X0202 4 2005-06-14 0 0000740670 MICHAELS STORES INC MIK 0001186697 SADLER EDWARD F 8000 BENT BRANCH DRIVE IRVING TX 75063 0 1 0 0 EVP - Store Operations Common Stock 2005-06-14 4 M 0 33334 10.4925 A 33334 D Common Stock 2005-06-14 4 S 0 33334 42.1461 D 0 D Stock Option (Right to Buy) 10.4925 2005-06-14 4 M 0 33334 0.00 D 2006-07-30 Common Stock 33334 0 D Exercise of stock options pursuant to original grant to the reporting person on July 31, 2001 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 (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 31, 2002. After giving effect to the transaction that is the subject of this report, no options remain outstanding under this grant. /s/ Todd J. Thorson Todd J. Thorson, Attorney-in-Fact for Edward F. Sadler, Executive Vice President - Store Operations 2005-06-16