1Q08 Earnings Release

LOJAS AMERICANAS REPORTS 14% “SAME-STORES” SALES GROWTH IN 4-MONTH PERIOD AND 0.5 pp INCREASE IN EBITDA MARGIN IN 1Q08

Rio de Janeiro, May 8, 2008 – Lojas Americanas S.A. [BOVESPA: LAME3 (common) and LAME4 (preferred), a company with an important position among the Brazilian largest retail networks with 414 stores as of today and a presence in 19 states plus the Federal District, announces its results for the first quarter of 2008 (1Q08). The financial and operational information that follows, except where otherwise indicated, is presented in accordance with the rules of Comissão de Valores Mobiliários (CVM – Brazilian SEC) and in Reais (R$), and the comparisons refer to the 1st quarter of 2007 (1Q07), except where otherwise indicated. The tables containing the results in accordance with the rules of CVM are available at the end of this document.

Consolidated Gross Revenue

(R$ million)

451.4 408.4 572.9814.9 970.9

1,623.9

2,227.6

1Q02 1Q03 1Q04 1Q05 1Q06 1Q07 1Q08

Consolidated EBITDA (R$ million)

184.2

126.1

26.847.8

29.566.7 75.1

1Q02 1Q03 1Q04 1Q05 1Q06 1Q07 1Q08

Consolidated Operating Income (R$ million)*

128.2

90.7

55.5

18.135.8

19.7

51.7

1Q02 1Q03 1Q04 1Q05 1Q06 1Q07 1Q08

Consolidated Operational Expenses without Depreciation

& Amortization (%NR)

21.919.320.0 20.8

23.3

18.620.3

1Q02 1Q03 1Q04 1Q05 1Q06 1Q07 1Q08

OPERATIONAL AND FINANCIAL HIGHLIGHTS

1Q08 1Q07 Var. (%) Financial Highlights (R$ mm) 1Q08 1Q07 Var. (%)2,227.6 1,623.9 37.2% Gross Revenue 1,163.4 831.8 39.9%1,678.5 1,205.7 39.2% Net Revenue 929.2 648.7 43.2%508.7 390.5 30.3% Gross Profit 257.8 195.6 31.8%30.3% 32.4% -2.1 pp Gross Margin (%NR) 27.7% 30.2% -2.5 pp184.2 126.1 46.1% EBITDA 88.0 63.8 37.9%11.0% 10.5% +0.5 pp EBITDA Margin (%NR) 9.5% 9.8% -0.3 pp

Consolidated Parent Company

Executive Summary 1Q08 - Comparison with 1Q07

• Growth in consolidated gross revenue of 37.2%;

• Growth in proforma** “same stores” net revenue of 14.0% during the first

four months of the year;

• Consolidated operating income of R$ 128.2 million, equivalent to a growth

of 41.3%;

• Consolidated EBITDA of R$ 184.2 million (11.0% of NR), equivalent to a

growth of 0.5 pp (percentage points);

• Consolidated net income of R$ 5.5 million;

• Growth in gross revenue of 39% in B2W parent company (Americanas.com,

Submarino and Shoptime);

• Americanas Taií finished 1Q08 with more than 1.3 million cards issued and

R$285.1 million in receivables

EARNINGS CONFERENCE CALL Date: Friday, May 9, 2008

Portuguese (with Simultaneous Translation to English) 2 p.m. (Brasilia time)

1 p.m. (US EST)

Local Participants International Participants Phone:+55 (11) 4688-6301 Phone: +1 (888) 700-0802 (USA) Code: LASA Phone: +1 (786) 924-6977 (Other Countries) Code: LASA Replay: +55 (11) 4688-6312 Replay: +55 (11) 4688-6312 Code: 135 Code: 918 • * Operating Income before Financial Income and Equity Accounting. • ** Proforma “same stores” net revenue growth: considers the net revenue of the BWU/BLOCKBUSTER® stores for the same period

the previous year. • Charts – caption “1Q” means results of the first quarter of each year.

Multichannel Retail Structure:

Clients are served via bricks-and-mortar stores, Internet, telesales, catalogues, TV, and kiosks. Financial services are offered through FAI.

MULTICHANNEL RETAIL STRUCTURE: Lojas Americanas operates through a multichannel service structure. In addition to the bricks-and-mortar store chain, the Company reaches customers with a wide range of products sold via Internet, TV, telesales, catalogues and kiosks. In January 2007, Lojas Americanas acquired BWU, the company that held the BLOCKBUSTER® trademark in the country, thus adding the movie rental service to the Company’s product range. In addition, Lojas Americanas now holds the license to use the BLOCKBUSTER® trademark in Brazil for a 20-year period. B2W – Companhia Global do Varejo, result of the merger between Americanas.com and Submarino in 2006, offers a portfolio comprised of the following brands: Americanas.com, Shoptime, Submarino, Blockbuster Online, Ingresso.com, Submarino Finance and B2W Viagens, which offer more than 30 product categories and services through Internet, telesales, catalogues, TV and kiosks. It is also worth mentioning the participation in Americanas Taií (Financeira Americanas Itaú), a joint-venture with Banco Itaú, responsible for offering credit and financial products to clients. The following organizational chart illustrates the integrated approach of Lojas Americanas:

Multi-channel Retailer

Internet, telesales, catalogues, TV and Kiosks Bricks-and-Mortar Financial Products

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GENERAL CONSIDERATIONS To our Shareholders, We are presenting the performance comments relative to the first quarter of 2008 of the Parent Company (Lojas Americanas) and the consolidated operations (Lojas Americanas, wholly-owned subsidiaries and jointly-controlled company). It should be mentioned that in 2008, Easter took place on March 23 (1st quarter), whereas last year it was two weeks later, on April 8 (2nd quarter). It is also important to mention that BLOCKBUSTER® stores are considered in the parent company’s results when they are remodeled. Thus, there was a calendar effect in the Company’s sales, margins, expenses and working capital caused by these events, when comparing the first quarters of 2008 and 2007. In the first quarter of 2008 we inaugurated 2 new stores, in the states of São Paulo and Espírito Santo and we deactivated one of our stores. Besides the stores that were inaugurated through the end of the first quarter, we opened two stores and have scheduled another 36 inaugurations until the end of this year. The total of new stores, added to those that are in the final phase of being contracted or under negotiation, make us optimistic that we will surpass the record of 50 new stores we set last year.

Evolution of Sales Area x Number of storesPosition at March 31

443

236

263240

296336

407

159Stores

366Stores

414Stores

200Stores

125Stores

105Stores

98Stores

1Q02 1Q03 1Q04 1Q05 1Q06 1Q07 1Q08

Sale

s A

rea

(th

ou

san

d m

²)

N°

of S

tore

s

4 / 16

Consolidated Gross Revenue in 1Q08 grew 37.2% over 1Q07

Growth of 14.0% of Net Revenue in the “same stores” concept in Jan-Apr ’08 vs ‘07

OPERATING PERFORMANCE Gross Revenue From a consolidated point of view, the Company’s total gross revenue reached R$ 2.2 billion in the first quarter of 2008 (1Q08), compared to R$ 1.6 billion during the same period in the previous year, representing a growth of 37.2%. In the parent company, the gross revenue in 1Q08 totaled R$ 1.2 billion, an amount that was 39.9% higher than the 1st quarter of 2007 (1Q07).

Gross Revenue - Consolidated (R$ million)

1,623.9

2,227.6

970.9814.9

408.4572.9451.4

1Q02 1Q03 1Q04 1Q05 1Q06 1Q07 1Q08

Gross Revenue - Parent Company(R$ million)

831.8

1,163.4

650.6650.3

357.6486.4423.3

1Q02 1Q03 1Q04 1Q05 1Q06 1Q07 1Q08

Net Revenue

From a consolidated point of view, the Company’s total net revenue in 1Q08 totaled R$ 1.7 billion, compared to R$ 1.2 billion for the same period in the previous year, representing growth of 39.2%. In the parent company, the net revenue in 1Q08 totaled R$ 929.2 million, or a 43.2% rise over the R$ 648.7 million posted in the first quarter of 2007. To eliminate the Easter event effect, we are disclosing, exceptionally, the growth of net revenues using the proforma* “same stores” concept; that is, excluding the new stores with less than one year since inauguration, for the January-April 4-month period. During this period, growth was 14.0% over the 4-month period of 2007. * Proforma “same stores” net revenue growth: considers the net revenue of the BWU/BLOCKBUSTER® stores for the same period the previous year.

CAGR = 30.5%CAGR = 18.4%

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Higher productivity 1Q08 vs. 1Q07: Consolidated Gross Revenue per Associate up 19%. Comparison of gross margin (%NR) in 1Q08 vs. 1Q07 influenced by the Easter event mismatch. Reduction of 2.6 pp in consolidated operating expenses (%NR).

Consolidated Gross Revenue per Associate The Company’s consolidated gross revenue per associate in the first quarter of 2008 was R$ 142.3 thousand, the equivalent to an increase of 19% over the previous year.

Consolidated Gross Revenue per Associate (R$ thousand)

119.6

142.3

91.785.0

48.565.4

45.8

1Q02 1Q03 1Q04 1Q05 1Q06 1Q07 1Q08

Gross Margin

From the consolidated viewpoint, the gross profit in 1Q08 was R$ 508.7 million, representing an increase of 30.3% over the R$ 390.5 million obtained in 1Q07. The consolidated gross margin in 1Q08 presented a 2.1 pp reduction compared to 1Q07. This decline was due to the Easter event mismatch, which in 2008 was entirely concentrated in the month of March, causing this effect on the first quarter’s gross margin. For the parent company, gross profit in 1Q08 was R$ 257.8 million, an increase of 31.8% over 1Q07. The gross margin as a percentage of NR (net revenue) was 27.7%, the equivalent to a reduction of 2.5 pp when compared to the first quarter of 2007 (30.2%). This decline, as for the consolidated viewpoint, was due to the Easter event mismatch. Traditionally, the Easter event features a decline in gross margins due to the sales of Easter eggs and seasonal products, which have a lower margin than the rest of the Company’s products.

Gross Margin - Consolidated (%NR)

32.430.330.5

29.3

32.031.2

27.3

1Q02 1Q03 1Q04 1Q05 1Q06 1Q07 1Q08

Gross Margin - Parent Company (%NR)

30.2

27.730.2

28.6

30.830.4

26.7

1Q02 1Q03 1Q04 1Q05 1Q06 1Q07 1Q08

Operating Expenses (sales and general/administrative expenses) In the first quarter 2008, consolidated operating expenses (without depreciation and amortization) totaled R$ 324.5 million, or 19.3% of the net revenue (NR), compared to R$ 264.6 million, or 21.9% of the NR, for the same period of 2007. It is noticed a 2.6 pp reduction in the consolidated operating expenses as a percentage of net revenue.

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Reduction of 2.0 pp in Parent Company’s operating expenses (%NR). Growth of 41.3% in consolidated Operating Income.

The opening of 50 stores in the last four quarters; the evolution of sales through our electronic commerce, which grew 39% over 1Q07; the merger between Americanas.com and Submarino; the BWU operation, which was acquired in January 2007; the remodeling of these stores into the Americanas Express BLOCKBUSTER® format; and Americanas Taií, whose first credit cards and financial products were launched in May 2006 and is now in a maturing phase should all be taken into consideration in this analysis. In the Parent Company, the operating expenses (without depreciation and amortization) totaled R$ 169.8 million, or 18.3% of the NR, compared to R$ 131.8 million, or 20.3% of the NR in 1Q07, equivalent to a 2.0 pp reduction.

Operational Expenses without Depreciation & Amortization

Consolidated (%NR)

21.919.320.0 20.8

23.3

18.620.3

1Q02 1Q03 1Q04 1Q05 1Q06 1Q07 1Q08

Operational Expenses without Depreciation & Amortization Parent

Company (%NR)

20.318.3

20.918.8

22.920.619.4

1Q02 1Q03 1Q04 1Q05 1Q06 1Q07 1Q08

Operating Income* In the first quarter of 2008, consolidated operating income rose 41.3%, totaling R$ 128.2 million compared to R$ 90.7 million during the same period of 2007. The operating margin as a percentage of the NR was 7.6%, compared to the 7.5% operating margin in 1Q07. The rise in consolidated operating performance indicates that the Company’s strategy converges towards the consolidation of competitive advantages and has been adding opportunities for the growth of profitability over the long term. During the first quarter of 2008, the Parent Company operating income before financial income and equity accounting was R$ 59.7 million, or 6.4% of NR, a 0.3 pp reduction compared to the first quarter of 2007. This decline in the Parent Company´s operating margin was due to the Easter event mismatch, which in 2008 was completely concentrated in the month of March, causing this effect on the first quarter of the year.

Operating Income -Consolidated (R$ million)

90.7

128.2

55.551.719.7 35.8

18.1

1Q02 1Q03 1Q04 1Q05 1Q06 1Q07 1Q08

Operating Income -Parent Company (R$ million)

43.2

59.7

33.136.5

14.727.7

17.2

1Q02 1Q03 1Q04 1Q05 1Q06 1Q07 1Q08

* Operating Income before Financial Income and Equity Accounting.

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1Q08 vs. 1Q07– 0.5 pp improvement in the consolidated EBITDA margin.

EBITDA

In the first quarter of 2008, consolidated EBITDA totaled R$ 184.2 million, representing a 46.1% increase over the same period of 2007. The consolidated EBITDA margin for the first three months of the year was 11.0% of the net revenues, compared to 10.5% of NR for 1Q07. The Parent Company’s EBITDA during the first quarter of 2008 (1Q08) was R$ 88.0 million, the equivalent to an increase of 37.9% when compared to the same period of the previous year. The EBITDA margin in 1Q08, from of the Parent Company point of view, was 9.5% of net revenue, compared to the 9.8% of NR reported in the first quarter of 2007.

EBITDA (R$ million and %NR)Consolidated

126.1

184.2

29.526.847.8 66.7 75.1 11.0%

10.2%

7.3%

10.7%10.4%8.7%

10.5%

1Q02 1Q03 1Q04 1Q05 1Q06 1Q07 1Q08

EBITDA (R$ million and %NR)Parent Company

63.8

88.0

23.725.3

38.348.9 47.7

9.5%9.3%

7.3%9.8%9.8%

7.9%

9.8%

1Q02 1Q03 1Q04 1Q05 1Q06 1Q07 1Q08

EBITDA (operating income before interest, taxes, depreciation and amortization and excluding extraordinary or non-operating expenses) is presented as additional information because we believe it is an important indicator of our operating performance, as well as being useful for comparing our performance with that of other companies in the retail sector. However, no number should be considered isolatedly as a substitute for net income calculated according to Company Law and the rules of the Brazilian Securities Exchange Commission or, even, as a measures of the Company’s profitability. Furthermore, our calculations may not be compatible with similar other measures adopted by other companies.

Sales by Means of Payment The sales by means of payment (Parent Company and Consolidated) in the first quarters of 2007 and 2008 may be observed in the following table:

1Q08 1Q07 Chg. 1Q08 1Q07 Chg.Cash 52% 55% - 3 pp 36% 39% - 3 ppCheck 1% 1% - 1% 1% -Credit Card 44% 42% + 2 pp 60% 58% + 2 ppPrivate Label Cards* 3% 2% + 1 pp 3% 2% + 1 pp*Considers the Americanas Taií and Submarino Finance private label cards.

Sales by Means of Payment

Means of Payment Parent Company Consolidated

Financial Income

The consolidated net financial expense in 1Q08 totaled R$ 105.7 million, or 6.3% of the net revenue (NR), in comparison with the net financial expense of

CAGR = 37.9% CAGR = 23.1%

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R$ 79.7 million, or 6.6% of the NR, for the same period of 2007, a reduction of 0.3 pp in the comparison of the percentage of the NR of the quarters.

The Company continues to reaffirm its commitment to a conservative cash investment policy, manifested through the utilization of hedge instruments, in U.S. dollars, to offset eventual exchange fluctuations, whether relative to financial liabilities or total cash position.

Net Income

Net income in the first quarter of 2008 totaled R$ 5.5 million, compared to the R$ 17.0 million for same period of 2007. It is important to note that during the first quarter of 2007, the net income was influenced by the capital gain related with the Association Agreement with Banco Itaú to the exclusive selling of financing products and services to the clients of Shoptime. INDEBTEDNESS Lojas Americanas uses its cash flow to prioritize its investments that generate the best returns for shareholders. Thus, we have listed below the main actions carried out in the 4/1/2007 to 3/31/2008 period:

• Investments of Lojas Americanas and B2W in fixed, deferred and intangible assets (development of web sites and systems) of R$ 359.6 million;

• Payment of interest on own capital and gross dividends of R$ 50.0 million, the first portion of which (R$ 19.0 million) in December 2007 and the remainder in April 2008;

• Repurchase of own shares totaling R$ 24.1 million; • The purchase of 809,700 common shares of our subsidiary B2W (BTOW3)

subsidiary for a total amount of R$ 56.0 million.

Lojas Americanas’ consolidated short and long-term loans on 3/31/2008 totaled R$ 3,091.0 million. If we deduct the cash position of R$ 2,152.5 million (cash + money market investment + accounts receivable from and debit cards + 50% of FAI’s consumers financing) from total loans, we reach a net debt position of R$ 938.5 million. Consolidated Indebtedness

3/31/2008 12/31/2007 09/30/2007Short-term loans and financing* 1,912.4 1,444.5 908.0 Short-term debentures 85.2 18.3 18.1

Short-term indebtedness 1,997.6 1,462.8 926.1 Long-term loans and financing 725.5 660.4 882.3 Long-term debentures 367.9 434.6 436.6

Long-term indebtedness 1,093.4 1,095.0 1,318.9 Gross indebtedness 3,091.0 2,557.8 2,245.0 Cash and banks 381.7 340.1 129.9 Money market investments 1,468.0 871.1 1,019.5 Receivables from clients (credit/debit cards) 208.3 859.3 228.0 Credit cards/Customers financing - FAI (50%) 94.5 119.1 120.9 Total Cash and Cash Equivalents 2,152.5 2,189.6 1,498.3 Net Cash (Debt) (938.5) (368.2) (746.7)

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LASA’s capital structure is part of the strategy to add value to our shareholders Value added and generation of delta EVA® each year

CREATING VALUE FOR OUR SHAREHOLDERS Lojas Americanas and its subsidiaries have as a priority to achieve the highest return to its shareholders. Thus, the Company has adopted over the last few years several practices which enable us to combine an ideal capital structure (using third-party resources to reduce its cost of capital – WACC) with a consistent improvement in operating margins. In the balance sheet of March 31, 2008, the consolidated net debt was R$ 938.5 million (see table in the Indebtedness topic), equivalent to a “net debt/ 12 month EBITDA” of 1.2x, representing a conservative capital structure. LASA’s capital structure is part of the strategy to add value to our shareholders, driving the Company’s growth through the use of third-party resources. By choosing EVA® (Economic Value Added) as a tool to guide these decisions, Lojas Americanas started to analyze all alternatives to invest in expansion (not only for organic growth, but also for acquisitions) based on value added and generation of delta EVA® each year. Therefore, after the investments regarding our expansion and the maintenance of the minimum cash required for the operation of our business, the Company has been distributing the exceeding cash through dividends to its shareholders and/or repurchase of shares.

Evolution of Sales Area x Number of storesPosition at March 31

443

236

263240

296336

407

159Stores

366Stores

414Stores

200Stores

125Stores

105Stores

98Stores

1Q02 1Q03 1Q04 1Q05 1Q06 1Q07 1Q08

Sale

s A

rea

(th

ousa

nd

m²)

N°

of S

tore

s

100.0 110.0

60.0

14.6

88.8 90.0 89.2

47.8

34.2

11.1

28.5

0.4

18.135.3

2001 2002 2003 2004 2005 2006 2007/08 The results obtained until this moment indicate that the company is in the right path in the usage of its operating cash generation.

Dividends Payment and Share Buy-back Program (R$ million)

Share buy-back

Dividend payment

Dividends Payment and Share Buy-back Program (R$ million)

Share buy-back

Dividend payment

10 / 16

Investment from the parent company’s viewpoint totaled R$ 46.3 million in 1Q08, with emphasis on the inauguration and remodeling of stores.

− We doubled the sales area in the last 6 years and more than quadrupled the number of stores in the same period;

− Consolidated gross revenue grew 32% (CAGR) from 2002 to 2007; − Consolidated EBITDA rose 38% (CAGR) from 2002 to 2007; − Payment of dividends and repurchase of shares in the amount of R$ 728

million (2001-2007) – average payout ratio close to 80%; − Acquisition of Shoptime in 2005 and merger of Americanas.com and

Submarino in 2006, resulting into the biggest e-commerce company in Latin America (B2W), with market cap of approximately R$ 7 billion;

− In 2005, through a joint venture with Banco Itaú, we created the company FAI (Financeira Americanas Itaú), receiveing R$ 200 million for 50% of the company;

− Lojas Americanas acquired BLOCKBUSTER® in Brazil, adding 127 stores and growing our presence in the main capitals of the country, in special São Paulo, Rio de Janeiro and other localities with huge strategic potential.

As an outcome of this strategy, Lojas Americanas’ return on equity (ROE) averaged more than 30% a year in the last five years. In 2007, the average ROE of the retail stores segment in Europe and Latin America was about 13%. INVESTMENTS AND EXPANSION Parent Company Investments From the Parent Company point of view, Lojas Americanas invested in the first quarter of 2008 a total of R$ 46.3 million, with emphasis on: expansion of the store network, technological modernization and improvements to operating/logistical processes.

Parent Company Investments - 1Q08

81% (R$ 37.3 MM)

8% (R$ 3.9 MM)

11%(R$ 5.1 MM) Openings and

Remodeling

Technologicalupgrade

Operations andother projects

Store Network Expansion We intend to create value for our shareholders, following our internal motto “We Always Want More.” Lojas Americanas expansion project takes place on three main fronts: Lojas Americanas (bricks-and-mortar retail), B2W (Internet, telephone, catalogues, TV and kiosks) and Americanas Taií (financial products). In 2008, up to today, we inaugurated four new stores, of which two were in the Traditional model and two were Express models, all of them with BLOCKBUSTER® space for film rentals. In the first quarter of 2008 we decided to deactivate one of our stores, in São

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B2W – Growth of 39% in net revenue, growth of 50% in EBITDA and gain of 32 days in net working capital in 1Q08

José dos Campos - SP. Besides that, BLOCKBUSTER® stores in Belo Horizonte/MG (Belvedere) and São Bernardo do Campo/SP (Shopping Metrópole) were transferred to Lojas Americanas units in their respective cities. Besides the stores that were inaugurated, we have scheduled another 36 inaugurations through to the end of this year. Stores Inaugurated during the 1st Quarter/2008: State Traditional Stores Express Stores Sales AreaSão Paulo - 1 191Espírito Santo 1 - 1,050Total 1 1 1,241 Stores Inaugurated after the closing of the 1st Quarter/2008: State Traditional Stores Express Stores Sales AreaSão Paulo - 1 355Minas Gerais 1 - 1,058Total 1 1 1,413 The following chart shows stores that have been contracted and with inaugurations scheduled for 2008: State Traditional Stores Express Stores TOTALAlagoas 1 0 1Amazonas 4 0 4Bahia 1 0 1Ceará 2 0 2Distrito Federal 1 0 1Espírito Santo 1 2 3Minas Gerais 3 0 3Pará 1 0 1Paraíba 1 0 1Paraná 2 0 2Pernambuco 1 0 1Piauí 1 0 1Rio de Janeiro 2 2 4Rio Grande do Norte 1 0 1Rio Grande do Sul 3 0 3Rondônia 1 0 1São Paulo 3 3 6Total 29 7 36 B2W – COMPANHIA GLOBAL DO VAREJO We present here the highlights of our subsidiary B2W – Companhia Global de Varejo. B2W Companhia Global do Varejo is a company formed from the merger between Americanas.com and Submarino. On November 7, 2007, the merger was approved without restrictions by the Administrative Council for Economic Defense (in Portuguese, CADE), ratifying the opinions of the the Secretariat of Economic Law (in Portuguese, SDE) and the Secretariat for Economy Monitoring (in Portuguese, SEAE). The financial statements were prepared and are presented in accordance with the norms issued by the Securities Exchange Commission (known locally as CVM), including the instruction CVM 469/08, as well as the Novo Mercado listing rules. Except when otherwise specified, the analyses refer to the Parent Company (Americanas.com, Submarino and Shoptime).

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Americanas Taií closed 1Q08 with 278 points of sale, more than 1.3 million credit cards issued and R$ 285.1 million in receivables Private Label Credit Card Accounted for 5.5% of the Parent Company’s sales in the end of April 2008

Gross revenue: Growth of 39% in 1Q08 In 1Q08, gross revenue hit R$1,029 MM, representing a growth of 39% in relation to 1Q07.

Gross Profit: Growth of 37% in 1Q08 Gross Profit soared from R$159 MM in 1Q07 to R$218 MM in 1Q08, representing a growth of 37% and reaching Gross Margin of 30.3%.

Operating Expenses: Drop of 140 bps in 1Q08 16.4% of net revenue, down 140 bps in 1Q08 compared with 1Q07.

EBITDA: Growth of 50% EBITDA reached R$100 MM in 1Q08, up 50% in relation to the same period of the previous year.

EBITDA Margin: Increase of 100 bps 13.9% of net revenue, growth of 100 bps in 1Q08 compared to same period in 2007.

Cash Conversion Cycle: Improvement of 32 days In 1Q08, B2W's cash conversion cycle was 90 days against 122 days in the same period of the preceding year.

1Q08 Consolidated Results • Gross Revenue growth of 39% (R$1,067 MM); • EBITDA of R$104 MM, growth of 53%; • EBITDA Margin of 13.9%, up 120 bps.

Submarino Finance: More than 250 thousand cards issued Submarino Card surpassed the milestone of 13% in sales in Submarino website in March.

B2W Viagens: Growth of 155% in 1Q08 In 1Q08, Gross Bookings hit R$38.8 MM, representing a growth of 155% in relation to 1Q07.

FINANCEIRA AMERICANAS ITAÚ / AMERICANAS TAIÍ Financeira Americanas Itaú, or Americanas Taií, is dedicated to the financing of purchases and the offer of personal loans via private label and Visa and Mastercard credit cards (co-branded), as well as personal loan cards guaranteed by checks and insurance. It operates through 278 points of sale. Cards began to be supplied in May 2006. By the close of the first quarter of 2008, Americanas Taií had already issued over 1.3 million cards, of which 909,000 are private label, 276,000 are for personal loans and 144,000 are co-branded. On March 31, 2008 FAI’s receivables were equivalent to R$ 285.1 million, which represents 100% of the total volume of the portfolio. The consolidation of FAI’s operation by Lojas Americanas is proportional to its ownership stake — that is, 50% of the total. Our private label credit card accounted for 5.5% of the parent company’s sales in the end of April 2008, up 2.5 percentage points over March 2008.

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BWU / BLOCKBUSTER® In January 2007, Lojas Americanas acquired BWU, the company that held the BLOCKBUSTER® trademark license in the country, adding 127 stores to its chain as well as the movie rental service to the Company’s product range. In addition, Lojas Americanas now holds the BLOCKBUSTER® trademark license in Brazil for a 20-year period. Based on the convenience concept, Lojas Americanas combined the product mix of the Traditional and Express stores with BLOCKBUSTER®’s service quality. Of the 127 stores acquired, 113 already were remodeled and adapted to the Americanas Express and BLOCKBUSTER® mix as of March 31, 2008. At the end of the first quarter of 2008, besides the stores acquired in January 2007, the BLOCKBUSTER® trademark was implemented in more than 50 traditional and express Lojas Americanas stores. These actions reinforce the Company’s commitment to increase the supply of new products and services in the stores, creating value for our clients and shareholders.

About Lojas Americanas S.A.

Lojas Americanas was founded in 1929, in Niterói, Rio de Janeiro, and is present in all of the regions of the country (19 states plus the Federal District), with 414 stores — 236 in the Traditional, 167 in the Express and 11 in the BLOCKBUSTER® format — equivalent to 443,000 square meters of selling space. The stores that are still in the BLOCKBUSTER® format will progressively be adapted to Americans Express. The traditional stores present an average sales area of 1,500 square meters, they have daily fulfillment and offer approximately 60,000 items. The Express model follows the smaller store concept, with an average size of 400 square meters and selected product range of about 15,000 items, appropriate for the client profile of these stores. The Company assures it clients competitive prices compared to the competition, with quality products, including confectionary, biscuits, toys, CDs, DVDs, home appliances, personal care products, cosmetics, stationary, clothing and linens, among others. The Bricks-and-mortar operation also has three distribution centers, located in São Paulo, Rio de Janeiro and Pernambuco. Lojas Americanas shares are listed on the São Paulo Stock Exchange (BOVESPA) under ticker symbols LAME3 (common) and LAME4 (preferred).

“We always want more”

Statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of LojasAmericanas, eventually expressed in this report are merely projections and, as such, are based exclusively on the expectations of LojasAmericanas’ management concerning the future of the business and its continued access to capital to fund the Company’s business plan. Such statements depend, substantially, on changes in market conditions, government regulations, competitive pressures, the performance of the Brazilian economy and the industry, among other factors and are, therefore, subject to change without prior notice. MSCI Brand Logo: The use of Morgan Stanley Capital International Inc. registered trademarks and indices ("MSCI") does not constitute any type of sponsorship, endorsement or promotion on the part of MSCI, its affiliates, its suppliers or other parties involved or related in the compilation, computation or creation of any MSCI index. MSCI’s indices are registered trademarks of MSCI or its affiliates and Lojas Americanas S.A. has been granted a license to uses these trademarks for given purposes.

IR CONTACT Roberto Martins Murilo Corrêa

CFO and IR Officer IR Manager investidores@lasa.com.br murilo.correa@lasa.com.br

Tel.: +55 (21) 2206-6505 Fax: +55 (21) 2206-6898

IR Website: http://ir.lasa.com.br

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ANNEXES

LOJAS AMERICANAS S.A.INCOME STATEMENTSIn million of reais. except net income per share

1Q08 1Q07 Var. (%) 1Q08 1Q07 Var. (%)

GROSS SALES AND SERVICES REVENUE 1,163.4 831.8 39.9% 2,227.6 1,623.9 37.2%Taxes, returns and discounts on sales (234.2) (183.1) 27.9% (549.1) (418.2) 31.3%

NET SALES AND SERVICES REVENUE 929.2 648.7 43.2% 1,678.5 1,205.7 39.2%Cost of goods and services sold (671.4) (453.1) 48.2% (1,169.8) (815.2) 43.5%

GROSS PROFIT 257.8 195.6 31.8% 508.7 390.5 30.3%Gross Margin (% of Net Revenue) 27.7% 30.2% -2.5pp 30.3% 32.4% -2.1pp

OPERATING EXPENSES (REVENUES) (198.1) (152.4) 30.0% (380.5) (299.8) 26.9%Sales (157.5) (120.2) 31.0% (291.8) (232.7) 25.4%General and administrative (12.3) (11.6) 6.0% (32.7) (31.9) 2.5%Depreciation/Amortization (28.3) (20.6) 37.4% (56.0) (35.4) 58.2%Other - - - - 0.2 -

Operating Expenses (% of Net Revenue) 21.3% 23.5% - 2.2pp 22.7% 24.9% -2.2pp

OPERATING INCOME 59.7 43.2 38.2% 128.2 90.7 41.3%Operating Margin (% of Net Revenue) 6.4% 6.7% -0.3pp 7.6% 7.5% +0.1pp

Financial Expenses - Net (53.2) (36.8) 44.6% (105.7) (79.7) 32.6%Operating Income before equity accounting 6.5 6.4 1.6% 22.5 11.0 104.5%

Equity Accounting 1.0 (7.7) -113.0% - - -Capital Gain from variation in participations - 34.3 - - 34.2 -Non-Operating Income (0.2) (15.5) -98.7% (3.5) (15.0) -76.7%Minority Interest - - - (6.7) (5.9) 13.6%Income Tax and Social Contribution (1.8) (0.5) 260.0% (6.8) (7.3) -6.8%

NET INCOME 5.5 17.0 -67.6% 5.5 17.0 -67.6%Net Margin (% of Net Revenue) 0.6% 2.6% -2.0 pp 0.3% 1.4% -1.1pp

EBITDA 88.0 63.8 37.9% 184.2 126.1 46.1%EBITDA Margin (% of Net Revenue) 9.5% 9.8% -0.3pp 11.0% 10.5% +0.5pp

Total outstanding shares (thousand) 728,443 73,054,812

Net income per outstanding shares $0.00758 $0.00023

Parent Company ConsolidatedQuarter ended Quarter ended

March 31st March 31st

LOJAS AMERICANAS S.A.BALANCE SHEETS AS OF MARCH 31, 2008 AND DECEMBER 31, 2007 In thousands of Reais

Parent Company Consolidated Parent Company Consolidated2008 2007 2008 2007 2008 2007 2008 2007

Assets Liabilities and shareholder's equity

Current Current

Cash and equivalents 143,443 252,920 381,660 340,128 Suppliers 648,346 873,596 1,129,159 1,447,900Money market investments 570,108 522,637 1,436,997 863,257 Loans 758,499 547,538 1,912,418 1,444,512Trades accounts receivable 128,942 355,263 457,327 1,173,926 Debentures 85,191 18,344 85,191 18,344Inventories 624,390 648,410 885,166 963,982 Salaries and payroll taxes 24,481 27,714 39,266 49,382Recoverable taxes 38,165 27,784 57,385 32,005 Taxes and contribution 73,875 158,461 114,283 200,401Deferred income tax and social contribution 31,080 32,419 102,424 76,951 Dividends and equity interest proposed 37,000 37,000 43,647 43,739Dividends receivable 8,034 8,034 Third-party fees 8,065 8,850Prepaid expenses 32,350 18,449 101,828 62,731 Provision for contingencies 16,140 16,952 17,656 18,379Other accounts receivable 15,801 16,403 145,930 104,266 Other accounts payable 31,926 48,774 102,116 147,590

1,592,313 1,882,319 3,568,717 3,617,246 1,675,458 1,736,444 3,443,736 3,379,097

Non-Current Non-Current

Long-term liabilities

Loans and advances from subsidiaries 2,546 83,460Loans 565,758 540,647 725,459 660,393

Long-term assets: Debentures 367,933 434,600 367,933 434,600Money market investments 1,059 3,858 30,993 7,878 Taxes and contribution 60,609 65,508 94,688 85,710Loans and advances to subsidiary companies 813 7,630 Provision for contingencies 44,113 44,211 49,552 48,779Accounts receivable from shareholders - Stock Option Plan 49,234 48,564 49,234 48,564 Provision for investments loss 152,516 154,332Deferred income tax and social contribution 9,929 10,356 106,825 103,644 Other accounts payable 402 7,166Escrow deposits 38,228 38,764 50,782 50,304Prepaid expenses 2,161 2,570 2,161 7,745 1,193,475 1,322,758 1,238,034 1,236,648Recoverable taxes and other accounts receivables 10,500 12,863 12,162 14,488

111,924 124,605 252,157 232,623Minority Interest 128,140 147,124

Permanent Shareholders' equityInvestments 528,590 489,799Property, plant and equipment 336,325 323,499 389,384 379,302 Capital 239,037 239,037 239,037 239,037Intangible assets 487,658 428,736 701,940 636,310 Revenue reserves 179,949 179,949 179,949 179,949Deferred charges 103,763 99,779 189,352 186,923 Treasury stock (132,868) (129,451) (132,868) (129,451)

Accumulated profit 5,522 5,522

1,568,260 1,466,418 1,532,833 1,435,158 291,640 289,535 291,640 289,535

3,160,573 3,348,737 5,101,550 5,052,404 3,160,573 3,348,737 5,101,550 5,052,404

Evolution of the number of stores, associates and sales area - Lojas Americanas

No. of Stores Sales Area No. of Associates 3/31/07 366 407,000 m² 11,508

Opened 48 Closed (1)

12/31/07 413 443,000 m² 13,252 Opened 2 Closed (1)

3/31/08 414 443,000 m² 13,234 This table includes the number of stores, sales area and number of associates of the parent company and BWU.