Stock Symbol: MIK

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Business Description
Michaels Stores, Inc. is an art and crafts specialty retailer providing materials, ideas and education for creative activities. During the year ended January 31, 2004 (fiscal 2003), the Company operated 812 retail stores in 48 states in Canada and its offerings are art and craft supplies and products for the do-it-yourself home decorator. It also operates 158 Aaron Brothers stores in nine states that offer photo frames, a line of ready-made frames, custom framing services and art supplies. The Company's scarpbooking/paper crafting retail, ReCollections, operate two stores in Texas, which provides merchandise, accessories and scrapbooking and paper crafting support services. The Company also owns and operates Artistree, a vertically integrated frame and moulding manufacturing operation and two Star Wholesale stores that offer merchandise to interior decorators/designers, wedding/events planners, florists, hotels, restaurants and commercial display companies.

Financial Information
For the 39 weeks ended 10/30/04, revenues increased 9% to $2.21 billion. Net income increased 18% to $98.6 million. Revenues reflect new stores opened, and increased comparable store sales. Earnings also reflect lower administrative expenses as a percentage of revenues.