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 S 0 3400.0000 48.6500 D 64085.0000 D Common Stock 2004-03-08 4 S 0 1400.0000 48.7000 D 62685.0000 D Common Stock 2004-03-08 4 S 0 1000.0000 48.8000 D 61685.0000 D Common Stock 6003.0000 I By 401(k) Plan The reported amount includes 11,685 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 January 30, 2004. The reported amount is 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 administrator as of February 27, 2004 as an estimate of the total number of shares that would be available to the reporting person if such holdings were liquidated on that date. This Form 4 is 2 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 system. /s/ Elizabeth K. Giddens Elizabeth K. Giddens, Attorney-in-Fact for R. Michael Rouleau, President and Chief Executive Officer 2004-03-10