X0101 42003-06-270000740670MICHAELS STORES INC MIK0001185894SPENCER ROBERT M 0100EVP - General Merchandise Mgr.Common Stock2003-06-274M0100010.75A1000DCommon Stock2003-06-274S0100039.88D0DStock Option (Right to Buy)10.752003-06-274M010000D1999-09-302003-09-29Common Stock10006000DExercise of stock options pursuant to original grant to the reporting person on October 26, 1998 of options under the Michaels Stores, Inc. 1997 Stock Option Plan to purchase 8,334 shares of Michaels Stores, Inc. common stock (adjusted to give effect to a two-for-one stock split 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 September 30, 1999, all of which are currently vested./s/ Elizabeth K. Giddens, Elizabeth K. Giddens, Attorney-in-Fact for Robert M. Spencer, Executive Vice President - General Merchandise Manager2003-07-01