1 / 19

2Q09 AND 1H09EARNINGS RELEASE

GROWTH OF 19% IN CONSOLIDATED EBITDA AND AN INCREASE OF 0.5 p.p. IN

CONSOLIDATED NET MARGIN FOR 1H09 Rio de Janeiro, August 6, 2009 – Lojas Americanas S.A. [BOVESPA: LAME3 (common) and LAME4 (preferred)], a company with an important position among the Brazilian largest retail networks with 469 stores as of August 6, 2009 and a presence in 22 states plus the Federal District, announces its results for the second quarter (2Q09) and the first semester of 2009 (1H09). For a better comparison between the periods, the Company conducted the applicable adjustments to Law 11.638/07 in the results of the first semester of 2008.

Consolidated Gross Revenue (R$ million)

962 1,278 1,5282,075

3,3764,211

4,785

1H03 1H04 1H05 1H06 1H07 1H08 1H09

CAGR = 30.7%

19.620.3

19.9

21.4

20.0

21.1

19.6

1H03 1H04 1H05 1H06 1H07 1H08 1H09

Consolidated Operational Expenseswithout Depreciation & Amortization

(%NR)

Consolidated Operating Income(R$ million)

86.0

222.5303.4

181.3

80.556.1116.1

1H03 1H04 1H05 1H06 1H07 1H08 1H09

CAGR = 32.5%

75,9 105,1 116,2 156,2259,3

330,2394,1

10 ,7%

9 ,4 % 10 ,5% 10 ,0 % 9 ,9 % 10 ,3 % 10 ,4 %

1H03 1H04 1H05 1H06 1H07 1H08 1H09EBITDA (R$ M M ) EBITDA (%NR)

Consolidated EBITDA

CAGR = 31.6%

TELECONFERENCE Date: August 7, 2009 Time: 2 p.m. (Brazil) / 1 p.m. (US-EDT)

Access in Portuguese: +55 (11) 4688-6361

Access in English: +1 (888) 700-0802 (USA) +1 (786) 924.6977 (Other Countries)

OPERATIONAL AND FINANCIAL HIGHLIGHTS

restatement1H09 1H08 Var. (%) Financial Highlights (R$ MM) 1H09 1H08 Var. (%)

4,785.4 4,210.7 13.6% Gross Revenue 2,500.7 2,166.9 15.4%3,686.5 3,185.6 15.7% Net Revenue 2,043.3 1,742.7 17.2%1,126.0 977.6 15.2% Gross Profit 577.9 505.2 14.4%30.5% 30.7% -0.2 pp Gross Margin (%NR) 28.3% 29.0% -0.7 pp394.1 330.2 19.4% EBITDA 208.5 173.5 20.2%10.7% 10.4% +0.3 pp EBITDA Margin (%NR) 10.2% 10.0% +0.2 pp

7.2 (8.2) - Net Income 7.2 (8.2) -0.2% -0.3% +0.5 pp Net Margin (%NR) 0.4% -0.5% +0.9 pp

Parent CompanyConsolidated

Executive Summary 1H09 – Comparison to 1H08 (except where otherwise indicated):

• Growth in Consolidated Net Revenues (NR) of 15.7% and for the Parent

Company of 17.2%;

• Growth of “Same Stores” Net Revenues of 10%;

• Operating expenses without depreciation and amortization of 19.9% of NR for

consolidated and 18.1% of NR for the parent company, which represents a reduction

of 0.4 percentage point (pp) for consolidated and a reduction of 0.9 pp for the

parent company;

• Consolidated operating income of R$ 303.4 million, the equivalent of growth of

36.4% and for the parent company, of R$ 151.7 million, or a growth of 28.0%;

• Consolidated EBITDA of R$ 394.1 million or 10.7% of NR, equivalent to a growth

of 19.4% and for the parent company, of R$ 208.5 million, representing a growth

of 20.2%;

• Net income of R$ 7.2 million, compared to loss of R$ 8.2 million in 1H08, which

represents a gain of 0.5 pp in the consolidated net margin and 0.9 pp in the net

margin of the parent company;

• Working capital (parent company) - improvement of 21 days in net working

capital;

• B2W - Growth of 17% in consolidated EBITDA of B2W during 2Q09 and 18% in

gross revenues;

• FAI - Financeira Americanas Itaú (FAI) closed to first semester of 2009 with around two million cards issued and R$ 583 million in receivables. At the end of June, the share of FAI cards (private label and co-branded) reached 14% of the parent company sales.

• Graphs – “1H” means results from the first semester of each year. • Only the data from 2008 and 2009 comply with the corporate rules in effect after the promulgation of Law 11.638/07. The

historic data from 2003 to 2007 are in compliance with the corporate rules in effect during the periods in which they were disclosed.

2 / 19

Multichannel Retail Structure:

Clients are served via bricks-and-mortar stores, Internet, telephone, 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 through a wide range of products sold via Internet, telephone, catalogues, 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, Shoptime, Submarino, Blockbuster Online, Ingresso.com, Submarino Finance and B2W Viagens brands, which offer more than 30 products categories and services through Internet, telephone sales, catalogues, TV, and kiosks distribution channels. Lojas Americanas’ stake in B2W at the close of the first semester of 2009 was 56.62%. It is also worth mentioning the participation 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:

Bricks and Mortar

Multi-channel Retailer

Financial ProductsEcommerce, TV, Telephone SalesCatalogues and kiosks.

Participation: 56.62%

Results Consolidation: 100%

Participation: 50% Results Consolidation: 50%

3 / 19

GENERAL CONSIDERATIONS We are presenting the comments on performance relative to the second quarter and first semester of 2009 of the Parent Company (Lojas Americanas) and the consolidated operations (Lojas Americanas, wholly-owned subsidiaries and jointly-owned company). It should be noted that the Easter Holiday, in 2009, took place on April 12 (second quarter), while in 2008 it occurred on March 23 (first quarter). Because of this mismatch, the analysis has been done for the accumulated results of the first semester. In the first semester of 2009 we inaugurated four new stores. Besides the stores that were inaugurated through the close of the first semester, we have six other openings scheduled and three contracts for store openings in 2009 under preparation. The Company continues an operating strategy of preservation of cash and the beginning of 2009 was characterized by a better combination of sales growth, profitability, working capital and the Company’s capital structure.

Sales Area x Number of StoresPosition as of June 30

496

447411

343

263303

248

111stores

127stores

164stores

207stores

370stores

418stores

469stores

1H03 1H04 1H05 1H06 1H07 1H08 1H09

Sal

es A

rea

(thou

sand

m²)

Num

ber o

f Sto

res

For analysis of the Company’s margins as a percentage of net revenue (NR), it is worth mentioning that the ICMS Tax Substitution Regime (ST) took effect in some Brazilian states, mainly in the state of São Paulo – where most of our suppliers are located and where we have 184 stores. The ST, which changes the way ICMS is collected for some product segments, registers the tax as Cost of Goods Sold (COGS) rather than as a tax on sale. The accounting information shown in this report, except where indicated to the contrary, are consistent with the norms and standards of the Securities Exchange Commission (CVM) and in Reais (R$). For a better comparison between the periods, the Company made the appropriate adjustments in the financial statements, according to the standards of the Securities Exchange Commission – CVM and the statements of the CPC (Accounting Statements Committee) so that the results from this year and the previous year are suitable according to Law 11.638/07. Because of the mismatch of sales of the Easter Event, the analysis of the results has been prepared for the accumulated results of the first semester (1H09 and 1H08).

4 / 19

Growth of 13.6% in Consolidated Gross Revenues and of 15.4% for the Parent Company

Growth of 10% in ”Same Stores” Net Sales in 1H09 vs. 1H08

OPERATING PERFORMANCE Gross Revenue

During the first semester of 2009 (1H09), the Company’s consolidated gross revenues reached R$ 4.785 billion, compared to R$ 4.211 billion recorded during the same period in 2008 (1H08), representing a growth of 13.6%. From the parent company’s point of view, gross revenue in 1H09 totaled R$ 2.501 billion, compared to R$ 2.167 billion reported in 1H08, the equivalent of an increase of 15.4%.

Consolidated Gross Revenue (R$ million)

962 1,278 1,5282,075

3,3764,211

4,785

1H03 1H04 1H05 1H06 1H07 1H08 1H09

CAGR = 30.7%

Parent Company Gross Revenue (R$ million)

8461,090 1,176

1,4241,778

2,1672,501

1H03 1H04 1H05 1H06 1H07 1H08 1H09

CAGR = 19.8%

Net Revenue In 1H09, the consolidated net revenues of Lojas Americanas and its subsidiaries totaled R$ 3.687 billion, compared to R$ 3.186 billion reported in 1H08, the equivalent of a growth of 15.7%. Net revenues for the Parent Company during 1H09 were R$ 2.043 billion, compared to a total of R$ 1.743 billion reported in 1H08, which represents a growth of 17.2% between the two periods. Under the “same stores” concept, the growth in net revenues for the first semester of 2009 compared to the first semester of 2008 was 10%. Consolidated Gross Revenue per Associate During 1H09, the consolidated gross revenue per associate was R$ 307.4 thousand, the equivalent of an increase of 16.2% compared to 1H08.

Consolidated Gross Revenue per Associate (R$ thousand)

157.5

264.5307.4

226.7146.1111.1

192.7

1H03 1H04 1H05 1H06 1H07 1H08 1H09

5 / 19

Gross Margin Consolidated gross profit in 1H09 reached R$ 1,126.0 million. Consolidated gross margin for 1H09 was 30.5% of NR compared to a margin of 30.7% registered in 1H08. For the Parent Company, the gross margin for 1H09 was 28.3% of NR, while in 1H08 it was 29.0% of NR. As indicated previously, note that under the ICMS Tax Substitution Regime (ST) the incidence of tax falls on the Cost of Goods Sold (COGS) and no longer under “taxes on sales”.

344.4

977.61,126.0

464.1245.8 305.5

798.2

1H03 1H04 1H05 1H06 1H07 1H08 1H09

Consolidated Gross Profit(R$ million)

262.5

505.2 577.9

398.8254.8209.5

320.7

1H03 1H04 1H05 1H06 1H07 1H08 1H09

Parent Company Gross Profit(R$ million)

30.5 30.5 29.6 29.431.7 30.7 30.5

1H03 1H04 1H05 1H06 1H07 1H08 1H09

Consolidated Gross Margin (%NR)

28.9 29.0 28.328.729.629.4 28.6

1H03 1H04 1H05 1H06 1H07 1H08 1H09

Parent Company Gross Margin (%NR)

Operating Expenses (sales and general/administrative expenses)

In 1H09, the consolidated operating expenses (without depreciation and amortization) totaled R$ 731.9 million, or 19.9% of NR, a decline of 0.4 pp compared to 1H08. The opening of 54 stores during the last four quarters should be taken into account; the evolution of sales through our e-commerce operations, which grew by 12% during the first semester of 2009; and Financeira Americanas Itaú, which grew its portfolio of receivables by 76%, reaching a level of R$ 583 million (50% consolidated in Lojas Americanas). From the Parent Company viewpoint, the operating expenses (excluding depreciation and amortization) in 1H09 totaled R$ 369.4 million, or 18.1% of NR, compared to R$ 331.7 million, or 19.0% of NR in 1H08.

6 / 19

1H09 vs. 1H08 – Increase of 36.4% in Consolidated Operating Income. 1H09 vs. 1H08 – Improvement of 0.3 pp in the consolidated EBITDA margin and 0.2 pp in the EBITDA margin of the parent company.

19.620.3

19.9

21.4

20.0

21.1

19.6

1H03 1H04 1H05 1H06 1H07 1H08 1H09

Consolidated Operational Expenseswithout Depreciation & Amortization

(%NR)

20.3

19.018.1

19.9

20.8

19.8 19.5

1H03 1H04 1H05 1H06 1H07 1H08 1H09

Parent Company Operational Expenseswithout Depreciation & Amortization

(%NR)

Operating Income

The cumulative consolidated operating income* for 1H09 was R$ 303.4 million, representing an increase of 36.4% compared to 1H08. The operating margin (%NR) increased by 1.2 p.p. in comparison with 1H08 (%NR). The evolution of the operating performance of Lojas Americanas and its subsidiaries over the past six years presented a compound annual growth rate (CAGR) of 32.5%, which indicates that the Company’s strategy is converging towards the consolidation of the competitive advantages and has been adding opportunities for increasing profitability in the long-term. The Parent Company’s operating income in 1H09 was R$ 151.7 million, equivalent to an increase of 28.0% when compared to 1H08. The operating margin (%NR) rose 0.6 p.p. over 1H08.

Consolidated Operating Income(R$ million)

86.0

222.5303.4

181.3

80.556.1116.1

1H03 1H04 1H05 1H06 1H07 1H08 1H09

CAGR = 32.5%

Parent Company Operating Income(R$ million)

52.9

118.5151.7

67.542.9 63.385.9

1H03 1H04 1H05 1H06 1H07 1H08 1H09

CAGR = 23.4%

* Operating Income before Financial Income, Equity accounting and Other operating income (expenses). EBITDA In 1H09, consolidated EBITDA* totaled R$ 394.1 million representing a growth of 19.4% in comparison to 1H08. The consolidated EBITDA margin for 1H09 was 10.7% of NR, compared to 10.4% of NR registered for 1H08, an improvement of 0.3 p.p. The EBITDA by company is presented in the following table:

7 / 19

Gain of 21 days in the Parent Company’s net working capital between 2Q08 and 2Q09.

1H09 %NR 1H08 %NR Var. ($) Var. (%)

EBITDA 394.1 10.7% 330.2 10.4% 63.9 19.4%

LOJAS AMERICANAS 208.5 10.2% 173.5 10.0% 35.0 20.2%B2W 203.6 12.3% 180.9 12.5% 22.7 12.5%FAI, BWU AND OTHERS (18.0) - (24.2) - 6.2 -25.6%

The EBITDA of the parent company was R$ 208.5 million for the first semester of 2009, the equivalent of a growth of 20.2% when compared with the same period for the previous year. The EBITDA margin for the parent company during the period was 10.2% of NR, 0.2 p.p. greater than that reported in 1H08.

75.9 105.1 116.2 156.2259.3

330.2394.1

10 .7%

9 .4 % 10 .5% 10 .0 % 9 .9 % 10 .3 % 10 .4 %

1H03 1H04 1H05 1H06 1H07 1H08 1H09EBITDA (R$ M M ) EBITDA (%NR)

Consolidated EBITDA

CAGR = 31.6%

61.184.8 77.8

98.0127.5

173.5208.5

10 .2 %

8 .6 % 9 .9 %8 .6 % 8 .7% 9 .2 %

10 .0 %

1H03 1H04 1H05 1H06 1H07 1H08 1H09EBITDA (R$ M M ) EBITDA (%NR)

Parent Company EBITDA

CAGR = 22.7%

* EBITDA (Operating earnings before interest, taxes, depreciation and amortization and excluding other income and expenses) is presented as additional information because we believe it represents an important indicator of our performance, as well as being useful for the purpose of comparison of our performance with that of other companies in the retail sector. However, no number should be considered by itself as a substitute for the net income calculated according to Brazilian Company Law and the rules of the Securities Exchange Commission (CVM) or, in addition, as a measure of the profitability of the Company. Moreover, our calculations may not be comparable with similar measures used by other companies.

Sales by Means of Payment The sales by means of payment for the first semester for 2008 and 2009 are shown on the following table:

1H09 1H08 Chg. 1H09 1H08 Chg.Cash 53% 50% + 3 pp 38% 34% + 4 ppCheck 1% 1% - 1% 1% -Credit Card 32% 45% - 13 pp 51% 60% - 9 ppPrivate Label Cards* 14% 4% + 10 pp 10% 5% + 5 pp*Considers the Financeira Americanas Itaú and Submarino Finance private label cards.

Sales by Means of Payment

Mean of Payment Parent Company Consolidated

Working Capital [gain of 21 days in net working capital between 2Q08 and 2Q09]

The Parent Company’s net working capital in 2Q09 improved by 21 days when compared to the 2Q08. The improvement in Lojas Americanas’ working capital during 2Q09 demonstrates the constant effort to improve our operating processes and the development of partnerships with our suppliers.

8 / 19

Suppliers (Parent Company)

89108125

10695

81

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09

8 days

better

Inventories (Parent Company)

839191 98 87

107

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09

better8 days

Accounts Receivables

(Parent Company)

4654

43 53 4241

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09

better

5 days

Net Working Capital(Parent Company)

3541

15

35

5056

1Q08 2Q08 3Q08 4Q08 1Q09 2Q09

better

21 days

Days of inventories: [360 / (COGS last 12 months / balance of inventories)] Days of suppliers: [360 / (COGS last 12 months / balance of suppliers)] Days of accounts receivables: [360 / (Gross Sales last 12 months/ balance of gross credit card accounts receivable)] Days of net working capital: (days of inventories – days of suppliers + days of accounts receivables) • Only the figures referring to 1Q09 and 2Q09 includes the effects of Law 11.638/07

Financial Income

For 1H09, net financial expenses were R$ 265.6 million from a consolidated view. In the first semester of the previous year, the same indicator was R$ 175.6 million. For the parent company, the net financial expenses in 1H09 were R$ 153.6 million and in 1H08, R$ 115.5 million. The net financial expenses of the company in 1H09 are influenced by the increase in its total cost of debt, due to the increase in the market spreads that more than offset the effect of the decline in average interest rates during the period. It is important to emphasize that for a better understanding of the Parent Company’s net financial income, the financial revenues and expenses of FAI and BWU must be considered. Therefore, in the following table we demonstrate the financial income of these effects.

9 / 19

Breakdown of the Net Financial Income - R$MM 1H09 1H08R$ MM %

(+) Interest and monetary variation on money market investments 23.5 29.2 (5.7) -19.5%

(+) Adjustment of Law 11.638/07 31.9 29.8 2.1 7.0%

(=) Total Financial Revenue 55.4 59.0 (3.6) -6.1%

(+) Interest and monetary variation on loans and financing (152.4) (126.0) (26.4) 21.0%(+) Monetary variation on tax liabilities (5.7) (6.1) 0.4 -6.6%(+) Tax on financial transactions (3.6) (5.4) 1.8 -33.3%

(+) Adjustment of Law 11.638/07 (47.3) (37.0) (10.3) 27.8%

(=) Total Financial Expenses (209.0) (174.5) (34.5) 19.8%

Parent Company Net Financial Income (before FAI and BWU) (153.6) (115.5) (38.1) 33.0%

(+) Net financial Income of FAI and BWU 13.7 14.1 (0.4) -2.8%

Parent Company Net Financial Income (after FAI and BWU) (139.9) (101.4) (38.5) 38.0%

(+) B2W Net Financial Income - consolidated (125.7) (74.2) (51.5) 69.4%

Consolidated Net Financial Income (265.6) (175.6) (90.0) 51.3%

Variationrestatement

The net financial expenses of the Parent Company in the first semester of 2009, taking into account the aforementioned effects and before B2W, totaled R$ 139.9 million and presented an increase of 38.0%. Over the past 12 months, we invested in the inauguration/refurbishment of our distribution centers, we paid out dividends, we bought back shares (LAME3 and LAME4) and we purchased B2W shares (BTOW3). The Company continues to reaffirm its commitment to a conservative cash investment policy, manifested through the utilization of hedge instruments, in foreign currencies, to offset eventual foreign exchange rate 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 the CDI*). Similarly, it is important to mention that the Company’s available cash is invested with Brazil’s largest financial institutions.

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

Net Income

Net income for the first semester of 2009 was R$ 7.2 million, compared to a loss of R$ 8.2 million recorded during the same period in 2008. The following table presents the main variations from EBITDA to net income, for the Parent Company: RECONCILIATION OF THE NET INCOMER$MM

1H09 1H08 Var. ($) Var. (%)

EBITDA 208.5 173.5 35.0 20.2%(+) Depreciation/Amortization (56.8) (55.0) (1.8) 3.3%(+) Financial Result Parent Company (153.6) (115.5) (38.1) 33.0%(+) Equity Accounting (B2W) 13.7 18.3 (4.6) -25.1%(+) Equity Accounting (FAI) (15.4) (17.6) 2.2 -12.5%(+) Equity Accounting other subsidiaries / Other operat. Income (expenses)* 12.0 (7.9) 19.9 -251.9%(+) Income and social contribution taxes (1.2) (4.0) 2.8 -70.0%

NET INCOME 7.2 (8.2) 15.4 -

Lojas Americanas (Parent Company)restatement

* In Law 11.638/07, referred to as “other operating income (expenses).”

10 / 19

Capital expenditures, from the Parent Company’s viewpoint totaled R$ 23.4 million in 1H09, focused on the inauguration and refurbishment of stores.

INDEBTEDNESS Lojas Americanas uses its cash flow to prioritize investments that generate the best returns for shareholders. Thus, we have listed below the main actions carried out in the July 1, 2008 to June 30, 2009 period: • Investments made by Lojas Americanas and B2W in fixed, deferred and intangible

assets (development of Web sites and systems) in the amount of R$ 398 million; • Payment of dividends and interests on own capital of R$ 30.4 million; • Share buy-backs (LAME3 and LAME4) totaling R$ 14.6 million; • Purchase of 527.1 thousand common shares of the B2W subsidiary (BTOW3) in the

total amount of R$ 27.1 million; • Share buy-backs by B2W in the amount of R$ 24.5 million. Lojas Americanas’ consolidated short- and long-term loans on June 30, 2009 totaled R$ 3,703.5 million. If we deduct the cash position of R$ 2,293.2 million (cash + money market investments + accounts receivable from debit and credit cards + 50% of FAI’s consumer financing ) from total loans, we arrive at a net debt position of R$ 1,410.3 million. Consolidated Indebtedness

restatement

06/30/2009restatement

03/31/2009restatement

12/31/2008 06/30/2008Short-term loans and financing 1,427.5 1,806.2 1,826.7 1,733.2 Short-term debentures 99.6 95.0 113.4 85.1

Short-term indebtedness 1,527.1 1,901.2 1,940.1 1,818.3 Long-term loans and financing 1,513.4 1,282.4 1,344.9 897.8 Long-term debentures 663.0 664.0 729.9 367.9

Long-term indebtedness 2,176.4 1,946.4 2,074.8 1,265.7 Gross indebtedness 3,703.5 3,847.6 4,014.9 3,084.0 Cash and banks 175.8 188.3 112.7 521.8 Money market investments 1,331.0 1,575.1 2,178.0 985.9 Receivables from clients (credit/debit cards) 488.9 302.3 514.1 255.5 Customers financing - FAI (50%) 297.5 266.7 257.8 163.9 Total Cash and Cash Equivalents 2,293.2 2,332.4 3,062.6 1,927.1 Net Cash (Debt) (1,410.3) (1,515.2) (952.3) (1,156.9) * The data referring to June 30, 2008 do not include the effects of Law 11.638/07.

The net debt of the Parent Company on June 30, 2009 totaled R$1,303.5 million, the equivalent of a reduction of R$ 82.2 million when compared to the net debt reported on March 31, 2009. CAPITAL EXPENDITURES AND EXPANSION Investment by the Parent Company Lojas Americanas, from the Parent Company’s point of view, invested a total of R$ 23.4 million in 1H09, with emphasis on: expansion and refurbishment of its network of stores, technological updating and improvements in operation/logistics processes. The following table shows the details of the distribution of the investments of Lojas Americanas in 1H09:

11 / 19

Inauguration of four new stores in 1H09 – all in the Traditional model. B2W – Growth of 18% in consolidated gross revenue, 17% in consolidated EBITDA and an improvement of 26 days on the cash conversion cycle in 2Q09.

R$ million %Openings and Remodeling 21.5 92%Technological upgrade 1.7 7%Operations and other projects 0.2 1%TOTAL 23.4 100%

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 (brick-and-mortar retail), B2W (Internet, telephone sales, catalogues, TV and kiosks) and Financeira Americanas Itaú (financial products).

In 2009, up until now, we have inaugurated four new stores, all in the Traditional model.

Besides the stores that were opened by the end of the first semester, we have another six inaugurations already scheduled and three contracts for store openings in 2009 are under preparation. Stores Inaugurated as of June 30, 2009:

State Traditional Stores Express Stores Sales Area (m²)Amazonas 1 - 2,350Ceará 1 - 1,191Rio Grande do Sul 1 - 1,188São Paulo 1 - 1,121Total 4 0 5,850

B2W – COMPANHIA GLOBAL DO VAREJO We are presenting below the highlights of the results of the second quarter (2Q09) and first semester (1H09) of 2009 of our subsidiary B2W - Companhia Global do Varejo (BOVESPA: BTOW3). The Company’s Quarterly Information was prepared and is presented in compliance with the rules of the Securities Exchange Commission (CVM), as well as the regulations applying to companies listed on the Novo Mercado including the accounting changes introduced by Law 11.638/07. The following highlights refer to the Consolidated Results of B2W, except where otherwise indicated.

Gross Revenue: 18% growth in 2Q09 and 12% in 1H09 In 2Q09, gross revenue reached R$1,217MM, representing an 18% growth in comparison with 2Q08. In 1H09, we reached a growth of 12% in comparison with 1H08.

Net Revenue: Growth of 22% in 2Q09 and 14% in 1H09 Net revenue increased from R$727MM in 2Q08 to R$885MM in 2Q09, a growth of 22%. In 1H09, net revenue reached R$1,649MM, a growth of 14% in comparison with 1H08.

EBITDA: Growth of 17% in 2Q09 and 13% in 1H09 EBITDA reached R$110MM in 2Q09 representing a growth of 17% in relation to 2Q08, with margin of 12.4% of Net Revenue. In 1H09, EBITDA reached R$204MM, a growth of 13% in comparison with 1H08, with margin of 12.3% of Net Revenue.

Net Income: Reached R$15MM in 2Q09 and R$23MM in 1H09 In 2Q09, Net Income reached R$15.3MM against R$14.1MM in 2Q08. In 1H09, Net Income reached R$23.3MM against R$33.2MM in 1H08.

Cash Conversion Cycle: Improvement of 26 days in 2Q09 In 2Q09, B2W's cash conversion cycle was 66 days, an improvement of 26 days against 92 days in 2Q08.

New Submarino credit card with Mastercard label

12 / 19

FAI - Financeira Americanas Itaú closed 2Q09 with about 2 million cards issued and R$ 583 million in receivables. The share of FAI cards (private label and co-branded) reached 14% of the sales of the parent company by the end of 2Q09.

In May 2009, the new Submarino credit card with Mastercard label was launched.

Parent Company Results: • Gross Revenue: Reached R$1,169MM in 2Q09, a growth of 18% in relation to 2Q08. In 1H09,

Gross Revenue reached R$2,173MM, representing a growth of 10% in comparison with 1H08.• Net Revenue: In 2Q09, a growth of 22% YoY was obtained reaching R$846MM. In 1H09, the

growth YoY was 12% reaching R$1,548MM. • EBITDA: Reached R$102MM in 2Q09, representing a growth of 15% in comparison with

2Q08. In 1H09, EBITDA reached R$188MM, a growth of 9% in relation to 1H08. FINANCEIRA AMERICANAS ITAÚ - FAI Financeira Americanas Itaú (FAI) is dedicated to the purchase financing via own brand credit cards (private label), Visa and Mastercard credit cards (co-branded), the offer of personal credit and other financial products and services. It operates through Lojas Americanas’ stores, the Internet (Americanas.com and Shoptime) and the Shoptime TV channel. Cards began to be supplied in May 2006 and by the end of the second quarter of 2009, FAI already had issued about 2 million cards, of which 1.6 million are private label, 280 thousand are co-branded and 93 thousand are for personal loans. By the end of June 2009, FAI cards (private label and co-branded) reached 14% of the Parent Company’s sales, compared to an 8% share the same period of the previous year. The growth in revenues, when comparing the second quarter of 2009 versus 2008, was 125%. The portfolio of receivables in June 2009 reached R$ 583 million, equivalent to a growth of 76% compared to June 2008. Gross financial revenues and income from services showed an evolution of 56% between the two periods. Through the improvement in the process of cost control and gains from the scale of operation, the cost per active account declined 39%.

Portfolio of Receivables FAI(R$ million)

51 64 89 107 145230

349 387469

157 177 179 179185

175

164 144114

2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08 1Q09 2Q09

PL + CB EP's

+ 76%

The strategy implemented in the first quarter of 2008 of reducing personal loan products and of increasing the share of consumption credit products (private label and co-branded

13 / 19

cards) encouraging their use inside Lojas Americanas, assisted in the changes mentioned above and particularly the improvement in the indices of default. Therefore the current strategy of focusing on consumption products will be continued. We will continue to offer our private label cards for new customers as well as offering co-branded cards (visa and mastercard) to the current consumer base, increasing the sales of co-branded cards. We will intensify the sales of insurance products and extended guarantees both on the internet as well as in brick-and-mortar stores. Glossary: Revenues: Purchases made with Americanas cards, in cash or in installments, and personal loans. Portfolio of receivables: amounts due from revenues. Gross financial revenues and income from services: income from the receivables portfolio due to the charge of interest, service fees and guarantees.

About Lojas Americanas S.A. Lojas Americanas was founded in 1929, in Niterói, Rio de Janeiro, and is presently in all of the regions of the country (22 states plus the Federal District), with 469 stores — 272 in the Traditional, 193 in the Express and 4 in the BLOCKBUSTER® format — equivalent to 496 thousand square meters of selling space. The traditional stores present an average sales area of 1,500 square meters, they have daily fulfillment and offer approximately 60 thousand items. The Express model follows the smaller store concept, with an average size of 400 square meters, just-in-time replenishment, and selected product range of about 15 thousand items, appropriate for the location and client profile of these stores. The Company assures it clients competitive prices compared to the competition, with quality products, including the categories: Home, Leisure, Beauty, Children, Clothes and Convenience Food. Lojas Americanas brick-and-mortar operates with 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 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. 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.

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EARNINGS CONFERENCE CALL

Date: Friday, August 07, 2009

Portuguese (with simultaneous translation to English) 2 p.m. (Brasília time)

1 p.m. (US EDT)

Local Participants International Participants

Tel.: +55 (11) 4688.6361 Tel.: +1 (888) 700.0802 (USA) Code: LASA Tel.: +1 (786) 924.6977 (Other Countries) Code: LASA

Replay: +55 (11) 4688.6312 Replay: +55 (11) 4688.6312 Code: 681 Code: 459

IR Contacts

Roberto Martins Murilo Corrêa CFO and IR Officer Superintendent of Finance and IR

investidores@lasa.com.br

Tel.: +55 (21) 2206-6708 Fax: +55 (21) 2206-6898

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

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ANNEXES Income Statements – Consolidated

2Q09 2Q08 Var % 1H09 1H08 Var %

restatement restatement restatement restatement

Gross Sales and Services Revenue 2,606.9 2,039.8 27.8% 4,785.4 4,210.7 13.6%Taxes, returns and discounts on sales (574.9) (491.7) 16.9% (1,098.9) (1,025.1) 7.2%

Net Sales and Service Revenue 2,032.0 1,548.1 31.3% 3,686.5 3,185.6 15.7%Cost of goods and services sold (1,442.2) (1,070.0) 34.8% (2,560.5) (2,208.0) 16.0%

Gross Profit 589.8 478.1 23.4% 1,126.0 977.6 15.2%Gross Margin (% of Net Revenue) 29.0% 30.9% -1.9 pp 30.5% 30.7% -0.2 pp

Operating Revenue (expenses) (428.5) (378.8) 13.1% (822.6) (755.1) 8.9%Sales (340.1) (288.6) 17.8% (657.8) (580.4) 13.3%General and administrative (42.7) (33.6) 27.1% (74.1) (67.0) 10.6%Depreciation/Amortization (45.7) (56.6) -19.3% (90.7) (107.7) -15.8%

Operating Expenses (% of Net Revenue) 21.1% 24.5% -3.4 pp 22.3% 23.7% -1.4 pp

Operating Income before financial expenses and equity accounting 161.3 99.3 62.4% 303.4 222.5 36.4%

Operating Margin (% of Net Revenue) 7.9% 6.4% +1.5 pp 8.2% 7.0% +1.2 pp

Financial Expenses - Net (134.6) (85.5) 57.4% (265.6) (175.6) 51.3%Equity Accounting 0.0 0.0 - 0.0 0.0 -Other operating Income (expenses)* (5.6) (15.4) -63.6% (9.9) (22.8) -56.6%Profit sharing for employees / minority interest (6.5) (6.3) 3.2% (9.5) (15.0) -36.7%Income Tax and Social Contrib. (8.5) (8.1) 4.9% (11.2) (17.3) -35.3%

Net Income 6.1 (16.0) - 7.2 (8.2) -Net Margin (% of Net Revenue) 0.3% -1.0% +1.3 pp 0.2% -0.3% +0.5 pp

EBITDA 207.0 155.9 32.8% 394.1 330.2 19.4%EBITDA Margin (% of Net Revenue) 10.2% 10.1% +0.1 pp 10.7% 10.4% +0.3 pp

Total shares (thousand) 754,463 754,144 754,463 754,144

Shares in treasury (thousand) 28,498 26,535 28,498 26,535

Total outstanding shares (thousand) 725,965 727,609 725,965 727,609

Net income per outstanding share R$ 0.00844 (R$ 0.02204) R$ 0.00987 (R$ 0.01122)

INCOME STATEMENTSPERIODS ENDED IN JUNE 30CONSOLIDATED(R$ MM)

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

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Income Statements – Parent Company

2Q09 2Q08 Var % 1H09 1H08 Var %

restatement restatement restatement restatement

Gross Sales and Services Revenue 1,379.6 1,017.7 35.6% 2,500.7 2,166.9 15.4%Taxes, returns and discounts on sales (245.7) (192.8) 27.4% (457.4) (424.2) 7.8%

Net Sales and Service Revenue 1,133.9 824.9 37.5% 2,043.3 1,742.7 17.2%Cost of goods and services sold (837.7) (584.5) 43.3% (1,465.4) (1,237.5) 18.4%

Gross Profit 296.2 240.4 23.2% 577.9 505.2 14.4%Gross Margin (% of Net Revenue) 26.1% 29.1% -3.0 pp 28.3% 29.0% -0.7 pp

Operating Revenue (expenses) (218.1) (190.4) 14.5% (426.2) (386.7) 10.2%Sales (168.9) (148.4) 13.8% (334.6) (305.9) 9.4%General and administrative (20.7) (13.2) 56.8% (34.8) (25.8) 34.9%Depreciation/Amortization (28.5) (28.8) -1.0% (56.8) (55.0) 3.3%

Operating Expenses (% of Net Revenue) 19.2% 23.1% -3.9 pp 20.9% 22.2% -1.3 pp

Operating Income before financial expenses and equity accounting 78.1 50.0 56.2% 151.7 118.5 28.0%

Operating Margin (% of Net Revenue) 6.9% 6.1% +0.8 pp 7.4% 6.8% +0.6 pp

Financial Expenses - Net (75.3) (59.7) 26.1% (153.6) (115.5) 33.0%Equity Accounting 5.0 0.4 1150.0% 9.0 1.9 373.7%Other operating Income (expenses)* 1.3 (4.8) -127.1% 1.3 (9.1) -114.3%Profit sharing for employees / minority interest 0.0 0.0 - 0.0 0.0 -Income Tax and Social Contrib. (3.0) (1.9) 57.9% (1.2) (4.0) -70.0%

Net Income 6.1 (16.0) - 7.2 (8.2) -Net Margin (% of Net Revenue) 0.5% -1.9% +2.4 pp 0.4% -0.5% +0.9 pp

EBITDA 106.6 78.8 35.3% 208.5 173.5 20.2%EBITDA Margin (% of Net Revenue) 9.4% 9.6% -0.2 pp 10.2% 10.0% +0.2 pp

INCOME STATEMENTSPERIODS ENDED IN JUNE 30PARENT COMPANY(R$ MM)

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

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Balance Sheets – Parent Company and Consolidated

LOJAS AMERICANAS S.A.BALANCE SHEETSON JUNE 30 AND MARCH 31 2009 06/30/2009 03/31/2009 06/30/2009 03/31/2009 06/30/2009 03/31/2009 06/30/2009 03/31/2009In Thousand Reais restatement restatement restatement restatement restatement restatement restatement restatement

TOTAL ASSETS LIABILITIES

Current Assets CURRENT LIABILITIES

Cash and banks 105,392 122,403 175,791 188,339 Suppliers 726,473 807,327 1,366,808 1,331,885 Temporary cash investments 538,017 461,568 1,326,353 1,570,670 Loans and financing 574,253 696,872 1,427,468 1,806,229 Trade accounts receivable 101,417 104,186 901,842 668,783 Debentures 78,496 84,737 99,649 95,043 Inventories 678,568 798,524 1,066,206 1,127,896 Payroll and related charges 19,786 19,724 32,867 28,674 Recoverable taxes 118,101 131,069 166,171 168,296 Taxes payable 79,015 48,613 96,467 68,045 Deferred income tax and social contribution 46,390 45,477 171,071 171,140 Dividends and participations proposed - 34,850 404 42,540 Dividends and Interest on own capital receivable - 10,378 - - Provisions for contingencies 15,507 16,472 19,062 19,445 Prepaid expenses 26,153 31,469 109,410 142,135 Outros circulantes 43,955 43,200 146,526 131,381 Other accounts receivable 80,307 78,771 248,036 229,551 1,537,485 1,751,795 3,189,251 3,523,242

1,694,345 1,783,845 4,164,880 4,266,810 Not Current Assets LONG-TERM LIABILITIES

Long-Term AssetsTemporary cash investments - - 4,679 4,469 Loans and advances to subsidiary companies 750 2,361 - - Loans and advances from subsidiaries 2,567 2,567 - - Receivables from stockholders - Stock Option Plan 50,196 82,400 50,196 82,400 Loans and financing 1,107,671 1,005,777 1,513,396 1,282,403 Deferred income tax and social contribution 6,197 6,197 77,497 67,353 Debentures 299,945 300,899 662,965 663,953 Escrow deposits 41,340 41,581 61,377 57,640 Taxes payable 52,505 54,523 77,597 76,136 Prepaid expenses - - 12,616 6,272 Provision for contingencies 47,286 46,219 55,103 53,462 Recoverable taxes and other accounts receivable 11,659 13,395 11,699 19,817 Allowance for Loss on Investments 386 386 - -

110,142 145,934 218,064 237,951 Other accounts payable 27,540 27,923 22,950 23,269 Advance for cession in mining usage rights - - 14,044 15,019

Permanent 1,537,900 1,438,294 2,346,055 2,114,242 Investments 492,219 487,291 - - Property and equipment 400,088 415,732 486,889 501,336 Intangible 561,360 559,967 879,076 853,998 MINORITY INTEREST - - 100,265 93,633 Deferred charges 88,523 95,431 157,954 169,133

STOCKHOLDERS' EQUITY1,652,332 1,704,355 1,741,983 1,762,418

Capital 242,845 273,718 242,845 273,718 Capital Reserves 3,932 3,703 3,932 3,703

Revenue reserves 174,869 174,869 174,869 174,869 Treasury stock (157,584) (155,353) (157,584) (155,353)

Equity Valuation Adjustments 68 139 68 139 Net Income for the Period 7,162 1,035 7,162 1,035

271,292 298,111 271,292 298,111

3,346,677 3,488,200 5,906,863 6,029,228 3,346,677 3,488,200 5,906,863 6,029,228

Consolidated Parent Company Consolidated Parent Company

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LOJAS AMERICANAS S.A. CASH FLOW STATEMENT - INDIRECT METHOD SEMESTERS ENDED IN JUNE 30 1H09 1H08 1H09 1H08 In Thousands Reais restatement restatement restatement restatement

Cash Flow From Operating Activities

Net Income (loss) for the period 7,162 (8,163) 7,162 (8,163)Adjustments to net income:Depreciation and Amortization 56,856 55,030 90,720 107,751Write-off of the residual and deferred value of fixed assets 3,760 12,179 8,007 24,768Equity in subsidiaries and affiliates (8,982) (1,851) 0 0Income tax and social contribution deferred (2,805) 3,800 (3,689) (6,549)Interest on credits (2,032) (6,571) (2,032) (6,571)Interest and variations on financing and other debt 125,647 92,670 238,786 173,266Provision for contigencies adjustment 0 0 0 10,468Stock Option Plan 551 647 551 647Allowance for doubtful accounts 319 (1,170) 43,881 26,422Others (6,790) (2,672) (38,363) (9,531)Minority interest 0 0 10,114 (7,622)

Adjusted Net Income 173,686 143,899 355,137 304,886

Decrease (increase) in Operating Assets:Trade accounts receivable 151,780 118,252 233,236 118,252Inventories (18,895) 11,564 (62,298) 38,001Recoverable taxes (29,090) (8,569) (34,224) (40,619)Income tax/social contribution deferred (current and non-current) 0 0 0 11,460Prepaid expenses (current and non-current) 5,266 (11,017) 27,699 (42,925)Escrow deposits (1,425) (1,317) (5,934) (2,903)Others accounts receivable (current and non-current) (2,012) (34,346) (7,315) (71,871)

105,624 74,567 151,164 9,395

Decrease (increase) in Operating Liabilities:Suppliers (234,855) (304,438) (259,260) (405,643)Payroll and related charges (2,075) (1,579) (1,768) (14,864)Taxes payable (current and non-current) (43,822) (116,036) (62,693) (112,550)Contingencies payments (current and non-current) (3,114) (5,807) (957) (6,419)Loans and advances from subsidiaries 1,748 (74,251) 0 0Advance for cession in mining usage rights 0 30,600 0 25,500Other accounts payable (current and non-current) (17,608) 19,834 (8,144) 29,037

(299,726) (451,677) (332,822) (484,939)

Net Cash provided (or used) by Operating Activities (20,416) (233,211) 173,479 (170,658)

Cashs Flows from Financing ActivitiesTemporary cash investments 489,793 227,480 850,632 (114,799)Investments in subsidiaries 0 (69,124) 0 0Property and equipment (15,931) (66,386) (33,081) (81,531)Intangible (7,456) (71,820) (84,239) (160,963)Deferred charges 0 (21,224) 0 (53,283)Dividends received 10,378 8,010 0 0

Net Cash Flow used by Investing Activities 476,784 6,936 733,312 (410,576)

Cash Flow from Financing ActivitiesLoans and Financing (current and non-current):

Borrowings 320,154 577,415 491,864 1,425,562Liquidation (539,014) (450,204) (908,026) (1,045,737)

(218,860) 127,211 (416,162) 379,825Debentures (current and non-current) (97,299) (26,105) (127,748) (26,105)Accounts Recebvable Discounts (68,562) 97,092 (254,676) 459,883Receivables from Stock Option Plan 2,219 40 2,219 40Dividends and participations paid (37,400) (30,396) (44,981) (37,135)Share buy-back (2,342) (13,549) (2,342) (13,549)

Net Cash provided (or used) by Financing Activities (422,244) 154,293 (843,690) 762,959

Net increase (decrease) in Cash and Cash Equivalents 34,124 (71,982) 63,101 181,725

Cash and Cash Equivalents at the beginning of the period 71,268 252,920 112,690 340,128Cash and Cash Equivalents at the end of the period 105,392 180,938 175,791 521,853

Net Increase (decrease) in Cash and Cash Equivalents 34,124 (71,982) 63,101 181,725The accompanying notes are an integral part of these financial statements

Parent Company Consolidated

19 / 19

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

Number of Stores Sales Area Number of Associates

06/30/08 418 447,000 m² 13,239 Openings Closed

- -

12/31/08 468 491,000 m² 13,459 Openings Closed

4 (3)

03/31/09 469 496,000 m² 12,987 Openings Closed

- -

06/30/09 469 496,000 m² 13,098 This Table includes the number of stores, sales areas and the number of associates of the Parent Company and the BWU.