3Q05 RESULTS
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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)
2
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3Q05 Gross Revenue
 Same stores sales:
 Store Openings:
 Americanas.com/Shoptime Growth:
 Total Gross Revenue Growth:
- 2.9% (up to June/05 = -4.2%)
+ 42 stores (8 in 3Q05)
+ 87,4%
+ 19.0%
Sales Area x Number of Stores
311
237
229
91
Stores
3Q00
235
97
Stores
254
98
Stores
266
115
Stores
130
Stores
Sales Area
3Q05 x 3Q04:+16.9%
172
Stores
3Q01
3Q02
3Q03
3Q04
3Q05
2
Sales Area (thousand m )
Stores
3
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Operating Expenses
Selling, General and administrative expenses
 70 basis points improvement = costs control
SG&A Expenses
(% of NR)
22.1
21.9
20.5
20.2
19.5
- 70 basis
points
3Q01
3Q02
3Q03
3Q04
3Q05
4
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Operating Results
 EBITDA Growth – 17.9% in 3Q05
 Stable EBITDA margin – just 10 basis points reduction in 3Q05
 Adjusted EBITDA :+29.9% / Adjusted EBITDA Margin:+100 basis points
EBITDA
Adjusted EBITDA Excluding
Shoptime and Facilita (R$ million)
(R$ million)
62.0
+ 29.9%
62.2
52.6
47.9
42.9
28.8
20.1
9.6%
10.3%
10.2%
9.6%
10.6%
8.2%
6.1%
5
3Q01
3Q02
3Q03
3Q04
3Q05
3Q04 3Q05
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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
6
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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
7
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Net Debt* and Capex
Net Debt (R$ million)
R$ 96.3 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
Gross Debt
* Considering Credit Cards Receivables
R$ 43.7 MM
3Q05
Cash
8
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Changes in Net Income
Quarterly Net Income
Accumulated Net Income
(R$ Million)
(R$ Million)
127.9
13.0
7.5
18.6
3Q04
3Q05
9M04
“We Always Want More”
9M05
9
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.