X0202 4 2004-06-07 0 0000740670 MICHAELS STORES INC MIK 0001187258 ROULEAU R MICHAEL 8000 BENT BRANCH DRIVE IRVING TX 75063 0 1 0 0 President and CEO Common Stock 2004-06-07 4 M 0 11100.0000 14.5625 A 73290.0000 D Common Stock 2004-06-07 4 S 0 5000.0000 52.0000 D 68290.0000 D Common Stock 2004-06-07 4 S 0 700.0000 52.0100 D 67590.0000 D Common Stock 2004-06-07 4 S 0 800.0000 52.0200 D 66790.0000 D Common Stock 2004-06-07 4 S 0 200.0000 52.0300 D 66590.0000 D Common Stock 2004-06-07 4 S 0 800.0000 52.0500 D 65790.0000 D Common Stock 2004-06-07 4 S 0 200.0000 52.0700 D 65590.0000 D Common Stock 2004-06-07 4 S 0 600.0000 52.1000 D 64990.0000 D Common Stock 2004-06-07 4 S 0 2000.0000 52.1500 D 62990.0000 D Common Stock 2004-06-07 4 S 0 200.0000 52.1700 D 62790.0000 D Common Stock 2004-06-07 4 S 0 600.0000 52.2000 D 62190.0000 D Common Stock 6070.0000 I By 401(k) Plan Stock Option (Right to Buy) 14.5625 2004-06-07 4 M 0 11100.0000 0 D 2004-07-29 Common Stock 11100.0000 0 D The reported amount includes 12,190 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 April 30, 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 May 28, 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 30, 1999 of options under the Michaels Stores, Inc. Amended and Restated 1997 Stock Option Plan to purchase 200,000 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 30, 2000. 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 R. Michael Rouleau, President and Chief Executive Officer 2004-06-09