<ARTICLE> 5 <CIK> 0000740670 <NAME> MICHAELS STORES, INC. <MULTIPLIER> 1000 <PERIOD-TYPE> 9-MOS <FISCAL-YEAR-END> JAN-31-1998 <PERIOD-END> NOV-01-1997 <CASH> 48,089 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 489,755 <CURRENT-ASSETS> 561,550 <PP&E> 319,416 <DEPRECIATION> 132,346 <TOTAL-ASSETS> 908,876 <CURRENT-LIABILITIES> 248,947 <BONDS> 221,940 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 2,875 <OTHER-SE> 405,604 <TOTAL-LIABILITY-AND-EQUITY> 908,876 <SALES> 949,426 <TOTAL-REVENUES> 949,426 <CGS> 648,654 <TOTAL-COSTS> 925,684 <OTHER-EXPENSES> (1,214) <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 17,380 <INCOME-PRETAX> 7,576 <INCOME-TAX> 2,879 <INCOME-CONTINUING> 4,697 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 4,697 <EPS-PRIMARY> .17 <EPS-DILUTED> .17