1st HALF OF 2005
RESULTS
Bovespa:
Grandes marcas, preços baixos, todos os dias.
LAME3 (CS)
LAME4 (PS)
Operating Highlights
Expansion of Store Network
 8 new stores in the first half – 5 in 2Q05
 An increase of 37 stores year-on-year
Reduction of Operating Expenses
Cash operating expenses fell 40 basis points
Performance Relatively Weak
 Easter is a sales driver in April
 Cofins (sales tax) increased from 3% to 7.6% in Jan/01/05
 Facilita was transferred to Americanas Taií
2
Bovespa:
LAME3 (CS)
LAME4 (PS)
Grandes marcas, preços baixos, todos os dias.
Gross Revenues
 “Same stores sales” growth :
 New stores opening:
- 4.2%
+ 8 stores (5 in 2Q05)
 Americanas.com growth:
 Total Gross Revenues increase:
+ 100.1%
+ 19.5%
New stores
303
235
m2
235
m2
98
stores
96
stores
1H01
1H02
248 m2
111
stores
1H03
m2
322 m2
263 m2
127
stores
1H04
164
stores
1H05
Sales Area
1H05 x 1H04:+15.2%
2H05 x 1H05:+ 6.4%
185
stores
2H05*
3
Sales area (thousand
m2)
stores
Bovespa:
LAME3 (CS)
LAME4 (PS)
Grandes marcas, preços baixos, todos os dias.
Costs and Expenses
COGS
Impact of COFINS
tax rate increase
and Facilita
transference
COGS (% of NR)
69.5%
70.4%
Selling Expenses
40 basis point
improvement 
costs control
SG&A Expenses
Constant, even
considering the
mismatch between
new stores opening
and revenues
Sales Expenses (% of NR)
SG&A Expenses (% of NR)
17.2%
16.8%
+ 90
basis
point
1H04
1H05
- 40
basis
point
1H04
1H05
2.8%
2.8%
Equal
1H04
1H05
4
Bovespa:
LAME3 (CS)
LAME4 (PS)
Grandes marcas, preços baixos, todos os dias.
Operating Results
 EBITDA margin reduction due to Cofins / Facilita
 Nominal EBITDA increased 10.6%
 EBIT was impacted by depreciation and amortization of new
stores, which take a certain time to achieve expected
profitability
EBITDA (R$ million)
+10.6%
116.2
105.1
10.5%
1H04
EBIT (R$ million)
+6.8%
80.5
86.0
1H04
1H05
10.0%
1H05
5
Bovespa:
LAME3 (CS)
LAME4 (PS)
Grandes marcas, preços baixos, todos os dias.
Net Debt and Capex
 The Company holds a
net cash position in
order to fund its future
capital expenditures
program or to make
timely acquisitions such
as Shoptime
Net Cash (debt) (R$ million)
R$ (71.9) MM
R$ 9.3 MM
1,188.6 1,197.9
812.9
741.0
2H04
Gross Debt
2H05
Cash
6
Bovespa:
LAME3 (CS)
LAME4 (PS)
Grandes marcas, preços baixos, todos os dias.
Net Income Variation
(R$ MM)
R$ 11.1 MM
+ 5.5
-12.5
Net
Income
1H04
EBIT
Financial
Expenses,
net
+105.9
+5.1
R$ 115.0 MM
Non
Operating
Results
Tax/SC
Participations
Net
Income
1H05
 The main effect in the first half was the capital gain arising
from the transference of Facilita to Americanas Taií
7
Bovespa:
Grandes marcas, preços baixos, todos os dias.
LAME3 (CS)
LAME4 (PS)
Shoptime Acquisition
The Deal in Figures
 Total value: R$ 126.7 million
 Shoptime revenues: R$187 MM in 2004 and R$87 MM in 1H05
 Multiple: 89% of 2005 forecasted net revenues
Synergies and Best Practices
 Best practices exchange should benefit both companies
 Synergies: Shoptime EBITDA margin from 7.4% - LASA 12.1%
 Maintain 2 separate brands
 Complementary to LASA’s previous sales channels
8
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.