LASA - 4Q04

1
3Q05 RESULTS
2
Operating Highlights

• Profitability
• Consolidated EBITDA grew 17.9 over 3Q04
• Stable EBITDA margin (10.2) vs. 3Q04 (10.3)
• Net Income - up 73 vs. 3T04
• Greater Operating Efficiency
• Operating expenses fell 70 basis points compared
  to 3Q04
• Gross revenues per associate went up 7.3
• Expansion
• 8 store openings in 3Q05 and 3 more since then
• Scheduled openings 18 stores before November
  30
• Total number of stores by 2005 year-end 193 (
  37 stores vs. 2004)

3
3Q05 Gross Revenue

• Same stores sales - 2.9 (up to June/05
  -4.2)
• Store Openings 42 stores (8 in 3Q05)
• Americanas.com/Shoptime Growth 87,4
• Total Gross Revenue Growth 19.0

Sales Area x Number of Stores
311
Sales Area 3Q05 x 3Q0416.9
266
254
172 Stores
237
235
229
130 Stores
115 Stores
98 Stores
97 Stores
91 Stores
3Q00
3Q01
3Q02
3Q03
3Q04
3Q05
Sales Area (thousand m2)
Stores
4
Operating Expenses

• Selling, General and administrative expenses
• 70 basis points improvement costs control

SGA Expenses ( of NR)
22.1
21.9
20.5
20.2
19.5
- 70 basis points
3Q01
3Q02
3Q03
3Q04
3Q05
5
Operating Results

• EBITDA Growth 17.9 in 3Q05
• Stable EBITDA margin just 10 basis points
  reduction in 3Q05
• Adjusted EBITDA 29.9 / Adjusted EBITDA
  Margin100 basis points

EBITDA (R million)
Adjusted EBITDA Excluding Shoptime and Facilita
(R million)
62.2
62.0
29.9
52.6
47.9
42.9
28.8
10.6
20.1
10.3
10.2
9.6
9.6
8.2
6.1
3Q04
3Q05
3Q01
3Q02
3Q03
3Q04
3Q05
6
Americanas.com / Shoptime

• Accumulated consolidated gross revenue growth
  95
• Shoptime impact on 3Q05 results limited to one
  operating month (September 2005) R 22.1
  million
• Opportunity To capture operating and financial
  synergies

• Synergies
• Operating
• Financial

NPV R 49 million
7
Working Capital - Inventory x Suppliers

• Improvement in 3Q05 R 19,4 million or 124
  over 3Q04
• Reduction of 10 days of inventory in relation to
  3Q04

Inventory Financing (R Million)
Sept/05
Sept/04
Change
Inventory
503.3
455.3
48.0
Suppliers
538.3
470.9
67.4
Funding
35.0
15.6
19.4
8
Net Debt and Capex

Net Debt (R million)

R 96.3 MM
R 43.7 MM

• Net debt reduction, despite of aggressive capex
  program
• New stores
• Acquisition of Shoptime
• Capex related to Americanas Taií

1,150.8
1,107.1
883.2
786.9
3Q04
3Q05
Gross Debt
Cash
Considering Credit Cards Receivables
9
Changes in Net Income
Quarterly Net Income (R Million)
Accumulated Net Income (R Million)
127.9
13.0
7.5
18.6
3Q04
3Q05
9M04
9M05
We Always Want More
10
This presentation contains forward-looking
statements. Such statements are not statements
of historical fact, and reflect the beliefs and
expectations of the Lojas Americanas management.
The words "anticipates", wishes, expects,
"estimates", intends", "forecasts", "plans",
"predicts", "projects", "targets" and similar
words are intended to identify these statements,
which necessarily involve known and unknown risks
and uncertainties. Known risks and uncertainties
include, but are not limited to, the impact of
competitive products and pricing, market
acceptance of products, regulatory environment,
currency fluctuations, supply difficulties,
changes in product sales mix, and other risks.
Forward-looking statements speak only as of the
date they are made, and the Company does not
undertake any obligation to update them in light
of new information or future developments.