November 2006
“We Always Want More”
OVERVIEW OF LOJAS AMERICANAS
US$ 1.5 billion (R$ 3.6 billion) Consolidated Gross Revenue in 2005
Market Cap of US$ 3.4 billion (R$ 7.0 billion) – November/2006
EBITDA Margin 12.0% (2005)
Net Income 2005 US$ 73.4 million (R$ 176.1 million)
Brazilian leader in sales : CDs, DVDs, cookies, chocolates, candies, toys, lingerie
Prominent position in Brazil’s retail sector
Leading position in LATAM Internet (Americanas.com/Shoptime)
Personal loans and consumer credit offering
3 Distribution Centers
9.7 thousand employees
Awards:
Agência Estado Destaque Empresas 2005
(The Best performance for the shareholders)
Folha de São Paulo “Top of Mind 2005”
Revista Exame - “Melhores e Maiores”
Forbes Brasil - “Platinum List 200”
iBest “Best Ecommerce Site” – Popular Jury
“We Always Want More”
TIME LINE
77 years old
1929
’40
Lojas
Americanas
Foundation
Lojas
Americanas
goes public
(IPO)
’82
Garantia’s
Bank
partners
’98 ’99
2001
Focus in
the core
business
(IT/Logistics)
Lojas
Americanas
Turnaround
Americanas.com
Creation
’03
’05
Americanas
Express
Project
Organic Growth
Record:
37 new stores
The number of stores
doubled in the last 5
years!
Shoptime
Acquisition
Americanas Taií
Creation
“We Always Want More”
FIVE MAIN FRONTS OF GROWTH
Multi-Channel Retailing
DC PE
35 stores
22,900 m²
DC RJ
72 stores
DC SP
35,500 m²
111 stores
53,000 m²
“We Always Want More”
FIVE MAIN FRONTS OF GROWTH
Multi-Channel Retailing
 Bricks-and-mortar Business

219 stores (nov/06)

Nort
h

DC PE
35 stores
2
Northeas
t
33
MidWest
21
191 traditional - avg. 1,500 m2
28 express - avg. 500 m2
22,900 m²

Average Ticket: R$ 24

Customer Profile:
Southeas
t
133
South
30
DC RJ
72 stores
DC SP
35,500 m²
112 stores
53,000 m²

1.8MM customers/day in events

77% women - Middle class
“We Always Want More”
Store Lay-Out: The WORLDS’ Concept
leisure
household
cookies, chocolates & candies
Easter & Christmas
CDs & DVDs
stationer’s
birthday accessories
bed&bath
decoration/presents
electric appliance
kitchen
sports
beauty
lingerie
cosmetics
fragrances
socks&kerchiefs
make-up
food(convenience)
snack bar
bakery
grocery
greengrocers
OUR
WORLDS
The assortment
is grouped
according to its
final use
children
toys
children’s clothing
babies clothing
baby accessories
diapers
clothing
shoes & luggage
clothes complement
adult clothing
jeans
“We Always Want More”
FIVE MAIN FRONTS OF GROWTH
Multi-Channel Retailing
6 MILLION
CUSTOMERS

E-Commerce and TV Channel
Business

2 websites, telephone sales,
Catalogue and TV channel
DC SP
(19MM antennas)

Brazil - 1st in on-line sales -
6 MM Customers
+ 200 countries
around the world

Average Ticket R$ 300

Complementary Assortment

Exclusive and differenciated
products
“We Always Want More”
FIVE MAIN FRONTS OF GROWTH
Multi-Channel Retailing
Nort
h
2
Northeas
t
33
MidWest
21
Southeas
t
+ 16 own
stores
133
South

Financial Business

Joint-venture w/Banco Itaú
30
 Products:
Personal Loans
Private Label (Consumer Credit)
Co-branded cards
“We Always Want More”
FIVE MAIN FRONTS OF GROWTH
“We Always Want More”
OPERATING HIGHLIGHTS – 1H06
Better Operating Efficiency (vs. 3Q05)
 Consolidated EBITDA (R$93.1 million) grew by 50.2%
 Operating Income (R$71.2 million) 52.2% increase
 0.2 p.p. increase in SG&A expenses, as % of NR
 SSS growth (Net Revenue) + 10.7% in 3T06 vs. 3T05
Gross revenue per associate grew by 20.9%
86% increase in consolidated gross revenue of A.com and Shoptime
“We Always Want More”
Better Operating Efficiency (vs. 3Q05)
 Consolidated Gross Revenue of R$ 1,124.3 million – an increase of 41%
 Net Revenue – “Same Store Sales” growth of +10.7%
 Gross Margin of 30.7% - 110 basis points higher
 Operating Income (R$71.2 milhões) – up on 52.2%
 Consolidated EBITDA of R$93.1 million – up on 50.2%
EBITDA margin of 11.0%, 80 basis points superior
 Gross Revenue per associate grew 20.9%
 Increase of 86% in Americanas.com/Shoptime Gross Revenue
“We Always Want More”
LOJAS AMERICANAS IN FIGURES
Gross Revenue (R$ MM)
3,640
2,949
2,325
1,918
1,693
SSS growth (NR)
10.7%
1,765
1,510
Growth
41.0%
1,124.3
797.6
1999 2000 2001 2002 2003 2004 2005
3Q05 3Q06
“We Always Want More”
LOJAS AMERICANAS IN FIGURES
Gross Margin (%NR)
30.9
30.2
30.7
30.3
29.5
29.6
28.1
25.2
2000 2001 2002 2003 2004 2005
3Q05 3Q06
“We Always Want More”
LOJAS AMERICANAS IN FIGURES
SG&A (%NR)
25.9
22.5
20.8
19.0
18.9
19.5
19.7
18.4
2000 2001 2002 2003 2004 2005
3Q05 3Q06
“We Always Want More”
LOJAS AMERICANAS IN FIGURES
Consolidated EBITDA (R$ MM)
12.0%NR
330.9
274.7
217.6
Growth
50.2%
142.8
11.0%NR
90.1
10.2%NR
93.1
62.0
0.6%NR
8.0
2000 2001 2002 2003 2004 2005
3Q05 3Q06
“We Always Want More”
LOJAS AMERICANAS IN FIGURES
Gross Revenue per Associate
(R$ thousand)
344
Growth
20.9%
309
287.2
266
237.6
229
170
2001
2002
2003
2004
2005
3Q05
3Q06
“We Always Want More”
BUSINESS STRATEGY
Brazil in figures
Over 5,500
Brazilian cities
•Population: over 180 million
•Number of mobile phones: 90 million
•Credit cards: over 50 million
•Internet users: over 20 million
“We Always Want More”
BUSINESS STRATEGY
Potential Growth
190
90
Cities with
Less 100,000
opportunity of
inhabitants
opening one
Over 100,000
store
inhabitants
Cities with
Citiesstores
with
LASA
LASA stores
5,500 5,220
options via Internet, telesales, catalogs and TV
to a potential public of 43 million Brazilians.
“We Always Want More”
BUSINESS STRATEGY
Bricks and Mortar Business
Expansion
Pillars
Stores opened
Stores programmed
Number of inhabitants
35
Consumer Profile
37
18
16
4
7
27
2001 2002 2003 2004 2005 2006
Presence of other
players
Integration of
locations and logistics
“We Always Want More”
BUSINESS STRATEGY
Bricks and Mortar Business
Expansion 2006
Northeast Region
North Region
27 stores
opened
Belém - PA
+
18 stores
schedule
d
1
10
Middle-West Region
Recife-PE 1 Traditional + 1 Express
Natal - RN
Vitória da Conquista - BA
Feira de Santana - BA
São Luis - MA 2 Traditional
Fortaleza - CE
Maracanaú - CE
Joazeiro do Norte - CE
Southeast Region
Niterói - RJ - Estrada de Itaipú Express
Rio de Janeiro - RJ 5 Express
3
Três Rios - RJ
Campinas - SP Express
Dourados - MS
Cuiabá - MT
Goiânia - GO
25
São Paulo – SP 1 Traditional + 4 Express
Limeira - SP
Mauá - SP
South Region
Criciúma - SC
Curitiba - PR 2 Traditional
Londrina - PR
Tubarão - SC
Porto Alegre - RS
Osasco - SP Express
6
Ribeirão Preto - SP
São José do Rio Preto – SP 2 Traditional
Suzano - SP
Taubaté - SP
Divinópolis - MG
Ipatinga - MG
Barreiro - MG
Uberaba - MG
“We Always Want More”
Piratininga – Niterói/RJ
Marechal Floriano – Curitiba/PR
Av. Sr. dos Passos – Feira de Santana/BA
Shc Três Américas – Cuiabá/MT
“We Always Want More”
BUSINESS STRATEGY
Captured
synergies
R$ 160MM
(DCF)

Latin America’s #1 E-retailer - Multi Channel

230.000 SKUs for 6 million customers

TV channel that reaches 19 million antennas and growing

E-commerce represents 32% of LASA consolidated sales (1H06)

Shoptime’s acquisition R$ 117.8 million (3.5x EBITDA projected for 2006)
Around 80 special stores. Some examples:
“We Always Want More”
BUSINESS STRATEGY
E-commerce Gross Revenue (R$ MM)
864.8
434.0
Growth
86.0%
385.8
267.6
166.4
207.5
80.8
25.2
2000 2001 2002 2003 2004 2005*
3Q05* 3Q06
* Shoptime´s acquisition occurred in September, 2005
“We Always Want More”
BUSINESS STRATEGY
Americanas.com / Shoptime - EBITDA
(R$ MM)
Growth
116%
35.8
16.6
3Q05*
3Q06
* Shoptime´s acquisition occurred in September, 2005
“We Always Want More”
BUSINESS STRATEGY

Joint Venture LASA - BANCO ITAU

JV will enable credit access for over 40 million brazilians
without bank accounts

Personal Loans, Consumer Credit, Private Label and Co-
branded Cards

300,000 Private Label cards and 160,000 Personal Loan cards.
Represents about 3.0% of total parent company sales

Co-Branded International
Card (Visa/ MC)
September, 2006

Co-Branded Card
(Visa/ MC)
September, 2006
Personal Loan Card
May,2006
First private label card accepted on the Internet.
Benefits

Selling Expenses reduction (fees)

Improvement in consolidated Working Capital

LASA´s Capital Gain: R$ 200 million (50% of JV)

Forms of Payment (9M06)
Lojas Americanas
Americanas.com
2% Checks
Private Label Card
May,2006
41%
57%
Credit Card
81%
Credit Card
Cash
19% Other “We Always Want More”
PRIORITIES OF CASH

Expansion Program and Investments
Technology
and Operations
 Store openings and remodeling
 People - capacitating the associates

CAPEX budget for 2006: R$ 158.1 MM
 Share Buy-Back and Dividends Program
 EVA
Total
2001-2006:
R$ 515.3 MM
® Oriented
39.5% EBITDA
Dividends Payment and Share Buy-back
Program (R$ million)
Store Opening Evolution
Share Buy-back
Stores opened
Stores programmed
Dividends Payment
35
35.3
18.1
37
28.5
31.1
18
11.1
16
89.2
7
27
4
0.4
86.5
87.2
57.0
56.3
14.6
2001
2002
2003
2004
2005
2006
2001
2002
2003
2004
2005
2006
* 2005 - Shoptime Acquisition R$ 117 million
“We Always Want More”
LOJAS AMERICANAS IN FIGURES
Shareholders Capital Structure
Position at August, 2006
Common
Shares
51.9%
45.7%
4.8%
Foreign
Investors
Total
Shares
40.1%
25.6%
2.4%
Controlling
Shareholders
CBV
Foreign
Investors
Treasury
Preferred
38.0%
Shares
57.2%
2.7%
Free Float
Foreign
Investors
33.1%
Tag Along of 100%
for ON and PN Shares
2.9%
64.0%
“We Always Want More”
“We will continue to pursue our learning path and to overcome obstacles,
and this makes us enthusiastic since it will enable us to achieve
new levels of results, always seeking to better meet our customer’s needs”.
“WE ALWAYS WANT MORE”
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.
MSCI Logo:
The use of Morgan Stanley Capital International Inc.´s ("MSCI") trademarks
and index names does not constitute a sponsorship, endorsement or
promotion by MSCI, any of its affiliates, any of its information providers or
any other third party involved in, or related to, compiling, computing or
creating any MSCI index. The MSCI indexes are trademarks of MSCI or its
affliates and have been lincensed for use for certain purposes by Lojas
Americanas S.A.
“We Always Want More”