1Q06 RESULTS
Operating Highlights – 1Q06
Profitability (vs. 1Q05)
 Consolidated EBITDA (R$75.1 million) grew by 12.6%
 Operating Income (R$55.5 million) – 7.4% increase
Better Operating Efficiency (vs. 1Q05)
 0.2 p.p. reduction in G&A expenses, as % of NR
 Gross revenue per associate grew by 7.9%
 110% increase in consolidated gross revenue of Americanas.com and
Shoptime
Pursuing Organic Growth
 Opening of 8 Stores from January to March, 2006 – 5 Traditional and 3
Express
 Inauguration of 21 new stores are scheduled
2
1Q06 Gross Revenue
 Total Gross Revenue Growth:
+ 19.1%
“Same store sales” growth from January to April, 2006: + 12.1%
 Opening of new stores in 4 quarters: + 41 stores
 Americanas.com/Shoptime Growth:+ 110%
Sales Area x Number of Stores
336 200
296
263
240
236
233
94
Stores
1Q01
98
Stores
1Q02
105
Stores
1Q03
Stores
159
Stores
Stores
125
Stores
1Q04
Sales Area
1Q06 x 1Q05:+13.5%
Sales Area (thousand m2)
1Q05
1Q06
3
Operating Expenses
 Sales expenses (R$131.1 million) was 1.8 p.p. higher than 1Q05, as a
percentage of NR
- difference in Easter sales period;
- inauguration of 41 new stores in the last 12 months;
- Shoptime acquisition in September 2005
 0.2 percentage points reduction in G&A expenses, representing 2.4% of NR
General and Administrative Expenses
(% of NR)
4.6%
- 0.2 p.p.
3.8%
3.2%
1Q01
1Q02
2.7%
1Q03
1Q04
2.6%
1Q05
2.4%
1Q06
4
EBITDA Evolution
 12.6% EBITDA growth (R$75.1 million)
 EBITDA Margin of 10.2%, 0.5 p.p. lower than 1Q05
Consolidated EBITDA
(R$ million and % NR)
CAGR:+ 102.6%
75.1
66.7
47.8
10.2%
29.5
26.8
7.3%
8.7%
10.4%
10.7%
2.2 0.8%
1Q01
1Q02
1Q03
1Q04
1Q05
1Q06
5
Net Income Variation
 1Q05 net income considers the positive
Quarterly Net Income
(R$ Million)
10.8
effects of Easter sales;
 R$14.7 million increase in net financial
expense, due to:
 Higher
expenses with taxes and contributions
on financial operations;
 Interest expenses from loans;
3.4
 Monetary correction of tax liabilities;
 Impact of the acquisition of Shoptime and its
debt assumption
1Q05
1Q06
 Increase in depreciation and amortization due
to the increase and expansion of physical stores
network.
 Dividends and IOC: R$60 million, paid on April 3, 2006
6
Net Debt* and Capex
Net Debt (R$ million)
 Net
Debt of R$221.1 million on
03/31/2006, including Shoptime’s debt, but
not considering revenues from Easter period.
 Investments amounting to R$30.7 million
on 1Q06:
 Stores network expansion and
modernization (R$15.9 million)
R$ 67.3 MM
R$ 221.1 MM
1,145.0
923.9
941.2
873.9
 Technological update (R$9.7 million)
 Distribution and Logistics (R$2.9 million)
 Other Projects (R$2.2 million)
1Q05
Gross Debt
1Q06
Cash
* Considering credit card receivables
7
Share Performance – 1Q06
 28.0% appreciation (LAME4) and 14.8% (LAME3) vs. 13.4% of Ibovespa
 Higher liquidity – LAME4 average daily trading volume: R$9.3 million (62%
growth vs. 1Q05)
 Inclusion in IBRX-50 and in MSCI
LAME4 X IBOVESPA
Volume
(R$ million)
40
Price
105
LAME4
95
IBOVESPA
35
30
LAME4 Volume
85
25
20
75
65
15
10
5
55
0
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.