X0201 42003-09-120 0000740670 MICHAELS STORES INC MIK 0001185893 ELLIOTT SUE 8000 BENT BRANCH DRIVE IRVING TX 75063 0100SVP - Human ResourcesCommon Stock2003-09-124M0300012.1563A3000DCommon Stock2003-09-124S0300043.25D0DStock Option (Right to Buy)12.15632003-09-124M030000D2005-10-30Common Stock300015334DExercise of stock options pursuant to original grant to the reporting person on October 31, 2000 of options under the Michaels Stores, Inc. Amended and Restated 1997 Stock Option Plan to purchase 35,000 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 vest in three annual installments beginning on October 31, 2001. After giving effect to the transaction that is the subject of this report, 15,334 options remain outstanding under this grant, 3,667 of which are currently vested, and 11,667 of which will vest on October 31, 2003./s/ Elizabeth K. Giddens Elizabeth K. Giddens, Attorney-in-Fact for Sue Elliott, Senior Vice President - Human Resources2003-09-16