X0202 4 2005-07-08 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 2005-07-08 4 M 0 22100 10.4925 A 148257 D Common Stock 2005-07-08 4 S 0 3100 40.93 D 145157 D Common Stock 2005-07-08 4 S 0 200 40.89 D 144957 D Common Stock 2005-07-08 4 S 0 100 40.88 D 144857 D Common Stock 2005-07-08 4 S 0 200 40.86 D 144657 D Common Stock 2005-07-08 4 S 0 100 40.85 D 144557 D Common Stock 2005-07-08 4 S 0 200 40.83 D 144357 D Common Stock 2005-07-08 4 S 0 400 40.82 D 143957 D Common Stock 2005-07-08 4 S 0 100 40.81 D 143857 D Common Stock 2005-07-08 4 S 0 300 40.80 D 143557 D Common Stock 2005-07-08 4 S 0 1200 40.79 D 142357 D Common Stock 2005-07-08 4 S 0 200 40.77 D 142157 D Common Stock 2005-07-08 4 S 0 1500 40.76 D 140657 D Common Stock 2005-07-08 4 S 0 500 40.75 D 140157 D Common Stock 2005-07-08 4 S 0 1800 40.74 D 138357 D Common Stock 2005-07-08 4 S 0 700 40.73 D 137657 D Common Stock 2005-07-08 4 S 0 900 40.71 D 136757 D Common Stock 2005-07-08 4 S 0 600 40.69 D 136157 D Common Stock 2005-07-08 4 S 0 500 41.02 D 135657 D Common Stock 2005-07-08 4 S 0 700 41.00 D 134957 D Common Stock 2005-07-08 4 S 0 500 40.99 D 134457 D Common Stock 2005-07-08 4 S 0 100 40.98 D 134357 D Common Stock 2005-07-08 4 S 0 1300 40.97 D 133057 D Common Stock 2005-07-08 4 S 0 100 40.96 D 132957 D Common Stock 2005-07-08 4 S 0 100 40.95 D 132857 D Common Stock 2005-07-08 4 S 0 2000 40.90 D 130857 D Common Stock 2005-07-08 4 S 0 800 40.89 D 130057 D Common Stock 2005-07-08 4 S 0 1000 40.88 D 129057 D Common Stock 2005-07-08 4 S 0 800 40.87 D 128257 D Common Stock 2005-07-08 4 S 0 1800 40.86 D 126457 D Stock Option (Right to Buy) 10.4925 2005-07-08 4 M 0 22100 0.00 D 2006-07-30 Common Stock 22100 350000 D Exercise of stock options pursuant to original grant to the reporting person on July 31, 2001 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 31, 2002. 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. This Form 4 is 1 of 2 being filed by the reporting person to report transactions executed on July 8, 2005. Multiple forms are required in this instance to address certain technical limitations present in the Securities and Exchange Commission's filing system. /s/ Todd J. Thorson Todd J. Thorson, Attorney-in-Fact for R. Michael Rouleau, President and Chief Executive Officer 2005-07-12