X0202 4 2005-01-10 0 0000740670 MICHAELS STORES INC MIK 0001187258 ROULEAU R MICHAEL 8000 BENT BRANCH DRIVE IRVING TX 75063 0 1 0 0 President and CEO Common Stock 2005-01-10 4 M 0 50000 10.4375 A 174380 D Common Stock 2005-01-10 4 S 0 200 30.28 D 174180 D Common Stock 2005-01-10 4 S 0 3300 30.29 D 170880 D Common Stock 2005-01-10 4 S 0 600 30.32 D 170280 D Common Stock 2005-01-10 4 S 0 600 30.33 D 169680 D Common Stock 2005-01-10 4 S 0 2900 30.34 D 166780 D Common Stock 2005-01-10 4 S 0 3700 30.35 D 163080 D Common Stock 2005-01-10 4 S 0 3500 30.36 D 159580 D Common Stock 2005-01-10 4 S 0 2800 30.37 D 156780 D Common Stock 2005-01-10 4 S 0 4200 30.38 D 152580 D Common Stock 2005-01-10 4 S 0 10700 30.39 D 141880 D Common Stock 2005-01-10 4 S 0 14800 30.40 D 127080 D Common Stock 2005-01-10 4 S 0 800 30.41 D 126280 D Common Stock 2005-01-10 4 S 0 1000 30.42 D 125280 D Common Stock 2005-01-10 4 S 0 200 30.44 D 125080 D Common Stock 2005-01-10 4 S 0 700 30.45 D 124380 D Common Stock 12127 I By 401(k) Plan Stock Option (Right to Buy) 10.4375 2005-01-10 4 M 0 50000 0.00 D 2005-07-27 Common Stock 50000 350000 D The reported amount includes 24,380 shares of Michaels Stores, Inc. common stock acquired by the reporting person under the Michaels Stores, Inc. Amended and Restated 1997 Employees Stock Purchase Plan (also known as the ESPP), based on a plan statement issued by the ESPP's administrator as of November 30, 2004. The reported amount is held by a stock fund under the Michaels Stores, Inc. Employees 401(k) Plan (also known as the 401(k) Plan) assumed to be fully invested in Michaels Stores, Inc. common stock, based on a plan statement issued by the 401(k) Plan administrator as of December 31, 2004 as an estimate of the total number of shares that would be available to the reporting person if such holdings were liquidated on that date. Exercise of stock options pursuant to original grant to the reporting person on July 28, 2000 of options under the Michaels Stores, Inc. Amended and Restated 1997 Stock Option Plan to purchase 400,000 shares of Michaels Stores, Inc. common stock (adjusted to give effect to a two-for-one stock split to stockholders of record as of the close of business on each of November 12, 2001 and September 27, 2004). The options associated with this grant vest in three annual installments beginning on July 28, 2001. After giving effect to the transaction that is the subject of this report, 350,000 options remain outstanding under this grant, all of which are currently vested. /s/ Elizabeth K. Giddens Elizabeth K. Giddens, Attorney-in-Fact for R. Michael Rouleau, President and Chief Executive Officer 2005-01-12