X0202 4 2005-03-09 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 2005-03-09 4 M 0 60000 10.4375 A 184622 D Common Stock 2005-03-09 4 S 0 200 33.92 D 184422 D Common Stock 2005-03-09 4 S 0 800 33.93 D 183622 D Common Stock 2005-03-09 4 S 0 200 33.99 D 183422 D Common Stock 2005-03-09 4 S 0 3900 34.00 D 179522 D Common Stock 2005-03-09 4 S 0 1100 34.01 D 178422 D Common Stock 2005-03-09 4 S 0 100 34.02 D 178322 D Common Stock 2005-03-09 4 S 0 200 34.03 D 178122 D Common Stock 2005-03-09 4 S 0 400 34.04 D 177722 D Common Stock 2005-03-09 4 S 0 500 34.05 D 177222 D Common Stock 2005-03-09 4 S 0 2100 34.06 D 175122 D Common Stock 2005-03-09 4 S 0 2800 34.07 D 172322 D Common Stock 2005-03-09 4 S 0 1600 34.08 D 170722 D Common Stock 2005-03-09 4 S 0 500 34.09 D 170222 D Common Stock 2005-03-09 4 S 0 400 34.10 D 169822 D Common Stock 2005-03-09 4 S 0 1300 34.11 D 168522 D Common Stock 2005-03-09 4 S 0 1900 34.12 D 166622 D Common Stock 2005-03-09 4 S 0 1800 34.13 D 164822 D Common Stock 2005-03-09 4 S 0 200 34.14 D 164622 D Common Stock 2005-03-09 4 S 0 2500 34.17 D 162122 D Common Stock 2005-03-09 4 S 0 1600 34.18 D 160522 D Common Stock 2005-03-09 4 S 0 800 34.19 D 159722 D Common Stock 2005-03-09 4 S 0 10700 34.20 D 149022 D Common Stock 2005-03-09 4 S 0 1200 34.21 D 147822 D Common Stock 2005-03-09 4 S 0 200 34.22 D 147622 D Common Stock 2005-03-09 4 S 0 100 34.24 D 147522 D Common Stock 2005-03-09 4 S 0 1400 34.26 D 146122 D Common Stock 2005-03-09 4 S 0 300 34.27 D 145822 D Common Stock 2005-03-09 4 S 0 1300 34.28 D 144522 D Common Stock 2005-03-09 4 S 0 5300 34.30 D 139222 D Stock Option (Right to Buy) 10.4375 2005-03-09 4 M 0 60000 0.00 D 2005-07-27 Common Stock 60000 220000 D 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 400,000 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 each of November 12, 2001 and September 27, 2004). 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, 220,000 options remain outstanding under this grant, all of which are currently vested. This Form 4 is 1 of 2 being filed by the reporting person to report transactions executed on March 9, 2005. Multiple forms are required in this instance to address certain technical limitations present in the Securities and Exchange Commission's filing system. /s/ Todd J. Thorson Todd J. Thorson, Attorney-in-Fact for R. Michael Rouleau, President and Chief Executive Officer 2005-03-11