X0201 4 2004-04-19 0 0000740670 MICHAELS STORES INC MIK 0001186605 HIEMENZ DUANE E 8000 BENT BRANCH DRIVE IRVING TX 75063 0 1 0 0 SVP - New Business Development Common Stock 2004-04-19 4 M 0 2000.0000 20.9850 A 8830.0000 D Common Stock 2004-04-19 4 S 0 2000.0000 50.2500 D 6830.0000 D Common Stock 1659.0000 I By 401(k) Plan Stock Option (Right to Buy) 20.9850 2004-04-19 4 M 0 2000.0000 0 D 2006-07-30 Common Stock 2000.0000 19667.0000 D The reported amount includes 3,830 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 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 July 31, 2001 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 July 31, 2002. After giving effect to the transaction that is the subject of this report, 19,667 options remain outstanding under this grant, 8,000 of which are currently vested, and 11,667 of which will vest on July 31, 2004. /s/ Elizabeth K. Giddens Elizabeth K. Giddens, Attorney-in-Fact for Duane E. Hiemenz, Senior Vice President - New Business Development 2004-04-21