X0201 42003-10-130 0000740670 MICHAELS STORES INC MIK 0001187638 WELLEN JEFFREY L 8000 BENT BRANCH DRIVE IRVING TX 75063 0100Head of Strategic P&ICommon Stock2003-10-134M02000019.9688A20000DCommon Stock2003-10-134S02000046.3054D0DStock Option (Right to Buy)19.96882003-10-134M0200000D2005-09-28Common Stock200000DExercise of stock options pursuant to original grant to the reporting person on September 29, 2000 of options under the Michaels Stores, Inc. Amended and Restated 1997 Stock Option Plan to purchase 20,000 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 September 29, 2001. After giving effect to the transaction that is the subject of this report, no options remain outstanding under this grant. /s/ Elizabeth K. Giddens Elizabeth K. Giddens, Attorney-in-Fact for Jeffrey L. Wellen, Head of Strategic Planning and Initiatives, Office of the CEO2003-10-14