U S T R I E S, I N C.
(Exact name of registrant as specified in its charter)

SOUTH CAROLINA 57-0252730
(State or other jurisdiction of (I.R.S. Employer
incorporation or organization) Identification No.)

205 North White Street
Fort Mill, South Carolina 29715
(Address of principal executive offices) (Zip Code)

Registrant's telephone number, including area code:
(803) 547-1500

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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 at least the past 90 days.

Yes X No
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As of May 5, 1997, there were 12,761,786 shares of Class A Common Stock and
7,395,615 shares of Class B Common Stock of Springs Industries, Inc.
outstanding.

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There are 23 pages in the sequentially numbered, manually signed original of
this report.

Page 1 of 23
The Index to Exhibits is on Page 13

TABLE OF CONTENTS TO FORM 10-Q

PART I - FINANCIAL INFORMATION
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ITEM PAGE
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1. FINANCIAL STATEMENTS 3

2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF
FINANCIAL CONDITION AND RESULTS OF OPERATIONS 8

PART II - OTHER INFORMATION
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4. SUBMISSION OF MATTERS TO A VOTE 10
OF SECURITY HOLDERS

6. EXHIBITS 11

SIGNATURES 12

EXHIBIT INDEX 13

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3

PART I
ITEM I - FINANCIAL STATEMENTS

SPRINGS INDUSTRIES, INC.
Consolidated Statement of Operations
and Retained Earnings
(In thousands except per share data)
(Unaudited)

THIRTEEN WEEKS ENDED
---------------------------
MARCH 29, MARCH 30,
1997 1996
----------- -----------

OPERATIONS
Net sales ........................................ $ 543,009 $ 579,340
Cost and expenses:
Cost of goods sold .............................. 446,757 477,755
Selling, general and
administrative expenses ........................ 71,032 74,499
Restructuring and
realignment expenses ........................... 2,763 -
Interest expense ................................ 4,521 7,834
Other income, net ............................... (149) (939)
----------- -----------
Total ......................................... 524,924 559,149
----------- -----------

Income before income taxes ....................... 18,085 20,191

Income tax provision ............................. 6,874 7,885
----------- -----------

Net income ...................................... $ 11,211 $ 12,306
=========== ===========

Per share:
Net income ...................................... $ .55 $ .60
=========== ===========

Cash dividends declared:
Class A shares .................................. $ .33 $ .33
=========== ===========
Class B shares .................................. $ .30 $ .30
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Weighted average shares of
common stock .................................... 20,471 20,389
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RETAINED EARNINGS
Retained earnings at beginning
of period ..................................... $ 675,533 $ 616,347
Net income ...................................... 11,211 12,306
Cash dividends declared ......................... (6,435) (6,417)
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Retained earnings at end of
period ........................................ $ 680,309 $ 622,236
=========== ===========

See Notes to Condensed Consolidated Financial Statements.

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4

SPRINGS INDUSTRIES, INC.
Condensed Consolidated Balance Sheet
(In thousands except share data)
(Unaudited)

MARCH 29, DECEMBER 28,
1997 1996
----------- -----------

ASSETS
Current assets:
Cash and cash equivalents ................................ $ 1,571 $ 30,719
Accounts receivable ...................................... 357,230 350,830
Inventories .............................................. 380,140 370,896
Other .................................................... 47,046 37,177
----------- -----------
Total current assets ................................... 785,987 789,622
----------- -----------

Property, plant and equipment .............................. 1,331,344 1,320,400
Accumulated depreciation ................................. (804,188) (785,836)
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Property, net .......................................... 527,156 534,564
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Other assets ............................................... 82,464 73,770
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Total .................................................. $ 1,395,607 $ 1,397,956
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LIABILITIES AND SHAREOWNERS' EQUITY
Current liabilities:
Short-term borrowings .................................... $ 36,800 $ -
Current maturities of long-term debt ..................... 6,824 6,921
Accounts payable ......................................... 78,874 103,841
Other accrued liabilities ................................ 123,135 141,727
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Total current liabilities .............................. 245,633 252,489
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Noncurrent liabilities:
Long-term debt ........................................... 177,180 177,640
Accrued benefits and deferred
compensation ............................................ 160,994 160,535
Deferred income taxes and other deferred
credits ................................................. 26,048 26,513
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Total noncurrent liabilities ........................... 364,222 364,688
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Shareowners' equity:
Class A common stock- $.25 par value
(12,860,993 and 12,746,374 shares
issued in 1997 and 1996, respectively) ................ 3,215 3,187
Class B common stock- $.25 par value
(7,395,615 and 7,508,579 shares issued
in 1997 and 1996, respectively) ........................ 1,849 1,877
Additional paid-in capital ............................... 110,405 110,352
Retained earnings ........................................ 680,309 675,533
Cost of Class A shares in treasury
(103,533 and 106,739 shares
in 1997 and 1996, respectively) ........................ (2,323) (2,378)
Currency translation adjustment and other ................ (7,703) (7,792)
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Total shareowners' equity .............................. 785,752 780,779
----------- -----------
Total .................................................. $ 1,395,607 $ 1,397,956
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See Notes to Condensed Consolidated Financial Statements.

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5

SPRINGS INDUSTRIES, INC.
Condensed Consolidated Statement of Cash Flows
(In thousands)
(Unaudited)

THIRTEEN WEEKS ENDED
---------------------------
MARCH 29, MARCH 30,
1997 1996
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Operating activities:
Net income ............................................... $ 11,211 $ 12,306
Adjustments to reconcile net income to net
cash provided (used) by operating activities:
Depreciation and amortization ........................... 22,721 26,568
Changes in operating assets and liabilities,
net of effects of business acquisitions and
sale of businesses ..................................... (52,778) (35,658)
Other, net .............................................. (4,799) (2,251)
Net cash provided (used) by operating ----------- -----------
activities .......................................... (23,645) 965
----------- -----------

Investing activities:
Purchase of property, plant and
equipment .............................................. (15,465) (19,549)
Business acquisitions .................................... (6,400) (1,900)
Other, net ............................................... (7,022) 2,648
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Net cash used by investing activities................. (28,887) (18,801)
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Financing activities:
Proceeds from short-term borrowings, net ................. 36,800 33,600
Proceeds from long-term borrowings ....................... - 2,261
Repayment of long-term debt .............................. (557) (5,645)
Cash dividends paid....................................... (12,859) (12,834)
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Net cash provided by financing activities ............ 23,384 17,382
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Decrease in cash and cash equivalents....................... $ (29,148) $ (454)
=========== ===========

See Notes to Condensed Consolidated Financial Statements.

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6

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

1. Significant Accounting Policies:

The accompanying condensed consolidated financial statements should be
read in conjunction with the financial statements presented in the
Springs Industries, Inc. ("Springs" or "the Company") 1996 Annual
Report on Form 10-K.

In the opinion of the management of Springs, these unaudited condensed
consolidated financial statements contain all adjustments of a normal
recurring nature necessary for their fair presentation. The results for
interim periods reflect estimates for certain items which can be
definitively determined only on an annual basis. These items include
the valuation of a substantial portion of inventories on a LIFO cost
basis and the provision for income taxes. These interim financial
statements reflect applicable portions of the estimated annual amounts
for such items.

The results of operations for interim periods are not necessarily
indicative of operating results to be expected for the remainder of the
year.

2. Inventory:

Inventories are summarized as follows (in thousands):

March 29, Dec. 28,
1997 1996
----------- -----------

Standard cost (which approximates
average cost) or average cost:
Finished goods ................................. $ 256,751 $ 242,650
In process ..................................... 186,922 185,307
Raw materials and supplies ..................... 59,919 67,925
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503,592 495,882
Less LIFO reserve ............................... (123,452) (124,986)
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Total .......................................... $ 380,140 $ 370,896
=========== ===========

3. Reclassification:

Certain prior-year amounts have been reclassified to conform with the
1997 presentation, including classification in net sales of certain
promotional costs which were previously included in selling, general
and administrative expenses.

4. Commitments:

The Company enters into forward delivery contracts and futures
contracts for raw material purchases, consistent with the size of its
business, to reduce the Company's exposure to price volatility.
Management assesses these contracts on a continuous basis to determine
if contract prices will be recovered through subsequent sales.

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5. Divestiture:

On April 17, 1996, the Company sold Clark-Schwebel, Inc., a business in
the specialty fabrics segment, for $193 million in cash. During the
first quarter of 1996, Clark-Schwebel contributed about 10 percent of
Springs' sales of $579.3 million and had record earnings of $10.1
million before interest expense and taxes. During the five years ended
in 1995, Clark-Schwebel's average contribution was 13 percent of
Springs' sales and 9 percent of its earnings before interest expense
and taxes.

6. Restructuring and Realignment Costs:

During the second quarter of 1996, the Company adopted a plan to
consolidate and realign its fabric manufacturing operations. In
connection with this plan, the Company closed three fabric
manufacturing plants, added production in other plants, and increased
outside purchases of grey fabric. A pretax restructuring charge of
$30.4 million was recorded in the second quarter, which included $6.6
million for the severance expense arising from the elimination of
approximately 850 positions, $16.3 million for write-offs of plant and
equipment, and $7.5 million for certain other expenses associated with
the plan.

Through March 29, 1997, the Company has recorded approximately $6.1
million of actual cash expenditures against the restructuring accrual,
which includes $2.4 million of severance expense and $3.7 million for
certain other expenses associated with the plan. In addition, the
Company has incurred $2.8 million in the current quarter and $6.3
million to date for equipment relocation and other realignment expenses
and has made capital investments of $2.3 million related to the plan.
Over the next three years, Springs plans to make future capital
investments of $15.0 million and incur future expenses of approximately
$16.8 million for equipment relocation and other realignment costs
which do not qualify as "exit costs."

7. Legal and Environmental:

As disclosed in the 1996 Annual Report on Form 10-K, Springs is
involved in certain administrative proceedings alleging violations of
environmental laws and regulations, including proceedings under the
Comprehensive Environmental Response, Compensation, and Liability Act.
In connection with these proceedings, the Company has accrued an amount
which represents management's best estimate of Springs' probable
liability.

Springs is also involved in various other legal proceedings and claims
incidental to its business. Springs is protecting its interests in all
such proceedings.

In the opinion of management, based on the advice of counsel, the
likelihood that the resolution of the above matters would have a
material adverse impact on either the financial condition or the future
results of operations of Springs is remote.

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ITEM 2. - MANAGEMENT'S DISCUSSION AND ANALYSIS

GENERAL

During the second quarter of 1996, the Company adopted a plan to consolidate and
realign its fabric manufacturing operations. In connection with this plan, the
Company closed three fabric manufacturing plants, added production in other
plants, and increased outside purchases of grey fabric. A pretax restructuring
charge of $30.4 million was recorded in the second quarter, which included $6.6
million for the severance expense arising from the elimination of approximately
850 positions, $16.3 million for write-offs of plant and equipment, and $7.5
million for certain other expenses associated with the plan.

Through March 29, 1997, the Company has recorded approximately $6.1 million of
actual cash expenditures against the restructuring accrual, which includes $2.4
million of severance expense and $3.7 million for certain other expenses
associated with the plan. In addition, the Company has incurred $2.8 million in
the current quarter and $6.3 million to date for equipment relocation and other
realignment expenses and has made capital investments of $2.3 million related to
the plan. Over the next three years, Springs plans to make future capital
investments of $15.0 million and incur future expenses of approximately $16.8
million for equipment relocation and other realignment costs which do not
qualify as "exit costs."

On April 17, 1996, the Company sold Clark-Schwebel, Inc., a business in the
specialty fabrics segment, for $193 million in cash. During the first quarter of
1996, Clark-Schwebel contributed about 10 percent of Springs' sales of $579.3
million and had record earnings of $10.1 million before interest expense and
taxes. During the five years ended in 1995, Clark-Schwebel's average
contribution was 13 percent of Springs' sales and 9 percent of its earnings
before interest expense and taxes.

RESULTS OF OPERATIONS

Sales

Net sales for the first quarter of 1997 were $543.0 million, down 6 percent from
the first quarter of 1996. The 1996 figures include results for Clark-Schwebel,
Inc. Excluding Clark-Schwebel's sales from the prior year, sales for the quarter
increased by 5 percent. The home furnishings segment generated sales growth of 7
percent for the first quarter. The specialty fabrics segment's first-quarter
sales were lower than a year ago by 44 percent, primarily due to the sale of
Clark-Schwebel.

Earnings

Net income for the first quarter of 1997 was $11.2 million, or $.55 per share,
down about 8 percent from the $.60 per share earned in 1996. Excluding the
effect of realignment expenses associated with the restructuring of the fabric
manufacturing operations, net income was $12.9 million, or $0.63 per share. In
the home furnishings segment, improved volume and margin expansion in bed, bath
and window fashions produced a 43 percent increase in operating profit over last
year. Excluding the effect of the realignment expenses, operating profit for the
home furnishings segment increased 60 percent. The specialty fabrics segment's
earnings were lower than the prior year due primarily to the sale of
Clark-Schwebel. The sales and earnings of the continuing specialty fabrics
businesses were lower than a year ago because of sluggish demand for home-sewing
fabrics and fashion apparel fabrics.

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CAPITAL RESOURCES AND LIQUIDITY

A normal seasonal increase in working capital since year-end resulted in
increased short-term borrowings. The company expects capital expenditures for
1997 to approximate $120 million. These investments will focus on manufacturing
equipment, distribution facilities and information systems. Springs believes its
1997 cash needs will be adequately provided from operations and borrowings from
commercial paper and committed lines.

OTHER

Certain prior-year amounts have been reclassified to conform with the 1997
presentation, including classification in net sales of certain promotional costs
which were previously included in selling, general and administrative expenses.

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PART II - OTHER INFORMATION

ITEM 4 - SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

(a) The annual meeting of the security holders of the Company was
held on April 21, 1997.

(b) During the annual meeting, the security holders of the Company
elected the following directors to hold office until the next annual meeting of
the security holders and until a successor is duly elected and qualified:

John F. Akers John H. McArthur
Crandall Close Bowles Aldo Papone
John L. Clendenin Donald S. Perkins
Leroy S. Close Robin B. Smith
Charles W. Coker Sherwood H. Smith, Jr.
Walter Y. Elisha Stewart Turley

(i)
Annual election of
directors:

John F. Akers 40,094,969 72,675

Crandall Close Bowles 40,092,703 74,941

John L. Clendenin 40,096,878 70,766

Leroy S. Close 40,092,093 75,551

Charles W. Coker 40,099,303 68,341

Walter Y. Elisha 40,097,875 69,769

John H. McArthur 40,097,799 69,845

Aldo Papone 40,099,215 69,429

Donald S. Perkins 40,096,219 71,425

Robin B. Smith 40,098,690 68,654

Sherwood H. Smith, Jr. 40,099,187 68,456

Stewart Turley 40,099,253 68,716

(ii)

Ratification of the 40,085,912 18,242 63,490
appointment of Deloitte &
Touche as the Company's
auditors

(d) N/A

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ITEM 6 - EXHIBITS

The following exhibits are filed as part of this report:

(10) Material Contracts-Executive Compensation Plans and
Arrangements

(a) Supplemental Executive Retirement Plan

(27) Financial Data Schedule (for SEC purposes)

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SIGNATURES

Pursuant to the requirements of Securities Exchange Act of 1934, Springs
Industries, Inc. has duly caused this Report to be signed on its behalf by the
undersigned thereunto duly authorized.

SPRINGS INDUSTRIES, INC.

By: /s/ James F. Zahrn
-----------------------------
James F. Zahrn
Executive Vice President and
Chief Financial Officer
(Duly Authorized Officer and
Principal Financial Officer)

DATED: May 12, 1997

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EXHIBIT INDEX

Item Page Number
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(10)(a) Supplemental Executive Retirement Plan as approved by the Board of 14
Directors on October 19, 1996, filed herewith (9 pages)

(27) Financial Data Schedule (for SEC purposes) 23

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