<ARTICLE> 5 <CIK> 0000740670 <NAME> MICHAELS STORES, INC. <MULTIPLIER> 1000 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> JAN-31-1998 <PERIOD-END> MAY-03-1997 <CASH> 77,309 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 370,681 <CURRENT-ASSETS> 475,069 <PP&E> 298,038 <DEPRECIATION> 113,673 <TOTAL-ASSETS> 814,304 <CURRENT-LIABILITIES> 200,619 <BONDS> 221,940 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 2,603 <OTHER-SE> 358,035 <TOTAL-LIABILITY-AND-EQUITY> 814,304 <SALES> 321,318 <TOTAL-REVENUES> 321,318 <CGS> 220,128 <TOTAL-COSTS> 312,012 <OTHER-EXPENSES> (1,549) <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 5,742 <INCOME-PRETAX> 5,113 <INCOME-TAX> 1,943 <INCOME-CONTINUING> 3,170 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 3,170 <EPS-PRIMARY> .12 <EPS-DILUTED> .12