<ARTICLE> 5 <CIK> 0000740670 <NAME> MICHAELS STORES, INC. <MULTIPLIER> 1,000 <PERIOD-TYPE> QTR-3 <FISCAL-YEAR-END> JAN-29-1995 <PERIOD-END> OCT-30-1994 <CASH> 4,096 <SECURITIES> 18,418 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 381,456 <CURRENT-ASSETS> 444,567 <PP&E> 191,423 <DEPRECIATION> 56,325 <TOTAL-ASSETS> 686,522 <CURRENT-LIABILITIES> 250,695 <BONDS> 0 <COMMON> 2,127 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <OTHER-SE> 0 <TOTAL-LIABILITY-AND-EQUITY> 686,522 <SALES> 283,069 <TOTAL-REVENUES> 283,069 <CGS> 187,566 <TOTAL-COSTS> 268,242 <OTHER-EXPENSES> 0 <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 2,081 <INCOME-PRETAX> 12,746 <INCOME-TAX> 4,933 <INCOME-CONTINUING> 7,813 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 7,813 <EPS-PRIMARY> .36 <EPS-DILUTED> .36