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SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM 10-Q

(Mark One)

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

For quarterly period ended May 4, 2002

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: 0-02788

THE ELDER-BEERMAN STORES CORP.
(Exact name of registrant as specified in its charter)

<Table>

OHIO 31-0271980
(State or other jurisdiction of (I.R.S. employer identification no.)
incorporation or organization)

3155 EL-BEE ROAD, DAYTON, OHIO 45439
(Address of principal executive offices) (Zip Code)
</Table>

(937) 296-2700
(Registrant's telephone number, including area code)

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 (or for such shorter period that the
registrant was required to file such reports), and (2) has been subject to such
filing requirements for the past 90 days. Yes [X] No [ ]

APPLICABLE ONLY TO CORPORATE ISSUERS:

Indicate the number of shares outstanding of the issuer's classes of common
stock, as of the latest practicable date.

As of June 13, 2002 11,528,587 shares of the issuer's common stock, without
par value, were outstanding.

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THE ELDER-BEERMAN STORES CORP.

INDEX

<Table>
<Caption>
PAGE
----

PART I FINANCIAL INFORMATION
ITEM 1. Financial Statements
Condensed Consolidated Balance Sheets as of May 4, 2002
(Unaudited) and as of February 2, 2002...................... 1
Condensed Consolidated Statements of Operations for the 13
weeks ended May 4, 2002 and May 5, 2001 (Unaudited)......... 2
Condensed Consolidated Statements of Cash Flows for the 13
weeks ended May 4, 2002 and May 5, 2001 (Unaudited)......... 3
Notes to Condensed Consolidated Financial Statements
(Unaudited)................................................. 4
ITEM 2. Management's Discussion and Analysis of Consolidated
Financial Condition and Results of Operations............... 9
ITEM 3. Quantitative and Qualitative Disclosures About Market
Risk........................................................ 11

PART II OTHER INFORMATION
ITEM 1. Legal Proceedings........................................... 12
ITEM 2. Changes in Securities and Use of Proceeds................... 12
ITEM 3. Defaults Upon Senior Securities............................. 12
ITEM 4. Submission of Matters to a Vote of Security Holders......... 12
ITEM 5. Other Information........................................... 12
ITEM 6. Exhibits and Reports on Form 8-K............................ 13

SIGNATURES............................................................ 14

EXHIBIT INDEX......................................................... 15
</Table>

PART I. -- FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS.

THE ELDER-BEERMAN STORES CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS

(DOLLARS IN THOUSANDS)

<Table>
<Caption>
(UNAUDITED)
MAY 4, 2002 FEB. 2, 2002
----------- ------------

ASSETS
Current assets:
Cash and equivalents...................................... $ 7,532 $ 7,142
Customer accounts receivable (less allowance for doubtful
accounts: May 4, 2002 -- $2,677; February 2,
2002 -- $2,985)........................................ 123,973 129,121
Merchandise inventories................................... 150,562 151,761
Other current assets...................................... 21,215 21,435
-------- --------
Total current assets.............................. 303,282 309,459
-------- --------
Property, fixtures and equipment, less accumulated
depreciation and amortization............................. 98,833 98,078
Goodwill.................................................... -- 16,012
Other Assets................................................ 25,263 27,513
-------- --------
Total assets...................................... $427,378 $451,062
======== ========

LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Current portion of long-term obligations.................. $ 7,329 $ 5,531
Accounts payable.......................................... 39,548 39,108
Other accrued liabilities................................. 24,812 26,819
-------- --------
Total current liabilities......................... 71,689 71,458
-------- --------
Long-term obligations, less current portion................. 141,112 148,489
Deferred items.............................................. 14,379 13,905
Shareholders' equity:
Common stock, no par, 11,531,554 shares at May 4, 2002 and
11,494,266 shares at February 2, 2002 issued and
outstanding............................................ 242,373 242,273
Unearned compensation -- restricted stock................. (338) (302)
Deficit................................................... (37,411) (19,870)
Other comprehensive loss.................................. (4,426) (4,891)
-------- --------
Total shareholders' equity........................ 200,198 217,210
-------- --------
Total liabilities and shareholders' equity........ $427,378 $451,062
======== ========
</Table>

See notes to condensed consolidated financial statements

THE ELDER-BEERMAN STORES CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(DOLLARS IN THOUSANDS, EXCEPT PER SHARE AMOUNTS)
(UNAUDITED)

<Table>
<Caption>
13-WEEKS ENDED 13-WEEKS ENDED
MAY 4, 2002 MAY 5, 2001
-------------- --------------

Revenues:
Net sales................................................. $ 141,166 $ 139,494
Financing................................................. 7,158 7,149
Other..................................................... 688 704
----------- -----------
Total revenues.................................... 149,012 147,347
----------- -----------
Costs and expenses:
Cost of merchandise sold, occupancy, and buying
expenses............................................... 105,145 99,105
Selling, general, administrative, and other expenses...... 41,495 40,543
Depreciation and amortization............................. 4,971 4,693
Interest expense.......................................... 2,840 3,337
----------- -----------
Total costs and expenses.......................... 154,451 147,678
----------- -----------
Loss before income tax benefit.............................. (5,439) (331)
Income tax benefit.......................................... (1,958) (119)
----------- -----------
Loss before cumulative effect of a change in accounting
principle................................................. (3,481) (212)
Cumulative effect of a change in accounting principle....... (14,060) --
----------- -----------
Net loss.................................................... $ (17,541) $ (212)
=========== ===========
Net loss per common share -- basic and diluted
Loss before cumulative effect of a change in accounting
principle................................................. $ (0.31) $ (0.02)
Cumulative effect of a change in accounting principle....... (1.23) --
----------- -----------
Net loss.................................................... $ (1.54) $ (0.02)
Weighted average number of shares outstanding............... 11,369,834 11,314,851
</Table>

See notes to condensed consolidated financial statements

THE ELDER-BEERMAN STORES CORP. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(DOLLARS IN THOUSANDS)
(UNAUDITED)

<Table>
<Caption>
13-WEEKS ENDED 13-WEEKS ENDED
MAY 4, 2002 MAY 5, 2001
-------------- --------------

Cash flows from operating activities:
Net loss.................................................. $(17,541) $ (212)
Adjustments to reconcile net loss to net cash provided by
operating activities:
Depreciation and amortization.......................... 4,971 4,693
Cumulative effect of a change in accounting
principle............................................ 14,060 --
Asset impairment....................................... 1,037 --
Changes in assets and liabilities...................... 5,761 (4,144)
-------- -------
Net cash provided by operating activities............ 8,288 337
Cash flows from investing activities:
Capital expenditures, net................................. (2,604) (3,669)
Proceeds from the disposal of investments................. 326 --
-------- -------
Net cash used in investing activities................ (2,278) (3,669)
Cash flows from financing activities:
Net payments under asset securitization agreement......... (5,493) (5,044)
Net borrowings under revolving lines of credit............ (1,652) 9,616
Payments on long-term obligations......................... (1,933) (369)
Issuance of an installment note........................... 3,464 --
Other..................................................... (6) (62)
-------- -------
Net cash provided by (used in) financing
activities........................................ (5,620) 4,141
-------- -------
Increase in cash and equivalents............................ 390 809
Cash and equivalents -- beginning of period................. 7,142 7,878
-------- -------
Cash and equivalents -- end of period....................... $ 7,532 $ 8,687
======== =======
Supplemental cash flow information:
Interest paid............................................. $ 3,104 $ 2,623
Supplemental non-cash investing and financing activities:
Capital leases............................................ 35 3,244
</Table>

See notes to condensed consolidated financial statements.

THE ELDER-BEERMAN STORES CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

1. BASIS OF PRESENTATION

The accompanying unaudited condensed consolidated financial statements
include accounts of The Elder-Beerman Stores Corp. and its wholly-owned
subsidiaries (the "Company"). All intercompany transactions and balances have
been eliminated in consolidation. In the opinion of management, the Company
has made all adjustments (primarily consisting of normal recurring accruals
and the cumulative effect of a change in accounting principle discussed in
note 6) considered necessary for a fair presentation for all periods
presented.

Certain information and footnote disclosures normally included in the
financial statements prepared in accordance with accounting principles
generally accepted in the United States of America have been condensed or
omitted. The Company's business is seasonal in nature and the results of
operations for the interim periods are not necessarily indicative of the
results for the full fiscal year. It is suggested these condensed
consolidated financial statements be read in conjunction with the financial
statements and the notes thereto included in the Company's Annual Report on
Form 10-K for the year ended February 2, 2002.

2. PER SHARE AMOUNTS

Net earnings (loss) per common share is computed by dividing net earnings
(loss) by the weighted-average number of common shares outstanding during the
period presented. Stock options, restricted shares, deferred shares, and
warrants outstanding represent potential common shares and are included in
computing diluted earnings per share when the effect would be dilutive.
Dilutive potential common shares for the 13 weeks ended May 4, 2002 and May
5, 2001 was 68,188 and 75,268, respectively. There was no dilutive effect of
potential common shares for the periods presented.

3. STOCK-BASED COMPENSATION

During the first quarter of 2002, a total of 6,000 stock options were granted
at fair market value to designated employees under the Company's Equity and
Performance Incentive Plan (the "Plan"). These options granted have a maximum
term of ten years and vest over five years.

The Plan also provides for the issuance of restricted common shares to
certain employees and nonemployee directors of the Company. These shares have
a vesting period of three years. There were 33,966 restricted shares awarded
under the Plan during the first quarter of 2002. The fair market value of the
restricted shares is being amortized over the three-year vesting period.

Nonemployee directors may take all or a portion of their annual base retainer
fee in the form of a discounted stock option. During the first quarter of
2002 a total of 26,416 stock options, with an exercise price of $1.99, were
granted under this plan. These options vest on February 3, 2003.

4. SHAREHOLDERS' EQUITY

The comprehensive loss for the 13 weeks ended May 4, 2002 and May 5, 2001,
was $17.1 million and $2.7 million, respectively. The difference between net
loss and comprehensive loss for the 13 weeks ended May 4, 2002 and May 5,
2001 relate to the change in fair value of cash flow hedges.

5. DERIVATIVE FINANCIAL INSTRUMENTS

The Company utilizes interest rate swap agreements to effectively establish
long-term fixed rates on borrowings under the Securitization Facility, thus
reducing the impact of interest rate changes on future income. These swap
agreements, which are designated as cash flow hedges, involve the receipt of
variable
4

THE ELDER-BEERMAN STORES CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS -- CONTINUED

(UNAUDITED)

rate amounts in exchange for fixed rate interest payments over the life of
the agreements. The fair value of the Company's swap agreements was a $5.3
million liability at May 4, 2002, and a $6.0 million liability at February 2,
2002. This liability is included in Deferred items on the condensed
consolidated balance sheet. The adjustment to record the net change in fair
value was recorded, net of income taxes, in other comprehensive loss. There
was no ineffectiveness during the 13 week period ended May 4, 2002.

6. IMPLEMENTATION OF NEW ACCOUNTING STANDARDS

Effective February 3, 2002, the beginning of the new fiscal year, the Company
adopted Statement of Financial Accounting Standards ("SFAS") No. 142,
"Goodwill and Other Intangible Assets". SFAS No. 142 provides that goodwill
and intangible assets with indefinite lives will not be amortized, but rather
will be tested for impairment at least on an annual basis. Intangible assets
with finite useful lives will continue to be amortized over their useful
lives. In addition, SFAS No. 142 requires a transitional impairment test as
of the adoption date.

The Company had approximately $16.0 million in goodwill recorded in its
balance sheet as of February 2, 2002. The Company has completed the goodwill
transitional impairment test during the first quarter of 2002, and has
determined that all of the goodwill recorded was impaired under the fair
value impairment test approach as required by SFAS No. 142. The fair values
of the reporting units were estimated using the expected present value of
associated future cash flows and market values of comparable businesses where
available. Upon adoption of SFAS No. 142, a $14.1 million charge, net of tax,
was recognized in the first quarter of 2002 to record the impairment of
goodwill and was classified as a cumulative effect of a change in accounting
principle.

SFAS No. 142 requires the presentation of net earnings (loss) and related
earnings (loss) per share data adjusted of the effect of goodwill
amortization. The following table provides net loss and per share data for
the 13 weeks ended May 4, 2002 and May 5, 2001, adjusted for the impact of
goodwill amortization on the results of the prior year period (dollars in
thousands, except per share data):

<Table>
<Caption>
THIRTEEN WEEKS ENDED
-------------------------
MAY 4, 2002 MAY 5, 2001
----------- -----------

Net loss:
Reported continuing operations............................ $(3,481) $ (212)
Add back goodwill amortization, net of tax................ -- 124
------- ------
Adjusted continuing operations............................ $(3,481) $ (84)
======= ======
Net loss per common share -- basic and diluted:
Reported continuing operations............................ $ (0.31) $(0.02)
Goodwill amortization..................................... -- 0.01
------- ------
Adjusted continuing operations............................ $ (0.31) $(0.01)
======= ======
</Table>

The changes in the carrying amount of goodwill for the 13 weeks ended May 4,
2002 are as follows, $(000's):

<Table>
<Caption>
DEPARTMENT FINANCE
STORE OPERATIONS TOTAL
---------- ---------- --------

Balance as of February 2, 2002....................... $ 14,475 $ 1,537 $ 16,012
Impairment loss recognized........................... (14,475) (1,537) (16,012)
-------- ------- --------
Balance as of May 4, 2002............................ $ -- $ -- $ --
======== ======= ========
</Table>

THE ELDER-BEERMAN STORES CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS -- CONTINUED

(UNAUDITED)

In August 2001, SFAS No. 144, "Accounting for the Impairment or Disposal of
Long-Lived Assets", was issued, which addresses financial accounting and
reporting for the impairment or disposal of long-lived assets. While SFAS No.
144 supersedes SFAS No. 121 "Accounting for the Impairment of Long-Lived
Assets and for Long-Lived Assets to Be Disposed Of", it retains many of the
fundamental provisions of that statement. SFAS 144 becomes effective for
fiscal years beginning after December 15, 2001. The Company adopted SFAS 144
effective February 3, 2002.

7. NEW ACCOUNTING STANDARDS NOT YET ADOPTED

In April 2002, SFAS No. 145, "Rescission of FASB Statements No. 4, 44, and
64, Amendment of FASB Statement No. 13, and Technical Corrections", was
issued. SFAS No. 145 rescinds SFAS No. 4, "Reporting Gains and Losses from
Extinguishment of Debt-an amendment of APB Opinion No. 30", which required
all gains or losses from extinguishment of debt, if material, to be
classified as an extraordinary item, net of related income tax effect. As a
result, the criteria set forth by APB Opinion 30 will now be used to classify
those gains or losses. SFAS No. 64 amended SFAS No. 4, and is no longer
necessary because SFAS No. 4 was rescinded. SFAS No. 44 was issued to
establish accounting requirements for the effect of transition to the
provisions of the Motor Carrier Act of 1980, which is no longer necessary.
SFAS No. 145 also amends SFAS No. 13, "Accounting for Leases", to eliminate
an inconsistency between the required accounting for sale-leaseback
transactions and the required accounting for certain lease modifications that
have economic effects that are similar to sale-leaseback transactions. SFAS
No. 145 becomes effective for fiscal years beginning after May 15, 2002, with
early application encouraged. Management does not believe the adoption of
SFAS No. 145 will have a material impact on the financial statements.

8. ASSET IMPAIRMENT AND OTHER EXPENSES

The Company must periodically evaluate the carrying amount of its long-lived
assets, when events and circumstances warrant such a review, to ascertain if
any assets have been impaired. The carrying amount of a long-lived asset is
considered impaired when the anticipated undiscounted cash flows generated by
the asset is less that its carrying amount. Because of the immaterial cash
flow generation during fiscal 2001 of the Department Stores Erie, PA location
coupled with a sales decline during the first quarter of 2002, the Company
performed as cash flow projection for that store location. Based on the cash
flow projection, the Company determined that as of May 4, 2002, the carrying
amount of the long-lived assets for that location were not recoverable and
exceeded their fair value. Accordingly, the Company recorded a pre-tax
impairment loss of $0.4 million in selling, general, administrative, and
other expenses to write-down that location's long-lived assets to their fair
value.

The Company has for sale a building located in downtown Charleston, WV, which
was recorded at its estimated fair market value. The Company has had
significant discussions with the state of West Virginia related to the
potential sale of the building for less than the estimated fair market value.
Accordingly, the Company recorded a pre-tax impairment loss of $0.6 million
in selling, general, administrative, and other expenses to write-down the
building to its revised fair value.

On May 2, 2002 the Company announced its plan to close its downtown Dayton,
OH department store. During the 13 weeks ended May 4, 2002 the Company
recorded pre-tax costs of $1.0 million for excess inventory markdowns and
$0.4 million for severance and other costs. The closing is expected to by
complete by the end of the second quarter of 2002.

On April 22, 2002 the Company announced the implementation of additional
expense reduction initiatives. These initiatives eliminated 105 associate
positions and resulted in the recording a pre-tax charge of $0.7 million for
severance costs.

THE ELDER-BEERMAN STORES CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS -- CONTINUED

(UNAUDITED)

The following is a summary related to the severance and restructuring costs
for the 13 weeks ended May 4, 2002, $(000's):

<Table>

Severance and other costs -- Dayton, OH store:
Charge recorded........................................... $ 403
Used for intended purpose................................. --
------
Balance as of May 4, 2002................................. $ 403
======
Severance and other costs:
Balance as of February 2, 2002............................ $ 537
Charge recorded........................................... 683
Used for intended purpose................................. (522)
------
Balance as of May 4, 2002................................. $ 698
======
Executive retirement and other costs:
Balance as of February 2, 2002............................ $2,175
Used for intended purpose................................. (185)
------
Balance as of May 4, 2002................................. $1,990
======
</Table>

9. SUBSEQUENT EVENT

On May 28, 2002 the Company announced that Scott J. Davido, its executive
vice president, chief financial officer, secretary and treasurer, had left
the company to pursue other opportunities. Mr. Davido is entitled to his
current base salary through the end of his employment agreement. The Company
will record a pre-tax expense of approximately $0.3 million during the second
quarter of 2002 for Mr. Davido's remaining salary and benefits payable.

10. SEGMENT REPORTING

The following table sets forth financial information by segment, $(000's):

<Table>
<Caption>
THIRTEEN WEEKS ENDED
-------------------------
MAY 4, 2002 MAY 5, 2001
----------- -----------

Department Store
Revenues.................................................. $141,854 $140,198
Operating loss............................................ (5,500) (3,143)
Finance Operations
Revenues.................................................. $ 9,231 $ 9,161
Operating profit.......................................... 5,837 6,101
Segment Subtotal
Revenues (1).............................................. $151,085 $149,359
Operating profit (2)...................................... 337 2,958
</Table>

THE ELDER-BEERMAN STORES CORP. AND SUBSIDIARIES

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS -- CONTINUED

(UNAUDITED)

(1) Segment revenues is reconciled to reported revenues as follows:

<Table>
<Caption>
THIRTEEN WEEKS ENDED
-------------------------
MAY 4, 2002 MAY 5, 2001
----------- -----------

Segment revenues............................................ $151,085 $149,359
Intersegment operating charge eliminated.................. (2,073) (2,012)
-------- --------
$149,012 $147,347
======== ========
</Table>

(2) Segment operating profit is reconciled to loss before income tax benefit as
follows:

<Table>
<Caption>
THIRTEEN WEEKS ENDED
-------------------------
MAY 4, 2002 MAY 5, 2001
----------- -----------

Segment operating profit.................................... $ 337 $2,958
Store closing costs......................................... (1,353)
Severance and other costs................................... (683)
Asset impairment............................................ (1,037)
Interest expense............................................ (2,840) (3,337)
Other....................................................... 137 48
------- ------
$(5,439) $ (331)
======= ======
</Table>

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

This Quarterly Report on Form 10-Q contains "forward-looking statements,"
including predictions of future operating performance, events or developments
such as our future sales, gross margins, profits, expenses, income and earnings
per share. In addition, words such as "expects," "anticipates," "intends,"
"plans," "believes," "hopes," and "estimates," and variations of such words and
similar expressions, are intended to identify forward-looking statements.
Because forward-looking statements are based on a number of beliefs, estimates
and assumptions by management that could ultimately prove inaccurate, there is
no assurance that forward-looking statements will prove to be accurate. Many
factors could materially affect our actual future operations and results. The
national tragedy of September 11, 2001 and subsequent national security threats
and warnings could magnify some of those factors. Factors that could materially
affect performance include the following: increasing price and product
competition; fluctuations in consumer demand and confidence, especially in light
of current uncertain general economic conditions; the availability and mix of
inventory; fluctuations in costs and expenses; consumer response to the
Company's merchandising strategies, advertising, marketing and promotional
programs; the effectiveness of management; the timing and effectiveness of new
store openings, particularly its new concept stores opened in Fall Season of
2001 (DuBois, PA, Alliance, OH and Kohler, WI) and in Spring Season 2002
(Coldwater, MI); weather conditions that affect consumer traffic in stores; the
continued availability and terms of bank and lease financing and trade credit;
the outcome of pending and future litigation; consumer debt levels; the impact
of any new consumer bankruptcy laws; inflation and interest rates and the
condition of the capital markets. Elder-Beerman undertakes no obligation to
update publicly any forward-looking statements, whether as a result of new
information, future events or otherwise.

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

The following is a discussion of the financial condition and results of
operations of the Company for the 13 week periods ended May 4, 2002 ("First
Quarter 2002") and May 5, 2001 ("First Quarter 2001"). The Company's fiscal year
ends on the Saturday closest to January 31. The discussion and analysis that
follows is based upon and should be read in conjunction with the Company's
Condensed Consolidated Financial Statements and the Notes thereto included in
Part I, Item I.

RESULTS OF OPERATIONS

First Quarter 2002 Compared to First Quarter 2001

Net sales for the First Quarter 2002 increased by 1.2% to $141.2 million
from $139.5 million for the First Quarter 2001. Comparable store sales decreased
by 2.8%. Women's outerwear, better sportswear, accessories, intimate apparel,
and children's had the best performance.

Financing revenue from the Company's private label credit card for the
First Quarter 2002 increased by 0.1% to $7.2 million from $7.1 million for the
First Quarter 2001.

Other revenue, which is primarily from leased departments, for the First
Quarter 2002 and the First Quarter 2001 was $0.7 million.

Cost of merchandise sold, occupancy, and buying expenses increased to 74.5%
of net sales for the First Quarter 2002 from 71.0% of net sales for the First
Quarter 2001. During the First Quarter 2002 merchandise gross margins were
reduced 2.3% versus the First Quarter 2001 due to additional markdowns to clear
excess inventory as a result of the comparable sales decrease. Also, during the
First Quarter 2002 a charge for excess inventory markdowns of $1.0 million (0.7%
of sales) related to the closing of the Company's Downtown Dayton, Ohio store
was recorded.

Selling, general, administrative, and other expenses increased to 29.4% of
net sales for the First Quarter 2002 from 29.1% for the First Quarter 2001. The
increase is due to: (1) $0.4 million in charges to reflect the write-down of
amounts and expenses related to the closing of the downtown Dayton, OH store;
(2) $0.7 million recorded for severance costs incurred due to the implementation
of expense reduction initiatives, and (3)

$1.0 million in charges to write-down long-term assets to their fair value,
refer to the Notes to Condensed Consolidated Financial Statements note 8. The
increase was partially offset by expense initiatives that had already been
implemented, and $0.6 million in miscellaneous income from a sale of idle
property and life insurance proceeds.

Depreciation and amortization expense increased to 3.5% of net sales for
the First Quarter 2002 compared to 3.4% of net sales for the First Quarter 2001.
The increase is primarily due to increased capital expenditures related to the
opening of new concept stores. Effective February 3, 2002, goodwill is no longer
to be amortized, refer to the Notes to Condensed Consolidated Financial
Statements note 6.

Interest expense decreased to $2.8 million for the First Quarter 2002 from
$3.3 million for the First Quarter 2001. The decrease is primarily due to
reduced average borrowing.

An income tax benefit was recorded in the First Quarter 2002 and the First
Quarter 2001 at a rate of 36.0%.

A cumulative effect of a change in accounting principle charge was recorded
during the First Quarter 2002 in the amount of $14.1 million, net of tax. This
charge was to record the goodwill impairment determined under SFAS No. 142,
refer to the Notes to Condensed Consolidated Financial Statements note 6.

Liquidity and Capital Resources

The Company's principal sources of funds are cash flow from operations and
borrowings under its $150 million Revolving Credit Facility and $150 million
Receivable Securitization Facility (collectively, the "Credit Facilities"). The
Company's primary ongoing cash requirements are to fund debt service, make
capital expenditures, and finance working capital.

Factors that could affect operating cash flows include, but are not limited
to, increasing price and product competition, fluctuations in consumer demand
and confidence, the availability and quality of inventory, the availability and
terms of bank financing and trade credit, consumer debt levels, or a reduction
in the finance charges imposed by the Company on its charge card holders.

The Company believes that it will generate sufficient cash flow from
operations, as supplemented by its available borrowings under the Credit
Facilities, to meet anticipated working capital and capital expenditure
requirements, as well as debt service requirements under the Credit Facilities.

Net cash provided by operating activities was $8.3 million for the First
Quarter 2002, compared to $0.3 million provided in the First Quarter 2001. A net
loss of $17.5 million was recorded in the First Quarter 2002 compared to a net
loss of $0.2 million in the First Quarter 2001. The First Quarter 2002 included
a pre-tax charge of $1.0 million to write-down long-term assets to their fair
value, and a $14.1 million after-tax charge to record the goodwill impairment,
refer to the Notes to Condensed Consolidated Financial Statements notes 6 and 8.
During the First Quarter 2002 merchandise inventories decreased $1.2 million
compared to an increase of $10.7 million during the First Quarter 2001. Trade
accounts payable during the First Quarter 2002 increased $1.1 million compared
to an increase of $5.4 million during the First Quarter 2001.

Net cash used in investing activities was $2.3 million for the First
Quarter 2002, compared to $3.7 million for the First Quarter 2001. The decrease
is due to reduced capital expenditures for store maintenance, remodeling, and
data processing. Also, the Company received $0.3 million for the sale of idle
property during the First Quarter 2002.

For the First Quarter 2002, net cash used in financing activities was $5.6
million compared to $4.1 million provided by financing activities for the First
Quarter 2001, which represents reduced borrowing required for operating and
investing activities.

On May 24, 2002, the Company entered into financing commitments to amend
and extend its existing Credit Facilities, which are set to expire in May 2003.
The intent of the early refinancing is to provide the Company with continued
operating flexibility with respect to working capital management and capital
expenditures. The amended Credit Facilities are similar in scope and have a 36
month term. The terms and borrowing rates are substantially similar to the
predecessor Credit Facilities with the exception of maximum borrowings, which
have

been reduced to decrease fees the Company historically has paid for unused
borrowing capacity. The amended Credit Facilities are expected to be effective
during the second quarter of 2002.

The amended Revolving Credit Facility will provide for borrowings and
letters of credit in an aggregate amount up to $135,000,000, reduced from
$150,000,000, subject to a borrowing base formula based on seasonal merchandise
inventories. There is a $40,000,000 sublimit for letters of credit. The amended
Receivable Securitization Facility will provide for borrowings up to
$135,000,000, reduced from $150,000,000, based on qualified, pledged accounts
receivable balances.

The Company may from time to time consider acquisitions of department store
assets and companies. Acquisition transactions, if any, are expected to be
financed through a combination of cash on hand from operations, available
borrowings under the Credit Facilities, and the possible issuance from time to
time of long-term debt or other securities. Depending upon the conditions in the
capital markets and other factors, the Company will from time to time consider
the issuance of debt or other securities, or other possible capital market
transactions, the proceeds of which could be used to refinance current
indebtedness or for other corporate purposes.

Accounting Standards

See the Notes to Condensed Consolidated Financial Statements note 7 for the
discussion of the potential effect of recently issued accounting standards on
the Company's financial position or results of operations.

ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.

The Company is subject to the risk of fluctuating interest rates in the
normal course of business, primarily as a result of its variable rate borrowing.
The Company has entered into a variable to fixed rate interest-rate swap
agreement to effectively reduce its exposure to interest rate fluctuations. A
hypothetical 100 basis point change in interest rates would not materially
affect the Company's financial position, liquidity or results of operations.

The Company does not maintain a trading account for any class of financial
instrument and is not directly subject to any foreign currency exchange or
commodity price risk. As a result, the Company believes that its market risk
exposure is not material to the Company's financial position, liquidity or
results of operations.

PART II. -- OTHER INFORMATION

ITEM 1. LEGAL PROCEEDINGS.

The Company is currently involved in several legal proceedings arising from
its normal business activities and reserves have been established where
appropriate. However, no legal proceedings have arisen or become reportable
events during this quarter, and management believes that none of the remaining
legal proceedings will have a material adverse effect on the financial
condition, results of operations or cash flows of the Company.

ITEM 2. CHANGES IN SECURITIES AND USE OF PROCEEDS.

(a) Not Applicable.

(b) Not Applicable.

(d) Not Applicable.

ITEM 3. DEFAULTS UPON SENIOR SECURITIES.

Not Applicable.

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

None.

ITEM 5. OTHER INFORMATION.

None.

ITEM 6. EXHIBITS AND REPORTS ON FORM 8-K

(a) The following Exhibits are included in this Quarterly Report on Form
10-Q:

<Table>

3(a) Amended Articles of Incorporation (previously filed as
Exhibit 3(a) to the Form 10-K filed on April 30, 1998 (the
"Form 10-K") and incorporated herein by reference)
3(b) Certificate of Amendment to the Amended Articles of
Incorporation (previously filed as Exhibit 3(b) to the
Company's Form 10-Q for the quarterly period ended October
28, 2000 (the "2000 3rd Quarter 10-Q") and incorporated
herein by reference)
3(c) Amended Code of Regulations (previously filed as Exhibit
3(c) to the 2000 3rd Quarter 10-Q and incorporated herein by
reference)
4(a) Stock Certificate for Common Stock (previously filed as
Exhibit 4(a) to the Company's Form 10/A-1 filed on January
23, 1998 and incorporated herein by reference)
4(b) Rights Agreement by and between The Elder-Beerman Stores
Corp. and Norwest Bank Minnesota, N.A., dated as of December
30, 1997 (previously filed as Exhibit 4.1 to the Company's
Registration Statement on Form 8-A filed on November 17,
1998 (the "Form 8-A") and incorporated herein by reference)
4(c) Warrant Agreement by and between Beerman-Peal Holdings, Inc.
and the Elder-Beerman Stores Corp. for 249,809 shares of
Common Stock at a strike price of $12.80 per share dated
December 30, 1997 (previously filed as Exhibit 4(d) to the
Form 10-K and incorporated herein by reference)
4(d) Warrant Agreement by and between Beerman-Peal Holdings, Inc.
and the Elder-Beerman Stores Corp. for 374,713 shares of
Common Stock at a strike price of $14.80 per share dated
December 30, 1997 (previously filed as Exhibit 4(e) to the
Form 10-K and incorporated herein by reference)
4(e) Amendment No. 1 to the Rights Agreement, dated as of
November 11, 1998 (previously filed as Exhibit 4.2 to the
Form 8-A and incorporated herein by reference)
</Table>

(b) No reports on Form 8-K were filed during the period.

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.

THE ELDER-BEERMAN STORES CORP.,
an Ohio corporation

By: /s/ Steven D. Lipton
-------------------------------------
Steven D. Lipton
Senior Vice President, Controller (on
behalf of the Registrant and as
Principal Accounting Officer)

Dated: June 13, 2002

EXHIBIT INDEX

<Table>
<Caption>
EXHIBIT
NUMBER DESCRIPTION OF EXHIBIT
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