X0202 4 2005-03-07 0 0000740670 MICHAELS STORES INC MIK 0001214225 BOYER JEFFREY N 8000 BENT BRANCH DRIVE IRVING TX 75063 0 1 0 0 EVP - Chief Financial Officer Common Stock 2005-03-07 4 M 0 25000 12.02 A 25000 D Common Stock 2005-03-07 4 S 0 16100 34.00 D 8900 D Common Stock 2005-03-07 4 S 0 500 34.01 D 8400 D Common Stock 2005-03-07 4 S 0 400 34.03 D 8000 D Common Stock 2005-03-07 4 S 0 6000 34.11 D 2000 D Common Stock 2005-03-07 4 S 0 200 34.12 D 1800 D Common Stock 2005-03-07 4 S 0 400 34.14 D 1400 D Common Stock 2005-03-07 4 S 0 300 34.15 D 1100 D Common Stock 2005-03-07 4 S 0 500 34.16 D 600 D Common Stock 2005-03-07 4 S 0 200 34.21 D 400 D Common Stock 2005-03-07 4 S 0 300 34.22 D 100 D Common Stock 2005-03-07 4 S 0 100 34.23 D 0 D Stock Option (Right to Buy) 12.02 2005-03-07 4 M 0 25000 0.00 D 2008-02-06 Common Stock 25000 100000 D Exercise of stock options pursuant to original grant to the reporting person on February 7, 2003 of options under the Michaels Stores, Inc. Amended and Restated 1997 Stock Option Plan to purchase 150,000 shares of Michaels Stores, Inc. common stock (adjusted to give effect to a two-for-one stock split to stockholders of record as of the close of business on September 27, 2004). The options associated with this grant vest in three annual installments beginning on February 7, 2004. After giving effect to the transaction that is the subject of this report, 100,000 options remain outstanding under this grant, 50,000 of which are currently vested, and 50,000 of which will vest on February 7, 2006. /s/ Todd J. Thorson Todd J. Thorson, Attorney-in-Fact for Jeffrey N. Boyer, Executive Vice President - Chief Financial Officer 2005-03-09