X0201 4 2004-04-20 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 2004-04-20 4 M 0 33333.0000 20.9850 A 33333.0000 D Common Stock 2004-04-20 4 S 0 33333.0000 51.0000 D 0 D Common Stock 2004-04-20 4 M 0 8333.0000 34.1000 A 8333.0000 D Common Stock 2004-04-20 4 S 0 8333.0000 51.0000 D 0 D Stock Option (Right to Buy) 20.9850 2004-04-20 4 M 0 33333.0000 0 D 2006-07-30 Common Stock 33333.0000 16667.0000 D Stock Option (Right to Buy) 34.1000 2004-04-20 4 M 0 8333.0000 0 D 2007-08-06 Common Stock 8333.0000 16667.0000 D 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 50,000 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, 16,667 options remain outstanding under this grant, all of which will vest on July 31, 2004. Exercise of stock options pursuant to original grant to the reporting person on August 7, 2002 of options under the Michaels Stores, Inc. Amended and Restated 1997 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/ Elizabeth K. Giddens Elizabeth K. Giddens, Attorney-in-Fact for Edward F. Sadler, Executive Vice President - Store Operations 2004-04-22