QuickLinks -- Click here to rapidly navigate through this document
EXHIBIT 23
CONSENT OF INDEPENDENT AUDITORS
We consent to the incorporation by reference in the Registration Statement (Form S-8 No. 33-61055) pertaining to the Michaels Stores, Inc. Employees 401(k) Plan and in the related Prospectus of our report dated June 14, 2002, with respect to the financial statements and schedules of the Michaels Stores, Inc. Employees 401(k) Plan included in this Annual Report (Form 11-K) for the year ended December 31, 2001.
/s/ Ernst & Young LLP
ERNST & YOUNG LLP
Dallas, Texas
June 28, 2002
F-11
Exhibit 23—Consent of Independent Auditors