X0201 4 2004-04-13 0 0000740670 MICHAELS STORES INC MIK 0001232405 GREENWOOD MIKE 8000 BENT BRANCH DRIVE IRVING TX 75063 0 1 0 0 President of Artistree Common Stock 2004-04-13 4 M 0 8333.0000 34.1000 A 8398.0000 D Common Stock 2004-04-13 4 S 0 8333.0000 49.2846 D 65.0000 D Common Stock 4.0000 I By 401(k) Plan Stock Option (Right to Buy) 34.1000 2004-04-13 4 M 0 8333.0000 0 D 2007-08-06 Common Stock 8333.0000 16667.0000 D The amount reported consists entirely of 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 plan administrator as of March 31, 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 March 31, 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. Exercise of stock options pursuant to original grant to the reporting person on August 7, 2002 of options under the Michaels Stores, Inc. Second Amended and Restated 2001 Employee Stock Option Plan to purchase 25,000 shares of Michaels Stores, Inc. common stock. The options associated with this grant vest in three annual installments beginning on August 7, 2003. After giving effect to the transaction that is the subject of this report, 16,667 options remain outstanding under this grant, 8,333 of which will vest on August 7, 2004 and 8,334 of which will vest on August 7, 2005. /s/ Todd J. Thorson Todd J. Thorson, Attorney-in-Fact for Mike Greenwood, President of Artistree, a division of Michaels Stores, Inc. 2004-04-15