X0101 42003-06-23 0000740670 MICHAELS STORES INC MIK 0001187258 ROULEAU R MICHAEL 0100President and CEOCommon Stock2003-06-234M0300015.25A70314DCommon Stock2003-06-234S0100038.2D69314DCommon Stock2003-06-234S0100038.224D68413DCommon Stock2003-06-234S0100038.3D67314DCommon Stock2003-06-244M0700015.25A74314DCommon Stock2003-06-244S0100038.1D73314DCommon Stock2003-06-244S0200038.54D71314DCommon Stock2003-06-244S0100038.75D70314DCommon Stock2003-06-244S0300039.05D67314DCommon Stock2003-06-254M0800015.25A75314DCommon Stock2003-06-254S0100038.55D74314DCommon Stock2003-06-254S0100038.92D73314DCommon Stock2003-06-254S0300039.08D70314DCommon Stock2003-06-254S0200039.2D68314DCommon Stock2003-06-254S0100039.3D67314DStock Option (Right to Buy)15.252003-06-234M030000D1999-08-052003-08-04Common Stock300027000DStock Option (Right to Buy)15.252003-06-244M070000D1999-08-052003-08-04Common Stock700020000DStock Option (Right to Buy)15.252003-06-254M080000D1999-08-052003-08-04Common Stock800012000DThe reported amount includes (a) 11,532 directly held 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 May 30, 2003, and (b) 5,782 indirectly held shares of Michaels Stores, Inc. common stock 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's administrator as of May 30, 2003 as an estimate of the total number of shares that would be available to the reporting person if such holdings under the 401(k) Plan were liquidated on that date.Exercise of stock options pursuant to original grant to reporting person on August 5, 1998 of options under the Michaels Stores, Inc. 1997 Stock Option Plan to purchase 200,000 shares of Michaels Stores, Inc. common stock (adjusted to give effect to a two-for-one stock split effected in the form of a stock dividend to stockholders of record as of the close of business on November 12, 2001). The options associated with this grant vested in three annual installments beginning on August 5, 1999, all of which are currently vested./s/ Anna Marie Dempsey Anna Marie Dempsey, Attorney-in-Fact for R. Michael Rouleau, President and Chief Executive Officer of Michaels Stores, Inc.2003-06-27