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EARNINGS RESULTS 3Q11 and 9M11

CONSOLIDATED NET REVENUE GROWTH OF 9.5% AND EBITDA GROWTH OF 14.9% IN 9M11. NET INCOME OF R$ 160.2 MM.

51 NEW STORES OPENED AS OF TODAY

Rio de Janeiro, November 10, 2011 – Lojas Americanas S.A. [BOVESPA: LAME3 (common) and LAME4 (preferred)], the Company that is one of the leading retail chains in Brazil, with 584 stores as of today and a presence in 24 states plus the Federal District, today announced its results for the 3

rd quarter of 2011 (3Q11) and for the first 9 months of 2011 (9M11). The accounting information that serves as the basis for the

comments that follow are presented according to the international financial reporting standards (IFRS), to the rules issued by the Brazilian Securities Exchange Commission (CVM) and in Reais (R$). The comparisons refer to the 3

rd quarter of 2010 (3Q10) and to the first 9 months of

2010 (9M10).

OPERATIONAL AND FINANCIAL HIGHLIGHTS

Executive Summary 9M11 – Comparison to 9M10

9M11 9M10 Var. (%) Financial Highlights (R$ MM) 9M11 9M10 Var. (%)

4,041.1 3,527.4 14.6% Net Revenues 7,058.1 6,443.7 9.5%

1,212.6 1,012.1 19.8% Gross Profit 2,135.0 1,941.0 10.0%30.0% 28.7% +1.3 p.p. Gross Margin (%NR) 30.2% 30.1% +0.1 p.p.

567.3 425.8 33.2% EBITDA 883.5 768.8 14.9%

14.0% 12.1% +1.9 p.p. EBITDA Margin (%NR) 12.5% 11.9% +0.6 p.p.

144.4 133.6 8.1% Net Income 160.2 150.8 6.2%

3.6% 3.8% -0.2 p.p. Net Margin (%NR) 2.3% 2.3% -

Parent Company Consolidated

Consolidated Net Revenues (R$ MM)

1,7722,424

3,8404,850

5,5716,444

7,058

9M05 9M06 9M07 9M08 9M09 9M10 9M11

CAGR = 25.9%

Consol. EBITDA (R$ MM) and EBITDA Mg. (%NR)

178.1249.2

402.9532.0

615.8

768.8883.5

10 .1% 10 .3 % 10 .5%11.0 % 11.1%

11.9 %

12 .5%

9M05 9M06 9M07 9M08 9M09 9M10 9M11

EBITDA (R$ MM) EBITDA (% NR)

CAGR =30.6%

Net Revenues In 9M11, the consolidated net revenues reached R$ 7,058.1 billion, an increase of 9.5% over

9M10. The parent company’s growth was of 14.6%, compared to 9M10;

“Same stores” Net Revenues

Growth in ―same stores‖ net revenues totaled 8% during the first nine months of 2011;

Gross Margin

Consolidated gross margin was 30.2% of net revenues in 9M11, representing a 0.1 p.p.

improvement. In the parent company, the gross margin was 30.0% of net revenues, an

improvement of 1.3 p.p.;

Selling, General and Administrative Expenses (SG&A)

Consolidated selling, general and administrative expenses totaled 17.7% of net revenues in

9M11, a reduction of 0.5 p.p, in relation to 18.2% registered in 9M10. In the parent company,

selling, general and administrative expenses in 9M11 totaled 16.0% of the net revenue, a

reduction of 0.6 p.p.;

EBITDA

Consolidated EBITDA reached R$ 883.5 million in 9M11, a growth of 14.9% in relation to 9M10.

The consolidated EBITDA margin was 12.5% of net revenues in 9M11, an increase of 0.6 p.p..

In the parent company, the EBITDA reached R$ 567.3 million, an increase of 33.2% compared

to 9M10. For the parent company, the EBITDA margin was 14.0% of net revenues, a 1.9 p.p.

improvement;

Net Result

Consolidated net income reached R$ 160.2 million, a growth of 6.2% or the same consolidated

net margin in comparison to 9M10. The parent company’s net income reached R$ 144.4 million,

a growth of 8.1% or a variation of -0.2 p.p. in the parent company’s net margin;

B2W

Net revenues of R$ 3,1 billion in 9M11, a growth of 4.6% comparing to 9M10;

FAI

Financeira Americanas Itaú (FAI) ended 9M11 with nearly 1.9 million cards issued and

R$ 1.0 billion in volume of receivables;

The ―SEMPRE MAIS BRASIL‖ store opening program is right on schedule for 2011. We opened

51 new stores as of today;

Charts – ―9M‖ means first nine months of each year.

Only the 9M09, 9M10 and 9M11 data are presented according to the IFRS.

The historic data are in compliance with the corporate norms in effect for each period.

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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 and services sold via the Internet, telephone, catalogs, TV and kiosks. B2W – Companhia Global do Varejo, the result of the merger of Americanas.com and Submarino in 2006, has a portfolio that includes the Americanas.com, Submarino, Shoptime, B2W Viagens, Ingresso.com, Submarino Finance, BLOCKBUSTER® Online, MesaExpress.com.br and SouBarato.com brands, which offer more than 35 categories of products and services through the Internet, telephone sales, catalogs, TV and kiosks distribution channels. Lojas Americanas’ stake in B2W at the end of the third quarter of 2011 was 58.87%. Also worth mentioning is the ownership interest in Financeira Americanas Itaú (FAI), 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:

Multichannel Retailer

Bricks-and-Mortar E-commerce, Telephone Sales, Catalogues,

TV and Kiosks.

Participation: 58.87% Results Consolidation: 100%

Participation: 50% Results Consolidation: 50%

Financial Products

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COMMENTS ON OPERATING PERFORMANCE NET REVENUES In 9M11, the consolidated net revenues of Lojas Americanas and its subsidiaries reached R$ 7,058.1 million, compared to R$ 6,443.7 million registered in 9M10, the equivalent to growth of 9.5%. The parent company’s net revenues in 9M11 totaled R$ 4,041.1 million, compared to R$ 3,527.4 million in 9M10, equivalent to growth of 14.6%. In the ―same stores‖ concept, the growth of net revenues in the third quarter of 2011 over 3Q10 was 8%. In the first nine months of this year, in the ―same stores‖ concept, the growth of net revenues was also 8% in relation to 9M10.

Consolidated Net Revenue

(R$ million)

1,7722,424

3,8404,850

5,5716,444

7,058

9M05 9M06 9M07 9M08 9M09 9M10 9M11

CAGR = 25.9%

Parent Company Net Revenue

(R$ million)

1,373 1,683

2,6343,076

3,5274,041

2,087

9M05 9M06 9M07 9M08 9M09 9M10 9M11

CAGR = 19.7%

GROSS PROFIT / GROSS MARGIN

Consolidated gross profit in 9M11 reached R$ 2,135.0 million. Consolidated gross margin in 9M11 was 30.2% of net revenues (NR), compared to the 30.1% margin in 9M10, representing a 0.1 p.p. improvement. In the parent company, gross profit in 9M11 was 30.0% of the NR, an evolution of 1.3 p.p. when compared to the gross margin of 28.7% of the NR reported in 9M10.

Consolidated Gross Profit

1,719.11,509.1

1,213.1

723.8524.8

1,941.02,135.0

2 9 .6 2 9 .93 1.6 3 1.1

3 0 .9 3 0 .1

3 0 .2

9M05 9M06 9M07 9M08 9M09 9M10 9M11

Gr oss Pr of i t (R$ mi l l ion) Gr oss Mar gin (% NR)

Parent Company Gross Profit

402.0489.4

608.3777.2

882.61,012.1

1,212.6

2 9 .3 2 9 .1 2 9 .2 2 9 .5 2 8 .72 8 .7

3 0 .0

9M05 9M06 9M07 9M08 9M09 9M10 9M11

Gr oss Pr of i t (R$ mi l l ion) Gr oss Mar gin (% NR)

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES In 9M11, consolidated selling, general and administrative expenses totaled R$ 1,251.5 million, or 17.7% of net revenues (NR), over the R$ 1,172.2 million, or 18.2% of the NR in 9M10. In the parent company, consolidated selling, general and administrative expenses in 9M11 totaled R$ 645.3 million, or 16.0% of the NR, a reduction of 0.6 p.p. (%NR) in relation to 9M10.

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19.6 19.6

21.1

20.119.8

18.217.7

9M05 9M06 9M07 9M08 9M09 9M10 9M11

Consolidated Sales, General and

Administrative Expenses (%NR)

20.2 19.9 19.719.0

17.8

16.616.0

9M05 9M06 9M07 9M08 9M09 9M10 9M11

Parent Company Sales, General and

Administrative Expenses (%NR)

EBITDA

In 9M11, the consolidated EBITDA totaled R$ 883.5 million, representing a 14.9% increase in relation to the same period of 2010. The consolidated EBITDA margin was 12.5% of net revenues in 9M11, compared to 11.9% of the NR in 9M10, a growth of 0.6 p.p..

In 9M11, the parent company EBITDA reached R$ 567.3 million, the equivalent to a 33.2% growth when compared to the same period of 2010. The EBITDA margin of the parent company for the period was 14.0%, 1.9 p.p. above the margin of the 9M10.

The following table shows EBITDA per Company:

EBITDA 9M11 %NR 9M10 %NR R$ ∆ %

883.5 12.5% 768.8 11.9% 114.7 14.9%

LOJAS AMERICANAS 567.3 14.0% 425.8 12.1% 141.5 33.2%

B2W 313.7 10.3% 353.3 12.1% (39.6) -11.2%

FAI, BWU e OUTROS 2.5 - (10.3) - 12.8 -

178.1249.2

402.9532.0

615.8

768.8883.5

10 .1% 10 .3 % 10 .5%11.0 %

11.1%

11.9 %

12 .5%

9M05 9M06 9M07 9M08 9M09 9M10 9M11

EBITDA (R$ mi l l ion) EBITDA (% NR)

Consolidated EBITDA

CAGR=30.6%

123.9 154.1197.6

278.0336.5

425.8

567.3

9 .0 % 9 .2 %9 .5%

10 .6 % 10 .9 %

12 .1%

14 .0 %

9M05 9M06 9M07 9M08 9M09 9M10 9M11

EBITDA (R$ mi l l ion) EBITDA (% NR)

Parent Company EBITDA

CAGR = 28.9%

NET FINANCIAL RESULT

The consolidated financial expenses in 9M11 totaled R$ 482.7 million, representing a variation of +25.2% in relation to the expenses of R$ 385.4 million registered in 9M10. In the parent company, the financial expenses in 9M11 totaled R$ 265.9 million, a variation of +34.4% in relation to the R$ 197.8 million financial expenses registered in 9M10. For a better evaluation of the parent company’s net financial result we must consolidate the revenues and financial expenses of the non-operating subsidiaries (Klanil, Louise, BWU and others). Thus, in the following table we present a view of the financial result with the aforementioned effects.

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Breakdown of the Net Financial Result - R$MM 9M11 9M10 ∆ %

Parent Company Net Financial Result (before non-operating subsidiaries and FAI) (265.9) (197.8) 34.4%

(+) Net Financial Result of Non-Operating Subsidiaries and FAI 47.6 30.4 56.6%

(+) B2W Net Financial Result - Consolidated (264.4) (218.0) 21.3%

Consolidated Net Financial Result (482.7) (385.4) 25.2%

The parent company’s financial expenses in 9M11, taking into account the aforementioned effects and before B2W, totaled R$ 218.3 million, representing a 30.4% increase in relation to the R$ 167.4 million financial expenses registered in 9M10. The Company continues to reaffirm its commitment to a conservative cash investment policy, manifested by the use of hedge instruments in foreign currencies, to offset eventual exchanges fluctuations, whether relative to financial liabilities or total cash position. These instruments offset the foreign exchange risk, transforming the cost of the debt to local currency and interest rates (as a percentage of CDI*). Similarly, it is worth mentioning that the Company’s cash is invested with Brazil’s largest financial institutions.

*CDI - Interbank Deposit Certificate: average rate of funding through the interbank market

NET RESULT AND RESULT PER SHARE The consolidated 9M11 net income was R$ 160.2 million, representing an evolution of 6.2% when compared to the R$ 150.8 million registered for the same period in 2010. The parent company’s net income in 9M11 was R$ 144.4 million, a growth of 8.1% when compared to the R$ 133.6 million registered in 9M10. In 9M11, the consolidated net income per outstanding share (excluding treasury shares) was R$ 0.21475, 4.0% greater than the amount of R$ 0.20641 presented in the previous year. Net income per outstanding share (excluding shares in treasury) of the parent company was R$ 0.19348, 5.8% greater than the R$ 0.18287 from the previous year. The following table shows the main variations from EBITDA to net result:

Reconciliation of the Net Result - R$ MM 9M11 9M10 ∆ %

EBITDA 883.5 768.8 14.9%

(+) Depreciation / Amortization (120.4) (92.7) 29.9%

(+) Net Financial Result (482.7) (385.4) 25.2%

(+) Other Operat. Income (Expenses)* (91.4) (33.9) 169.6%

(+) Minority / Statutory Participation 24.7 (20.8) -218.8%

(+) Income tax and social contribution (53.5) (85.2) -37.2%

(=) Net Result 160.2 150.8 6.2%

Result per share R$ 0.21475 R$ 0.20641 4.0%

Outstanding shares (thousand) 746,196 730,459

* In the old accounting rules, considered as "non-operating income".

Consolidated

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INDEBTEDNESS Lojas Americanas uses its cash flow giving priority to investments that generate the best returns for shareholders. Thus, we have listed below the main actions carried out in the period between 10/01/2010 and 09/30/2011: Investments made by Lojas Americanas and B2W in property and intangible assets (websites and systems

development) of R$ 480.7 million; Capital investment in FAI – Financeira Americanas Itaú, in the amount of R$ 60.0 million; Payment of interest on own equity and gross dividends in the amount of R$ 71.3 million.

Lojas Americanas’ consolidated short and long-term loans and debentures on September 30, 2011 totaled R$ 4,484.6 million. If we deduct the cash position of R$ 3,280.3 million (cash + money market investments + accounts receivable from credit and debit cards + 50% of FAI’s consumer financing) from total loans, we arrive at a net debt position of R$ 1,204.3 million.

R$ million

Indebtedness 09/30/2011 09/30/2010

Short Term Debt 970.6 1,085.0

Shot Term Debentures 169.5 339.9

Shot Term Indebtedness 1,140.1 1,424.9

Long Term Debt 2,667.0 2,288.0

Long Term Debentures 677.5 519.0

Long Term Indebtedness 3,344.5 2,807.0

Total Debt (1) 4,484.6 4,231.9

Cash and banks 68.1 122.2

Money market investments 1,460.9 1,557.8

1,224.4 1,061.5

526.9 475.4

Total Cash (2) 3,280.3 3,216.9

Net Cash (Debt) (2) - (1) (1,204.3) (1,015.0)

Net Debt / EBITDA LTM 0.8 0.8

Average Maturity of Debt 1,090 740

Accounts Receivable

Customers financing - FAI

Consolidated

In 09/30/2011, the Company’s net debt was 0.8x of the accumulated 12-month EBITDA, the same level as in 09/30/2011. It should be noted that the average maturity of the debt went from 740 days in 3Q10 to 1,090 days in 3Q11 (from 24 to 36 months). In order to face the uncertainties and the volatility of the financial market, Lojas Americanas is guided by the principle of preserving cash and extending its debt profile. Along the past years, a number of measures were taken with this objective in mind, which permits us to consolidate the Company’s long-term growth plan. Accounts receivable are composed of receivables from credit cards, net discounted value which have immediate liquidity and can be considered as cash. The breakdown of accounts receivable from the consolidated viewpoint of Lojas Americanas is shown in the following table:

Accounts Receivable Conciliation 09/30/2011 09/30/2010

Gross Credit-Cards Receivable 2,231.6 2,017.1

Electronic debits and checks Receivables 4.7 17.8

Receivable Discounts (1,011.9) (973.4)

1,224.4 1,061.5

Present-value adjustment (51.3) (30.9)

Customers financing - FAI 526.9 475.4

Allowance for doubtful accounts (182.2) (130.0)

Other accounts receivable 237.9 241.9

Consolidated Net Accounts Receivable 1,755.7 1,617.9

Accounts Receivable from credit / debit cards

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Because of the adoption of the new CPCs/IFRS, in particular the CPC 38 and its corresponding IAS 39, the Company began to write off (derecognize) receivables from credit card administrators the moment they were effectively discounted (as of the explanatory notes of the financial statements). However, to better demonstrate the volume of receivables discounted on the base-dates analyzed, in the chart above the Company presents the accounts receivable adjusted by the discounts made until the base-dates under analysis. ABSENCE OF EXPOSURE TO FOREIGN EXCHANGE VARIATIONS At the close of 9M11, Lojas Americanas S.A.’s balance sheet recorded foreign currency denominated debt. Such debt, however, is FULLY PROTECTED against any foreign exchange fluctuations through derivative (swap) operations that replace the foreign exchange risk for the variation in the basic Brazilian interest rate (CDI). SALES BY MEANS OF PAYMENT The breakdown of the sales, by means of payment in 9M11 and 9M10 can be seen in the following table:

Means of Payment 9M11 9M10 Var. 9M11 9M10 Var.

Cash 58% 55% +3 pp 47% 41% +6 pp

Credit Cards* 42% 45% -3 pp 53% 59% -6 pp

*Considers the third parties credit cards, the Financeira Americanas Itaú and Submarino Finance private label cards.

Parent Company Consolidated

PARENT COMPANY NET WORKING CAPITAL Lojas Americanas’ net working capital on September 30, 2011, was 2 days, representing a reduction of 1 day when compared to the 3 days of working capital need presented on September 30, 2010.

23

09/30/2010 09/30/2011

-1 day

(Net Working Capital = Days of Inventory + Days of Accounts Receivable – Days of Suppliers)

The change in Lojas Americanas’ net working capital during the period demonstrates the constant striving to improve our operating processes and the development of partnerships with our suppliers.

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CAPITAL EXPENDITURE AND EXPANSION

PARENT COMPANY CAPITAL EXPENDITURE

In 9M11, from the parent company’s viewpoint, Lojas Americanas invested a total of R$ 199.9 million, with emphasis on expansion, improvements in the store network and technological upgrade. Included in this total are investments in goods for rental in the amount of R$ 16.9 million.

The following table shows the details of Lojas Americanas’ parent company investments in 9M11:

R$ million %

Openings / Improvements 153.8 77%

Technology / Logistics / Operation 29.2 15%

Goods for rental 16.9 8%

TOTAL 199.9 100% Expansion of the Chain of Stores

We intend to create value for our shareholders, following our internal motto, ―We Always Want More‖. The Lojas Americanas’ expansion project takes place on three main fronts: Lojas Americanas (brick-and-mortar retail), B2W (Internet, telephone sales, catalogs, TV and kiosks) and Financeira Americanas Itaú (financial products).

In the past nine years, Lojas Americanas increased its network of stores six times through its organic expansion program and the acquisition of BWU, the Company that owned the BLOCKBUSTER

® trademark in Brazil.

At the end of 9M11, Lojas Americanas had 571 stores divided among the following formats:

Format Number of Stores %

Traditional 352 62%

Express 219 38%

TOTAL 571 100%

In 2011, as of today, in line with our ―SEMPRE MAIS BRASIL‖ program, we have opened 51 stores.

Besides the stores inaugurated, we have another 40 openings planned for opening in 2011.

For 2012, we already have more than 70 stores in an advanced stage of negotiation, which demonstrates the Company’s commitment in the execution of our ―SEMPRE MAIS BRASIL – 80 ANOS EM 4!‖ expansion plan.

Evolution of Sales Area x Number of stores

Position at September 30

311

350

418

457

496526

594

172

Stores

214

Stores

381

Stores

430

Stores

468

Stores

497

Stores

571

Stores

sep/05 sep/06 sep/07 sep/08 sep/09 sep/10 sep/11

Sale

s A

rea (

tho

usan

d m

²)

Nu

mb

er

of

Sto

res

9 / 20

State Traditional Stores Express StoresSales Area

(m²)

BA 1 - 927

DF 1 - 976

ES - 1 383

GO 1 - 1,049

MT 1 - 1,167

PB 2 - 2,509

RJ - 1 585

SE 1 - 879

Total 7 2 8,475

Openings in the 3rd Quarter/2011:

State Traditional Stores Express StoresSales Area

(m²)

AC 1 - 1,941

ES 1 - 758

GO 2 - 1,796

PE 1 - 763

PR - 1 340

RJ 1 2 2,097

RN 1 - 794

SC 1 - 1,101

SP 1 2 1,812

TO 1 - 783

Total 10 5 12,185

Openings after the 3rd Quarter/2011:

Expansion Plan – “SEMPRE MAIS BRASIL”

For the period between 2010 and 2013, we plan to open 400 new stores in Brazil.

Currently, all the Company’s stores are located in only 196 of the more than 5,500 cities in the country, which demonstrates the opportunity Lojas Americanas has for opening new stores in cities that are at a greater distance from Brazil’s large urban centers.

As illustrated in the following chart, based on economic feasibility studies and analysis conducted internally using the EVA

® (Economic Value Added) tool, together with socio-economic data (population, income, access to basic

services, access to consumer goods, among others), we believe that at this moment there is the possibility that our brick-and-mortar retail stores could be present in approximately 154 additional cities.

154196

5,150

154196

5,150

Current cities with LojasAmericanas

Cities with potential for

opening a new store

Nationwide distribution

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At the end of 2009 our stores were located in 23 states of the country plus the Federal District, with distribution as follows: 66% in the Southeast region, 19% in the South/Midwest and 15% in the North/Northeast. Coupled with our confidence in the development of the country, the expansion plan for these new cities could especially benefit the North/Northeast/Midwest regions, as demonstrated in the projection of our openings that follows.

Dec/2009 %Openings

2010 - 2013% Dec/2013* %

Southeast 316 66% 200 50% 516 59%

Northeast 61 13% 90 22% 151 17%

North 9 2% 40 10% 49 6%

Midwest 38 8% 40 10% 78 9%

South 52 11% 30 8% 82 9%

TOTAL 476 100% 400 100% 876 100%

*Estimate of the number of stores by region by the end of 2013.

Store Distribution by Region

As has occurred historically, the growth should be in the proportion of 70% Traditional stores (average sales area of 1,400 m

2) and 30% Express stores (average sales area of 400 m

2).

The following table shows the number of stores inaugurated in 2010 and the estimate of stores in the period from 2011 to 2013:

YearNumber of

Stores

2010 70

2011 90 to 100

2012 110 to 120

2013 120 to 130

TOTAL INVESTMENT

The Company’s current cash position and generation of future cash, pegged to the elongation of the debt profile, leave us in a comfortable position to make the expected investments in the upcoming years, which should be approximately R$ 1.7 billion.

Parent Company 1,000

Openings / Improvements 720

Technology / Logistics / Operation 280

Subsidiaries 704

B2W Capital Increase 644

FAI Capital Increase 60

TOTAL INVESTMENTS 1,704

INVESTMENTS (2010 to 2013) - R$ MM

In 2006, a loan for approximately R$ 220 million was approved by the BNDES, earmarked for expansion, refurbishment and standardization of the store network along with technological modernization.

In September 2011, the BNDES approved the operation for a project designed to obtain funds for investments in the Company’s organic expansion, in technology and in operations. The project is divided into (i) a private issue of debentures, with floating guarantee, convertible into the Company’s preferred shares in the total amount of R$ 292.6 million and (ii) a line of credit designed to obtain funds within the FINEM environment (Project Financing) in the amount of up to R$ 442.1 million.

Finally, we would like to reinforce that, ―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‖.

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INDICATORS AND HIGHLIGHTS OF THE SUBSIDIARIES B2W – COMPANHIA GLOBAL DO VAREJO In the third quarter of 2011, B2W’s results did not reflect the Company’s initially established expectations.

Pursuant to our Strategic Plan, the funds obtained through the Capital Increase are being invested in our logistics

system, the distribution chain and the technological platform, seeking to offer our clients better service standards.

However, we observed that the result was poor despite our expectations. Both our growth as well as the profitability

of the operation depends upon moving up to a higher customer service level, which is now B2W’s top priority.

Despite the challenges faced, Lojas Americanas is reiterating its confidence in the business plan, in the changes in

processes and the creation of new operating dynamics within B2W. We are convinced results will improve as our

service levels once again are at the standards of excellence we want to attain.

We are presenting below the results for the third quarter and first nine months, 2011, of our subsidiary B2W - Companhia Global do Varejo (BOVESPA: BTOW3). The accounting information that serves as the basis for the following comments are presented pursuant to international financial reporting standards (IFRS) as well as the regulations issued by the Brazilian Securities Exchange Commission (CVM) and the Novo Mercado listing regulations, and are in reais (R$). The comparisons are with the first nine months of 2010 (9M10). Net Revenue

In 9M11, the consolidated net revenue reached R$ 3,055.5 million, a growth of 4.6% in relation to 9M10. The net revenue in the parent company in 9M11 was R$ 2,792.2 million, growing 1.9% in relation to 9M10;

Selling, General and Administrative Expenses

The consolidated selling, general and administrative (SG&A) expenses totaled R$ 472.4 million, representing 15.5% of net revenue in 9M11, same level as 9M10. In the parent company, the SG&A expenses were R$ 403.0 million in 9M11;

Financiamento a Empreendimentos Contract with BNDES The Company celebrated the Financiamento a Empreendimentos (FINEM) Contract with BNDES, in the amount of R$ 439.0 million;

Launching of the website “SouBarato.com” B2W launched the ―SouBarato.com‖ website, creating an important channel for the sale of inventory outlet merchandise;

Launching of “Entrega Atômica” service Submarino launched the ―Entrega Atômica‖ service, which allows the same-day delivery to clients in the city of São Paulo, offering a differentiated service to consumers;

Submarino Card share reached 34% of the website’s sale The share of the Submarino Card reached 34% of Submarino’s website sales in September/2011.

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FINANCEIRA AMERICANAS ITAÚ – FAI Financeira Americanas Itaú (FAI) is dedicated to the financing of purchases via private label and co-branded (Visa and Mastercard) credit cards, the supply of personal credit and other financial products and services. It operates through points of sale in the Lojas Americanas stores, through the Internet (Americanas.com and Shoptime) and the Shoptime TV channel. At the end of 9M11, FAI had issued nearly 1.9 million cards

727,000 of which were private label, 1.2 million co-branded, which can be used in Lojas Americanas and elsewhere and 8,000 were personal loans;

Receivables portfolio in September 2011 reached R$ 1.0 billion

Growth of 8% compared to September 2010; Mix of the current portfolio is composed of 1% personal loans and 99% credit cards

In the same pariod of last year, personal loans represented 4% and credit cards, 96%.

Portfolio of Receivables FAI(R$ million)

230349 387 469 561

736 777 849 9081,046 1,025 1,033 1,002

175164 144

11488

62 5050

36

33 25 20 13

3Q08 4Q08 1Q09 2Q09 3Q09 4Q09 1Q10 2Q10 3Q10 4Q10 1Q11 2Q11 3Q11

Private Label + Co-Branded Personal Loans

8%

Glossary: Receivables portfolio: Amounts to receive from sales.

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CORPORATE GOVERNANCE AND CAPITAL MARKETS Since 1940, Lojas Americanas S.A. has been listed on the Brazilian Stock, Mercantile & Futures Exchange (BM&FBOVESPA). The Company has a shareholder base composed of common shares (LAME3) and preferred shares (LAME4). Lojas Americanas has a Board of Directors consisting of five members, four appointed by the controllers and one appointed by minority shareholders. Since 2006, the Company has maintained a commitment, as part of its By-Laws, to concede full (100%) tag-along rights for all of its common and preferred shares. This guarantees that all of Lojas Americanas’ shareholders will receive equal treatment in the event of a change of ownership, assuring them the right to sell their shares under the same terms extended to the controlling shareholders. Below is a brief description of major corporate events that occurred recently: On August 26, at an Extraordinary Meeting of the Board of Directors, the members decided unanimously to remove Ernst Young & Terco Auditores Independentes S/S and to authorize the hiring of PricewaterhouseCoopers Auditores Independentes to audit the financial statements for the periods ending at December 31, 2011 and 2012, including special reviews of the quarterly information starting in September 30, 2011 for Lojas Americanas, in the manner and the timeframe required by law. Also on August 26, during an Extraordinary Meeting of the Board of Directors, the members decided unanimously to renew for another 365 days the deadline for the Company to acquire its own common and preferred shares, to remain in treasury or for subsequent cancellation, which would expire on August 27, 2011, pursuant to the resolution of the Board of Directors taken on June 4, 2003. On September 1, through disclosure of a Material Fact Lojas Americanas announced that the Brazilian National Economic and Social Development Bank (BNDES) had approved an operation for a project aimed at obtaining funds to use in investments in projects designed to make natural expansion of the Company feasible. Within this context, the company announced it would make a private issue of debentures in the amount of R$ 292.6 million, with it being the intention that the securities be subscribed, at minimum, by the BNDES through its BNDESPAR subsidiary in its role as assignee of the right of preference of the controlling shareholder. In addition, the Company approved a line of credit in order to obtain funds in the Finem environment (Project Financing), in the amount of up to R$ 442.1 million. On September 14, in an Announcement to the Market, the Company reported it had conducted its 4th issue of the simple debentures, non-convertible into shares, with a floating guarantee, single series, for public distribution with restricted placement efforts, under the terms of CVM Instruction 476/09, as altered, for a total global value of R$ 500 million. A total of 50,000 Debentures were issued, at a nominal unit value of R$ 10,000 maturing on September 5, 2018. The nominal unit value of the Debentures, which will not be updated, will be prioritized in three annual, equal and consecutive installments, with the first payment due September 5, 2016 and the last upon the Date of Expiration. The remuneration of the Debentures shall correspond to the accrual of 113% of the average daily rates of the Interbank Deposits (DI) of one day, over extra group, as published by the CETIP, and its payment shall be annually, on September 5 of each year, until the Date of Expiration. On October 26, during an Extraordinary Meeting of the Board of Directors, the shareholders unanimously elected Cecília Sicupira Giusti and Steven Davis as new full members to occupy positions on the Company’s Board of Directors, both will expire concurrently with the terms of office of the current members at the General Shareholders Meeting of 2013. The minutes of the meetings listed above, as well as other corporate and financial information of Lojas Americanas S.A. are available for inspection on our Investor Relations website (http://ir.lasa.com.br) and on the website of the Brazilian Securities and Exchange Commission (www.cvm.gov.br).

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About Lojas Americanas S.A. Lojas Americanas was founded in 1929, in Niterói, Rio de Janeiro, and is present in all the regions of the country (24 states plus the Federal District), with 584 stores — 362 in the Traditional format, 220 in the Express format, and 2 in the BLOCKBUSTER® format — equivalent to 606,000 square meters of sales space. The average sales space of traditional stores is 1,400 square meters, with daily stock replacement and an offer of approximately 60,000 items. The Express model follows the smaller store concept, with an average size of 400 square meters, just- in-time logistics and a selected product range of about 15,000 items, appropriate for each location and client profile of these stores. Lojas Americanas assures its clients competitive prices with respect to its competition and offers quality products in its Home, Leisure, Beauty, Children’s, Confectionary and Convenience Foods worlds. Lojas Americanas’ brick-and-mortar stores are serviced by three distribution centers, located in São Paulo, Rio de Janeiro and Pernambuco. Lojas Americanas’ shares are listed on the BM&FBOVESPA through ticker symbols LAME3 (common) and LAME4 (preferred).

“We always want more”

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ANNEX I – CONSOLIDATED FINANCIAL STATEMENT

Lojas Americanas S.A.

Income Statements

(in million of Brazilian reais, except earnings per share) 3Q11 3Q10 Delta 9M11 9M10 Delta

Gross Sales and Services Revenue 2,710.1 2,558.0 5.9% 8,089.6 7,401.6 9.3%

Taxes, returns and discounts on sales and services (342.3) (328.8) 4.1% (1,031.5) (957.9) 7.7%

Net Sales and Services Revenue 2,367.8 2,229.2 6.2% 7,058.1 6,443.7 9.5%

Cost of goods and services sold (1,666.8) (1,553.4) 7.3% (4,923.1) (4,502.7) 9.3%

Gross Profit 701.0 675.8 3.7% 2,135.0 1,941.0 10.0%

Gross Margin (% of NR) 29.6% 30.3% -0.7 p.p. 30.2% 30.1% +0.1 p.p.

Operating Revenue (expenses) (439.8) (426.2) 3.2% (1,371.9) (1,264.9) 8.5%

Selling expenses (366.1) (357.3) 2.5% (1,152.1) (1,066.1) 8.1%

General and administrative expenses (30.9) (32.3) -4.3% (99.4) (106.1) -6.3%

Depreciation and amortization (42.8) (36.6) 16.9% (120.4) (92.7) 29.9%

Operating Income before net financial result and equity

accounting261.2 249.6 4.6% 763.1 676.1 12.9%

Net Financial Result (174.7) (139.1) 25.6% (482.7) (385.4) 25.2%

Other operating income (expenses)* (30.9) (11.6) 166.4% (91.4) (33.9) 169.6%

Profit sharing for employees / minority interest 15.6 (7.0) -322.9% 24.7 (20.8) -218.8%

Income tax and social contribution (16.8) (33.1) -49.2% (53.5) (85.2) -37.2%

Net Income 54.4 58.8 -7.5% 160.2 150.8 6.2%

Net Margin (% of NR) 2.3% 2.6% -0.3 p.p. 2.3% 2.3% -

EBITDA 304.0 286.2 6.2% 883.5 768.8 14.9%

EBITDA Margin (% of NR) 12.8% 12.8% - 12.5% 11.9% +0.6 p.p.

Total outstanding shares (thousand) 746,196 730,459 746,196 730,459

Net Income per Outstanding Share R$ 0.07295 R$ 0.08055 -9.4% R$ 0.21475 R$ 0.20641 4.0%

* In the former accounting rules, considered as "non-operating income".

Consolidated

Periods ended in September, 30

Consolidated

Periods ended in September, 30

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ANNEX II – PARENT COMPANY FINANCIAL STATEMENT

Lojas Americanas S.A.

Income Statements

(in million of Brazilian reais, except earnings per share) 3Q11 3Q10 Delta 9M11 9M10 Delta

Gross Sales and Services Revenue 1,611.8 1,421.5 13.4% 4,765.3 4,177.2 14.1%

Taxes, returns and discounts on sales and services (240.0) (218.9) 9.6% (724.2) (649.8) 11.4%

Net Sales and Services Revenue 1,371.8 1,202.6 14.1% 4,041.1 3,527.4 14.6%

Cost of goods and services sold (947.0) (853.9) 10.9% (2,828.5) (2,515.3) 12.5%

Gross Profit 424.8 348.7 21.8% 1,212.6 1,012.1 19.8%

Gross Margin (% of NR) 31.0% 29.0% +2.0 p.p. 30.0% 28.7% +1.3 p.p.

Operating Revenue (expenses) (237.9) (212.7) 11.8% (725.2) (658.2) 10.2%

Selling expenses (195.1) (174.1) 12.1% (602.2) (540.9) 11.3%

General and administrative expenses (14.0) (11.7) 19.7% (43.1) (45.4) -5.1%

Depreciation and amortization (28.8) (26.9) 7.1% (79.9) (71.9) 11.1%

Operating Income before net financial result and equity

accounting186.9 136.0 37.4% 487.4 353.9 37.7%

Net Financial Result (101.2) (69.5) 45.6% (265.9) (197.8) 34.4%

Equity accounting (16.6) 9.9 -267.7% (18.0) 32.8 -154.9%

Other operating income (expenses)* 12.2 (0.5) -2540.0% 12.3 (1.0) -1330.0%

Income tax and social contribution (32.1) (22.7) 41.4% (71.4) (54.3) 31.5%

Net Income 49.2 53.2 -7.5% 144.4 133.6 8.1%

Net Margin (% of NR) 3.6% 4.4% -0.8 p.p. 3.6% 3.8% -0.2 p.p.

EBITDA 215.7 162.9 32.4% 567.3 425.8 33.2%

EBITDA Margin (% of NR) 15.7% 13.5% +2.2 p.p. 14.0% 12.1% +1.9 p.p.

Total outstanding shares (thousand) 746,196 730,459 746,196 730,459

Net Income per Outstanding Share R$ 0.06593 R$ 0.07277 -9.4% R$ 0.19348 R$ 0.18287 5.8%

* In the former accounting rules, considered as "non-operating income".

Parent Company

Periods ended in September, 30

Parent Company

Periods ended in September, 30

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ANNEX III – BALANCE SHEET

Lojas Americanas S.A.

Balance Sheet

(In Thousand Reais) 09/30/2011 09/30/2010 09/30/2011 09/30/2010

ASSETS

CURRENT ASSETS

Cash and banks 37.8 107.2 68.1 122.2

Temporary cash investiments 439.7 587.8 1,452.9 1,552.2

Trade accounts receivable 129.2 533.4 1,755.7 1,614.8

Inventories 961.0 797.1 1,460.5 1,323.5

Recoverable taxes 415.7 210.2 506.4 316.7

Dividends and interest on own capital receivable - - - -

Prepaid expenses 13.9 9.8 27.5 70.7

Other accounts receivable 135.7 88.0 217.8 130.7

Total Current Assets 2,133.0 2,333.5 5,488.9 5,130.8

NON-CURRENT ASSETS

Temporary cash investiments 11.8 - 8.0 5.6

Loans e advances to subsidiaries companies 0.8 3.8 - -

Receivables from stockholders - Stock Option Plan 66.4 57.8 66.4 57.8

Deferred income tax and social contribution 47.3 14.2 382.4 166.0

Escrow deposits 40.4 40.1 71.0 65.2

Prepaid expenses - - - -

Recoverable taxes and other receivables 10.8 8.1 10.8 8.1

Investiments 1,563.3 552.8 - -

Property, plant and equipment 608.0 396.1 817.2 524.4

Intangible assets 114.5 587.8 1,215.4 1,046.8

Deferrred assets 32.1 55.3 - 104.1

Total Non-Current Assets 2,495.4 1,716.0 2,571.2 1,978.0

TOTAL ASSETS 4,628.4 4,049.5 8,060.1 7,108.8

LIABILITIES AND SHAREHOLDER´S EQUITY

CURRENT LIABILITIES

Suppliers 1,275.3 1,083.6 1,714.4 1,605.3

Loans and financing 312.9 489.6 970.6 1,085.0

Debentures 161.2 160.5 169.5 339.9

Payroll and related charges 39.8 29.3 60.9 44.6

Taxes payable 140.4 108.7 165.2 143.3

Dividends and participations proposed - - 0.2 0.2

Provisions for contingencies 8.6 9.5 15.5 15.7

Other accounts payable 80.2 53.0 327.3 258.6

Total Current Liabilities 2,018.4 1,934.2 3,423.6 3,492.6

NON-CURRENT LIABILITIES

Long term liabilities

Loans e advances to subsidiaries companies 17.3 2.6 - -

Loans and Financing 1,227.1 1,225.4 2,667.0 2,288.0

Debentures 578.2 222.9 677.5 519.0

Taxes payable 58.1 45.9 114.2 61.0

Provisions for contingencies 66.3 50.1 84.8 66.8

Allowance for loss on investiments 17.8 16.2 - -

Advance for cession in mining usage rights 24.1 25.6 20.1 21.4

Other accounts payable - - 5.0 19.3

Total Non-Current Liabilities 1,988.9 1,588.7 3,568.6 2,975.5

SHAREHOLDER'S EQUITY

Capital 310.6 275.1 310.6 275.1

Capital reserves (144.6) (144.2) (144.6) (144.2)

Profit reserves 308.1 288.5 259.3 288.5

Comprehensive income 2.6 2.6 2.6 2.6

Profit/Loss for the period 144.4 104.6 160.2 104.6

Minority Interest - - 479.8 114.1

Total Shareholders' Equity 621.1 526.6 1,067.9 640.7

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 4,628.4 4,049.5 8,060.1 7,108.8

The accompanying notes are an integral part of these financial statements

Parent Company Consolidated

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ANNEX IV – CASH FLOW STATEMENT

Lojas Americanas S.A.

CASH FLOW STATEMENT - INDIRECT METHOD

(In Thousand Reais) 09/30/2011 09/30/2010 09/30/2011 09/30/2010

Cash Flow from Operating Activities

Net income for the period: 144.4 133.6 160.2 150.8

Adjustments to net income

Depreciation and amortization 93.0 83.7 133.4 104.5

Write-off of residual and deferred value of fixed assets 6.1 5.7 6.3 7.7

Equity accounting 18.0 (32.8) - -

Income tax and social contribution referred 13.8 17.7 (13.9) 41.5

Interest on credits (6.9) (2.8) (6.9) (2.8)

Interest and variations financing and other debits 223.3 186.3 450.8 326.0

Adjustment in provision for contingencies - - 8.8 6.1

Stock Option Plan 1.4 1.1 1.4 2.0

Allowance for doubtfull accounts (1.9) 1.4 92.4 85.4

Others (4.7) (3.5) (7.6) 0.9

Minority Interest - - 381.8 24.3

Adjusted net income 486.5 390.4 1,206.7 746.4

Decrease (increase) in operating assets

Trade accounts receivable 311.9 151.9 212.2 (137.2)

Inventories (109.8) (24.5) (34.9) (68.3)

Recoverable taxes (215.8) (68.6) (232.7) (59.0)

Prepaid expenses (current and non-current) (9.2) 1.4 (1.5) (41.7)

Escrow deposits (0.5) 0.4 (5.5) (2.6)

Other accounts receivable 29.1 (2.7) 37.7 (30.8)

5.7 57.9 (24.7) (339.6)

Increase (Decrease) in operating liabilities

Suppliers (274.2) (114.2) (630.9) (89.4)

Payroll and related charges 10.6 6.1 18.2 9.8

Taxes payable (current and non-current) (70.7) (41.0) (95.3) (50.1)

Contingencies payments (current and non-current) (11.1) (12.2) (17.2) (18.9)

Loans and advances from subsidiaries (10.2) 3.8 - -

Other accounts payable (current and non-current) (13.7) (42.7) (28.2) 11.5

(369.3) (200.2) (753.4) (137.1)

Net cash provided (or used) by operating activities 122.9 248.1 428.6 269.7

Cash Flow from Investing activities

Temporary cash investiments 413.4 549.9 392.9 514.1

Investiments on subsidiaries (703.6) - - -

Plant, property and equipment (170.7) (74.7) (257.8) (116.3)

Intangible (29.2) (37.1) (241.3) (202.0)

Dividends received 3.7 6.4 - -

Net cash provided (or used) by invest activities (486.4) 444.5 (106.2) 195.8

Cash flow from financing activities

Loans e financing ( current and non-current)

Borrowings 708.0 150.0 1,350.7 810.0

Liquidations (955.6) (429.8) (1,332.8) (795.3)

(247.6) (279.8) 17.9 14.7

Debentures (current and non-current) 330.2 (24.1) (116.8) 37.3

Discounted receivables 241.6 (331.1) (202.6) (507.8)

Receivables from Stock Option Plan (1.1) (11.7) (1.1) (11.7)

Goodwill of the subsidiaries shares subscription - - (49.1) -

Capital Increase 25.5 32.2 25.5 32.2

Interest on equity and dividends paid (85.2) (43.5) (87.6) (48.4)

Share buy-back (2.9) (1.4) (2.9) (1.4)

Net cash provided (or used) by financing activities 260.5 (659.4) (416.7) (485.1)

Net increase ( decrease) in cash (103.0) 33.2 (94.3) (19.6)

Cash at the begining of period 140.9 74.0 162.4 141.8

Cash at the end of period 37.9 107.2 68.1 122.2

Net increase ( decrease) in cash (103.0) 33.2 (94.3) (19.6)

The accompanying notes are an integral part of these financial statements

Parent Company Consolidated

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Evolution the number of stores, associates and sale area– Lojas Americanas

Number of Stores Sales Area Number of Associates

09/30/2010 497 526 thousand m² 13,472

Opened Closed/Transferred

71 (3)

06/30/2011 565 587 thousand m² 14,079

Opened Closed/Transferred

9 (3)

09/30/2011 571 594 thousand m² 14,515 This table shows the number of stores, sales area and number of associates of the parent company and of BWU. Store transfers: stores in the BLOCKBUSTER

® format whose wares were transferred to a nearby Lojas Americanas store.

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EARNINGS RESULTS CONFERENCE CALL

EBITDA (LAJIDA – operating profit before interest, taxes, depreciation and amortization and excluding other revenues/expenses) is presented as additional information because we believe it represents an important indicator of our operational performance, besides being useful for comparing our performance to that of other companies in the retail sector. However, no number should be considered in isolation as a substitute for net profit determined in accord with Corporate Law and the rules of the Securities Exchange Commission or as a measure of the profitability of the Company. In addition, our calculations cannot be compared to other similar measures adopted by other companies Statements relating to the prospects of the business, estimates for operating and financial results, and those related to growth prospects of Lojas Americanas, eventually expressed in this report are merely projections and, as such, are based exclusively on the expectations of Lojas Americanas’ 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 BLOCKBUSTER® trademarks are owned by Blockbuster Inc. and Lojas Americanas S.A. has the right to use these trademarks in the activities of video rental and sales operation. 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 use these trademarks for given purposes.