X0202 4 2005-06-22 0 0000740670 MICHAELS STORES INC MIK 0001278862 SANDFORT GREGORY A 8000 BENT BRANCH DRIVE IRVING TX 75063 0 1 0 0 EVP - General Merchandise Mgr. Common Stock 2005-06-22 4 M 0 16666 23.50 A 17654 D Common Stock 2005-06-22 4 S 0 300 41.85 D 17354 D Common Stock 2005-06-22 4 S 0 3766 41.84 D 13588 D Common Stock 2005-06-22 4 S 0 200 41.81 D 13388 D Common Stock 2005-06-22 4 S 0 7700 41.80 D 5688 D Common Stock 2005-06-22 4 S 0 300 41.79 D 5388 D Common Stock 2005-06-22 4 S 0 500 41.78 D 4888 D Common Stock 2005-06-22 4 S 0 200 41.77 D 4688 D Common Stock 2005-06-22 4 S 0 100 41.73 D 4588 D Common Stock 2005-06-22 4 S 0 300 41.72 D 4288 D Common Stock 2005-06-22 4 S 0 400 41.71 D 3888 D Common Stock 2005-06-22 4 S 0 600 41.70 D 3288 D Common Stock 2005-06-22 4 S 0 600 41.55 D 2688 D Common Stock 2005-06-22 4 S 0 1700 41.54 D 988 D Stock Option (Right to Buy) 23.50 2005-06-22 4 M 0 16666 0.00 D 2009-02-05 Common Stock 16666 33334 D The amount reported consists entirely of 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 plan administrator as of May 31, 2005. Exercise of stock options pursuant to original grant to the reporting person on February 6, 2004 of options under the Michaels Stores, Inc. Amended and Restated 1997 Stock Option Plan to purchase 50,000 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 6, 2005. After giving effect to the transaction that is the subject of this report, 33,334 options remain outstanding under this grant, 16,667 of which will vest on each of February 6, 2006 and February 6, 2007. /s/ Todd J. Thorson Todd J. Thorson, Attorney-in-Fact for Gregory A. Sandfort, Executive Vice President - General Merchadise Manager 2005-06-24