X0201 4 2004-03-08 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 2004-03-08 4 M 0 50000.0000 14.5625 A 111685.0000 D Common Stock 2004-03-08 4 S 0 2000.0000 48.0000 D 109685.0000 D Common Stock 2004-03-08 4 S 0 500.0000 48.0500 D 109185.0000 D Common Stock 2004-03-08 4 S 0 500.0000 48.1200 D 108685.0000 D Common Stock 2004-03-08 4 S 0 1500.0000 48.1500 D 107185.0000 D Common Stock 2004-03-08 4 S 0 500.0000 48.2500 D 106685.0000 D Common Stock 2004-03-08 4 S 0 600.0000 48.3000 D 106085.0000 D Common Stock 2004-03-08 4 S 0 1000.0000 48.3100 D 105085.0000 D Common Stock 2004-03-08 4 S 0 2300.0000 48.3200 D 102785.0000 D Common Stock 2004-03-08 4 S 0 200.0000 48.3300 D 102585.0000 D Common Stock 2004-03-08 4 S 0 100.0000 48.3400 D 102485.0000 D Common Stock 2004-03-08 4 S 0 500.0000 48.3500 D 101985.0000 D Common Stock 2004-03-08 4 S 0 400.0000 48.3600 D 101585.0000 D Common Stock 2004-03-08 4 S 0 1000.0000 48.3800 D 100585.0000 D Common Stock 2004-03-08 4 S 0 1500.0000 48.4000 D 99085.0000 D Common Stock 2004-03-08 4 S 0 100.0000 48.4100 D 98985.0000 D Common Stock 2004-03-08 4 S 0 100.0000 48.4200 D 98885.0000 D Common Stock 2004-03-08 4 S 0 1000.0000 48.4800 D 97885.0000 D Common Stock 2004-03-08 4 S 0 5500.0000 48.5000 D 92385.0000 D Common Stock 2004-03-08 4 S 0 3300.0000 48.5500 D 89085.0000 D Common Stock 2004-03-08 4 S 0 1300.0000 48.5600 D 87785.0000 D Common Stock 2004-03-08 4 S 0 5700.0000 48.5700 D 82085.0000 D Common Stock 2004-03-08 4 S 0 800.0000 48.5800 D 81285.0000 D Common Stock 2004-03-08 4 S 0 700.0000 48.5900 D 80585.0000 D Common Stock 2004-03-08 4 S 0 9500.0000 48.6000 D 71085.0000 D Common Stock 2004-03-08 4 S 0 900.0000 48.6100 D 70185.0000 D Common Stock 2004-03-08 4 S 0 1200.0000 48.6200 D 68985.0000 D Common Stock 2004-03-08 4 S 0 1400.0000 48.6300 D 67585.0000 D Common Stock 2004-03-08 4 S 0 100.0000 48.6400 D 67485.0000 D Stock Option (Right to Buy) 14.5625 2004-03-08 4 M 0 50000.0000 0 D 2004-07-29 Common Stock 50000.0000 130000.0000 D Exercise of stock options pursuant to original grant to the reporting person on July 30, 1999 of options under the Michaels Stores, Inc. Amended and Restated 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 vest in three annual installments beginning on July 30, 2000. After giving effect to the transaction that is the subject of this report, 130,000 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 March 8, 2004. Multiple forms are required in this instance to address certain technical limitations present in the Securities and Exchange Commission's filing sytem. /s/ Elizabeth K. Giddens Elizabeth K. Giddens, Attorney-in-Fact for R. Michael Rouleau, President and Chief Executive Officer 2004-03-10