Michaels Stores, Inc. September Sales Increase 6%

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Michaels Stores, Inc. September Sales Increase 6%

                          - Same-Store Sales Up 1% -

    IRVING, Texas, Oct. 9 /PRNewswire-FirstCall/ -- Michaels Stores, Inc.
(NYSE: MIK) today reported that total sales for the month of September
increased 6% to $312.7 million from $296.1 million for the same period last
year.  Same-store sales for the month increased 1%.  Year-to-date sales of
$1.771 billion for fiscal 2003 increased 7% from $1.650 billion for the same
period last year while same-store sales were up 1% year-to-date.  For the
month, customer traffic was down 1% and average ticket was up 2%.
    Michael Rouleau, Chief Executive Officer, stated, "We are pleased with our
same-store sales performance as we begin to build momentum heading into the
all-important Holiday season.  Our best results this month were in our
Southeast, Northeast, and Pacific zones and in our Apparel Crafts, Kids
Crafts, Frames, Floral, and Seasonal departments.  We currently expect same-
store sales for the month of October to be up 2% to 4% and same-store sales
for the third quarter to be up 1% to 3%.  We continue to forecast our third
quarter diluted earnings per share to be in the $.46 to $.50 range and full
year diluted earnings per share to be between $2.40 and $2.45."
    The Company also announced that it had repurchased an additional
265,000 shares of the Company's common stock since the end of the second
quarter of fiscal 2003 under its stock repurchase plans.  As of
October 9, 2003, under the repurchase plans, the Company is authorized to
repurchase approximately 1.3 million additional shares plus such shares as may
be repurchased with proceeds from the future exercise of options under the
Company's 2001 General Stock Option Plan.
    The Company plans to release its October 2003 sales results on Thursday,
November 6, 2003 at 6:30 a.m. CST.  The Company's press releases may be viewed
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 791 Michaels stores
in 48 states and Canada, 10 Village Crafts stores across the U.S., 158 Aaron
Brothers stores, located primarily on the West Coast, two ReCollections stores
in Frisco and Dallas, Texas, and two wholesale operations in Dallas, Texas and
Atlanta, Georgia.

    Certain statements contained herein which are not historical facts are
forward looking statements that involve risks and uncertainties, including,
but not limited to, 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.

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.