EXHIBIT 23 CONSENT OF INDEPENDENT AUDITORS We consent to the incorporation by reference in this Annual Report (Form 10-K) of Michaels Stores, Inc. of our report dated February 28, 1994, included in the 1994 Annual Report to Stockholders of Michaels Stores, Inc. We also consent to the incorporation by reference in the Registration Statements listed below and in the related Prospectuses of our reports dated February 28, 1994, with respect to the consolidated financial statements and schedules of Michaels Stores, Inc. included or incorporated by reference in the Annual Report (Form 10-K) for the year ended January 30, 1994. Form Registration No. Pertaining to Michaels Stores, Inc. S-8 2-92412 Stock Investment Plan S-8 2-97848 Key Employee Stock Compensation Program S-8 33-18476 Key Employee Stock Compensation Program S-8 33-11985 Employees 401(k) Plan S-3 33-21299 Registration of 802,000 Shares of Common Stock S-3 33-9456 Post Effective Amendment No. 1 to the Registration Statement on Form S-1 for the registration of 1,000,000 Shares of Common Stock S-8 33-26338 Key Employee Stock Compensation Program S-8 33-21573 Moskatel's, Inc. 401(k) Plan S-3 33-22532 Registration of 30,000 shares of Common Stock S-3 33-40673 Registration of 1,240,000 shares of Common Stock S-8 33-43039 Employee Stock Purchase Plan S-8 33-54726 Key Employee Stock Compensation Program S-3 33-52311 Registration of 280,000 shares of Common Stock S-3 33-67804 1992 Non-Statutory Stock Option Plan ERNST & YOUNG Dallas, Texas April 25, 1994