CONTENTS || CORPORATE LISTING

CONSOLIDATED BALANCE SHEETS
MICHAELS STORES, INC.




See accompanying notes to consolidated financial statements.

CONSOLIDATED STATEMENTS OF OPERATIONS
MICHAELS STORES, INC.


See accompanying notes to consolidated financial statements.

CONSOLIDATED STATEMENTS OF CASH FLOWS MICHAELS STORES, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY MICHAELS STORES, INC.

Financial Highlights || Letter to Shareholders || Four Cornerstones
Management's Discussion and Analysis || Consolidated Statements || Notes to Consolidated Statements
Auditors Report || Quarterly Financial Data || Board of Directors || Corporate and Stockholder Data