Exhibit 23.1

CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

     We consent to the incorporation by reference in the Registration Statement (Form S-8) and related Prospectus of Michaels Stores, Inc. for the registration of shares of its common stock pertaining to the Michaels Stores, Inc. 2005 Incentive Compensation Plan of our reports dated April 6, 2005, with respect to the consolidated financial statements of Michaels Stores, Inc., Michaels Stores, Inc. management's assessment of the effectiveness of internal control over financial reporting of Michaels Stores, Inc. included in its Annual Report (Form 10-K) for the year ended January 29, 2005, filed with the Securities and Exchange Commission.

/s/ Ernst & Young LLP  

Ernst & Young LLP 

Dallas, Texas
June 16 , 2005