Michaels Stores Reports February Sales - Total Sales Increase 18% -

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Michaels Stores Reports February Sales - Total Sales Increase 18% - - Same-Store Sales Grow 12% -

    IRVING, Texas, March 3 /PRNewswire-FirstCall/ -- Michaels Stores, Inc.
(NYSE: MIK) today reported that total sales for the month of February
increased 18% to $231.7 million from $197.1 million for the same period last
year.  Same-store sales for the month increased 12% on a 2% increase in
average ticket, a 9% increase in customer traffic, and a 1% increase in custom
frame deliveries.  A favorable currency translation, due to the stronger
Canadian dollar, contributed approximately 0.6% to the average ticket increase
for the month.
    Michael Rouleau, Chief Executive Officer, said, "We are extremely pleased
with our performance for the month as our same-store sales significantly
exceeded our original expectations of a 3% to 5% increase.  Improved weather
versus last year, particularly over the critical Presidents' Day weekend, an
enhanced promotional program, and higher inventory in-stock levels in our
stores contributed to a much higher level of customer transactions.  Our best
performing regions were the Northeast, the mid-Atlantic, and the Pacific and
our best performances came in our Yarn, Scrapbooking, Frames, and General
Craft categories."
    Rouleau added, "Growth is expected to continue in customer traffic and
average ticket during March and April, but will be offset by changes in our
marketing calendar, the timing of our custom frame promotions, and the shift
in the Easter holiday.  Given these changes, March and April same-store sales
are expected to increase 1% to 3%.  For our fiscal 2004 first quarter, we
continue to expect same-store sales to increase 3% to 5% over the same period
last year.  We also continue to expect same-store sales to increase
approximately 3% to 5% in the second, third, and fourth quarters."
    The Company will host a conference call at 4:00 p.m. CT today to discuss
February 2004 sales, Fourth Quarter and Fiscal Year 2003 earnings results, and
Fiscal 2004 outlook.  Those who wish to participate in the call may do so by
dialing 973-633-6740.  Any interested party will also have the opportunity to
access the call via the Internet at http://www.michaels.com .  To listen to the live
call, please go to the website at least fifteen minutes early to register and
download any necessary audio software.  For those who cannot listen to the
live broadcast, a replay will be available for 30 days after the date of the
event.  Replay may be accessed at http://www.michaels.com or by phone at
973-341-3080, PIN 4100059.
    The Company plans to release its March 2004 sales results on
Thursday, April 8, 2004 at 6:30 a.m. CT.  Any interested party may view the
Company's press release at http://www.michaels.com .
    Michaels Stores, Inc. is the world's largest retailer of arts, crafts,
framing, floral, wall decor, and seasonal merchandise for the hobbyist and do-
it-yourself home decorator.  The Company owns and operates 809 Michaels stores
in 48 states and Canada, 158 Aaron Brothers stores, located primarily on the
West Coast, two ReCollections stores in the Dallas/Fort Worth Metroplex, and
two wholesale operations.
    Certain statements contained herein which are not historical facts are
forward looking statements that involve risks and uncertainties, including,
but not limited to, estimation risks, customer demand and trends in the arts
and crafts industry, related inventory risks due to shifts in customer demand,
the effect of economic conditions, the impact of competitors' locations or
pricing, the availability of acceptable locations for new stores, difficulties
with respect to new information system technologies, supply constraints or
difficulties, the results of financing efforts, the effectiveness of
advertising strategies and other risks detailed in the Company's Securities
and Exchange Commission filings.  The Company intends these forward-looking
statements to speak only as of the time of this release and does not undertake
to update or revise them as more information becomes available.
    This press release is also available on the Michaels Stores, Inc. website
(http://www.michaels.com ) .

SOURCE Michaels Stores, Inc.

http://www.michaels.com
Company News On-Call:

http://www.prnewswire.com/comp/115769.html
CONTACT:
Jeffrey N. Boyer, Executive Vice President -
Chief Financial Officer, +1-972-409-1581, or Christopher J.
Holland, Vice President - Finance, +1-972-409-1667, both of
Michaels Stores, Inc.