Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
ROULEAU R MICHAEL
   2. Issuer Name and Ticker or Trading Symbol
MICHAELS STORES INC [MIK] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
President and CEO
(Last)
(First)
(Middle)
8000 BENT BRANCH DRIVE		 3. Date of Earliest Transaction (Month/Day/Year)
03/09/2005
(Street)

IRVING, TX 75063		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 03/09/2005   M   60,000 A $ 10.4375 184,622 D  
Common Stock 03/09/2005   S   200 D $ 33.92 184,422 D  
Common Stock 03/09/2005   S   800 D $ 33.93 183,622 D  
Common Stock 03/09/2005   S   200 D $ 33.99 183,422 D  
Common Stock 03/09/2005   S   3,900 D $ 34 179,522 D  
Common Stock 03/09/2005   S   1,100 D $ 34.01 178,422 D  
Common Stock 03/09/2005   S   100 D $ 34.02 178,322 D  
Common Stock 03/09/2005   S   200 D $ 34.03 178,122 D  
Common Stock 03/09/2005   S   400 D $ 34.04 177,722 D  
Common Stock 03/09/2005   S   500 D $ 34.05 177,222 D  
Common Stock 03/09/2005   S   2,100 D $ 34.06 175,122 D  
Common Stock 03/09/2005   S   2,800 D $ 34.07 172,322 D  
Common Stock 03/09/2005   S   1,600 D $ 34.08 170,722 D  
Common Stock 03/09/2005   S   500 D $ 34.09 170,222 D  
Common Stock 03/09/2005   S   400 D $ 34.1 169,822 D  
Common Stock 03/09/2005   S   1,300 D $ 34.11 168,522 D  
Common Stock 03/09/2005   S   1,900 D $ 34.12 166,622 D  
Common Stock 03/09/2005   S   1,800 D $ 34.13 164,822 D  
Common Stock 03/09/2005   S   200 D $ 34.14 164,622 D  
Common Stock 03/09/2005   S   2,500 D $ 34.17 162,122 D  
Common Stock 03/09/2005   S   1,600 D $ 34.18 160,522 D  
Common Stock 03/09/2005   S   800 D $ 34.19 159,722 D  
Common Stock 03/09/2005   S   10,700 D $ 34.2 149,022 D  
Common Stock 03/09/2005   S   1,200 D $ 34.21 147,822 D  
Common Stock 03/09/2005   S   200 D $ 34.22 147,622 D  
Common Stock 03/09/2005   S   100 D $ 34.24 147,522 D  
Common Stock 03/09/2005   S   1,400 D $ 34.26 146,122 D  
Common Stock 03/09/2005   S   300 D $ 34.27 145,822 D  
Common Stock 03/09/2005   S   1,300 D $ 34.28 144,522 D  
Common Stock 03/09/2005   S   5,300 D $ 34.3 139,222 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option (Right to Buy) $ 10.4375 03/09/2005   M     60,000   (1) 07/27/2005 Common Stock 60,000 $ 0 220,000 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
ROULEAU R MICHAEL
8000 BENT BRANCH DRIVE
IRVING, TX 75063		       President and CEO  

Signatures

 /s/ Todd J. Thorson Todd J. Thorson, Attorney-in-Fact for R. Michael Rouleau, President and Chief Executive Officer   03/11/2005
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) 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.
 
Remarks:
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.

Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.

Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB number.