CONTENTS || CORPORATE LISTING

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UNAUDITED SUPPLEMENTAL QUARTERLY FINANCIAL DATA
MICHAELS STORES, INC.



1 The convertible subordinated notes were not included in the diluted earnings per common share calculation for the first, second and third quarters because they were antidilutive. The convertible subordinated notes were included in the diluted earnings per common share in the fourth quarter.
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