<ARTICLE> 5 <CIK> 0000740670 <NAME> MICHAELS STORES, INC. <MULTIPLIER> 1000 <PERIOD-TYPE> 3-MOS <FISCAL-YEAR-END> JAN-30-1999 <PERIOD-END> MAY-02-1998 <CASH> 140,456 <SECURITIES> 0 <RECEIVABLES> 0 <ALLOWANCES> 0 <INVENTORY> 448,922 <CURRENT-ASSETS> 614,713 <PP&E> 351,327 <DEPRECIATION> 147,472 <TOTAL-ASSETS> 960,903 <CURRENT-LIABILITIES> 247,980 <BONDS> 221,940 <PREFERRED-MANDATORY> 0 <PREFERRED> 0 <COMMON> 2,956 <OTHER-SE> 458,422 <TOTAL-LIABILITY-AND-EQUITY> 960,903 <SALES> 335,770 <TOTAL-REVENUES> 335,770 <CGS> 224,874 <TOTAL-COSTS> 323,223 <OTHER-EXPENSES> (2,028) <LOSS-PROVISION> 0 <INTEREST-EXPENSE> 5,703 <INCOME-PRETAX> 8,872 <INCOME-TAX> 3,371 <INCOME-CONTINUING> 5,501 <DISCONTINUED> 0 <EXTRAORDINARY> 0 <CHANGES> 0 <NET-INCOME> 5,501 <EPS-PRIMARY> .19 <EPS-DILUTED> .18