X0202 4 2003-03-03 0 0000740670 MICHAELS STORES INC MIK 0001187634 MINYARD LIZ 8000 BENT BRANCH DRIVE IRVING TX 75063 1 0 0 0 Common Stock 2003-06-06 4 P 0 300.0000 39.0100 A 300.0000 D Common Stock 2003-06-06 4 P 0 200.0000 39.0300 A 500.0000 D Common Stock 2003-06-06 4 P 0 3000.0000 39.1000 A 3500.0000 D Common Stock 2003-06-13 4 P 0 500.0000 38.0600 A 4000.0000 D Common Stock 2003-07-08 4 S 0 4000.0000 39.9700 D 0 D Common Stock 2003-07-15 4 P 0 3750.0000 39.9300 A 3750.0000 D Common Stock 2003-08-27 4 S 0 1750.0000 39.1800 D 2000.0000 D Common Stock 2003-10-27 4 P 0 500.0000 46.7700 A 2500.0000 D Common Stock 2003-10-27 4 P 0 100.0000 46.7900 A 2600.0000 D Common Stock 2003-10-27 4 P 0 200.0000 46.8000 A 2800.0000 D Common Stock 2003-10-27 4 P 0 200.0000 46.8100 A 3000.0000 D Common Stock 2003-10-28 4 S 0 2700.0000 47.4100 D 300.0000 D Common Stock 2003-10-28 4 S 0 300.0000 47.4400 D 0 D Common Stock 2003-11-05 4 P 0 500.0000 47.9700 A 500.0000 D Common Stock 2003-11-05 4 P 0 800.0000 47.9800 A 1300.0000 D Common Stock 2003-11-05 4 P 0 1500.0000 48.0000 A 2800.0000 D Common Stock 2003-12-17 4 S 0 800.0000 42.6800 D 2000.0000 D Common Stock 2004-02-03 4 S 0 2000.0000 45.1500 D 0 D This form reports transactions engaged in by the reporting person's spouse. Some of the reported transactions resulted in trading that violated the "short-swing" trading rules under Section 16 of the Securities Exchange Act of 1934, and, as required by those rules, the reporting person has paid Michaels Stores, Inc. the aggregate amount of profits realized (calculated in accordance with the requirements of Section 16) in such transactions. This Form 4 is 2 of 2 being filed by the reporting person to report transactions executed by the reporting person's spouse between March 3, 2003 and February 3, 2004. Multiple forms are required in this instance to address certain technical limitations present in the Securities and Exchange Commission's filing system. /s/ Robert L. Estep Robert L. Estep, Attorney-in-Fact for Liz Minyard 2004-05-04