X0201 4 2004-04-19 0 0000740670 MICHAELS STORES INC MIK 0001186697 SADLER EDWARD F 8000 BENT BRANCH DRIVE IRVING TX 75063 0 1 0 0 EVP - Store Operations Common Stock 2004-04-19 4 M 0 23100.0000 20.8750 A 23100.0000 D Common Stock 2004-04-19 4 S 0 23100.0000 49.5000 D 0 D Stock Option (Right to Buy) 20.8750 2004-04-19 4 M 0 23100.0000 0 D 2005-07-27 Common Stock 23100.0000 0 D Exercise of stock options pursuant to original grant to the reporting person on July 28, 2000 of options under the Michaels Stores, Inc. Amended and Restated 1997 Stock Option Plan to purchase 37,500 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 28, 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 Edward F. Sadler, Executive Vice President - Store Operations 2004-04-21