X0202 4 2004-04-22 0 0000740670 MICHAELS STORES INC MIK 0001224481 BEASLEY MARK V 8000 BENT BRANCH DRIVE IRVING TX 75063 0 1 0 0 SVP, General Counsel & Sec. Common Stock 2004-04-22 4 M 0 3000.0000 20.8750 A 4280.0000 D Common Stock 2004-04-22 4 S 0 3000.0000 51.7700 D 1280.0000 D Stock Option (Right to Buy) 20.8750 2004-04-22 4 M 0 3000.0000 0 D 2005-07-27 Common Stock 3000.0000 10000.0000 D The reported amount includes 1,080 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. 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 20,000 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 28, 2001. After giving effect to the transaction that is the subject of this report, 10,000 options remain outstanding under this grant, all of which are currently vested. /s/ Todd J. Thorson Todd J. Thorson, Attorney-in-Fact for Mark V. Beasley, Senior Vice President, General Counsel and Secretary 2004-04-26