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Showman Jerry Travers is working for producer Horace Hardwick in London. Jerry demonstrates his new dance steps late one night in Horace's hotel room, much to the annoyance of sleeping Dale Tremont below. She goes upstairs to complain and the two are immediately attracted to each other. Complications arise when Dale mistakes Jerry for Horace.
The ups and downs in the lives and careers of a group of ambitious young actresses and show girls from disparate backgrounds brought together in a theatrical hostel. Centres particularly on the conflict and growing friendship between Terry Randall, a rich girl confident in her talent and ability to make it to the top on the stage, and Jean Maitland, a world weary and cynical trouper who has taken the hard knocks of the ruthless and over-populated world of the Broadway apprentice.
During the Great Depression, all Broadway shows are closed down. A group of desperate unemployed showgirls find hope when a wealthy songwriter invests in a musical starring them, against the wishes of his high society brother. Thus start Carol, Trixie and Polly's schemes to bilk his money and keep the show going.