<ARTICLE> 5
<CIK> 0000740670
<NAME> MICHAELS STORES, INC.
<MULTIPLIER> 1000
       
                             
<PERIOD-TYPE>                   6-MOS
<FISCAL-YEAR-END>                           FEB-2-1997
<PERIOD-END>                               JUL-28-1996
<CASH>                                           8,565
<SECURITIES>                                         0
<RECEIVABLES>                                        0
<ALLOWANCES>                                         0
<INVENTORY>                                    418,791
<CURRENT-ASSETS>                               481,317
<PP&E>                                         291,162
<DEPRECIATION>                                  98,172
<TOTAL-ASSETS>                                 823,682
<CURRENT-LIABILITIES>                          201,885
<BONDS>                                        221,940
<PREFERRED-MANDATORY>                                0
<PREFERRED>                                          0
<COMMON>                                         2,355
<OTHER-SE>                                     353,749
<TOTAL-LIABILITY-AND-EQUITY>                   823,682
<SALES>                                        562,351
<TOTAL-REVENUES>                               562,351
<CGS>                                          389,641
<TOTAL-COSTS>                                  562,592
<OTHER-EXPENSES>                                 (373)
<LOSS-PROVISION>                                     0
<INTEREST-EXPENSE>                               8,534
<INCOME-PRETAX>                                (8,402)
<INCOME-TAX>                                   (3,194)
<INCOME-CONTINUING>                            (5,208)
<DISCONTINUED>                                       0
<EXTRAORDINARY>                                      0
<CHANGES>                                            0
<NET-INCOME>                                   (5,208)
<EPS-PRIMARY>                                    (.23)
<EPS-DILUTED>                                    (.23)