X0202 4 2004-06-08 0 0000740670 MICHAELS STORES INC MIK 0001212984 STAFFIERI RONALD S 8000 BENT BRANCH DRIVE IRVING TX 75063 0 1 0 0 Pres. - Michaels Stores Group Common Stock 2004-06-08 4 M 0 12000.0000 32.5500 A 12000.0000 D Common Stock 2004-06-08 4 S 0 12000.0000 52.9007 D 0 D Stock Option (Right to Buy) 32.5500 2004-06-08 4 M 0 12000.0000 0 D 2008-01-07 Common Stock 12000.0000 88000.0000 D Exercise of stock options pursuant to original grant to the reporting person on January 8, 2003 of options under the Michaels Stores, Inc. Amended and Restated 1997 Stock Option Plan to purchase 100,000 shares of Michaels Stores, Inc. common stock. The options associated with this grant vest in three annual installments beginning on January 8, 2004. After giving effect to the transaction that is the subject of this report, 88,000 options remain outstanding under this grant, 21,333 of which are currently vested, 33,333 of which will vest on January 8, 2005, and 33,334 of which will vest on January 8, 2006. /s/ Elizabeth K. Giddens Elizabeth K. Giddens, Attorney-in-Fact for Ronald S. Staffieri, President - Michaels Stores Group 2004-06-10