EARNINGS RELEASE 1Q13EARNINGS RELEASE 1Q13 1 / 19 LOJAS AMERICANAS ANNOUNCES CONSOLIDATED GROSS REVENUE OF R$ 3.7 BILLION IN 1Q13 Rio de Janeiro, May th9 , 2013 – Lojas Americanas

EARNINGS RELEASE 1Q13

1 / 19

LOJAS AMERICANAS ANNOUNCES CONSOLIDATED

GROSS REVENUE OF R$ 3.7 BILLION IN 1Q13 Rio de Janeiro, May 9

th, 2013 – Lojas Americanas S.A. [BOVESPA: LAME3 (common) and LAME4 (preferred)], one of the leading retail chains

in Brazil with 738 stores and present in 25 states plus the Federal District, announces today its results for the 1st

quarter of 2013 (1Q13). The accounting information that serves as the basis for the comments that follow are presented in accordance with 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 1

st quarter of 2012 (1Q12), except where otherwise indicated.

OPERATIONAL AND FINANCIAL HIGHLIGHTS

Executive Summary 1Q13 – Comparison to 1Q12

Consolidated Gross Revenue (R$ MM)

1,6242,171 2,179 2,391 2,580 2,752

3,651

1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13

+14.5%

CAGR

Consolidated Gross Profit (R$ MM)

390.5499.4 536.3

634.9707.8 687.3

883.1

1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13

+14.6%

CAGR

Consolidated Adjusted EBITDA (R$ MM) and Adjusted EBITDA Margin (%NR)

126.1174.2 187.0

237.8279.5 278.9

351.9

10.5% 10.6% 11.3% 11.4%12.4% 11.7% 11.2%

1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13

+18.7%

CAGR

Evolution in Number of Stores

366414

469 476

549

628

732

1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13

1Q13 1Q12 Var. (%) Financial Highlights (R$ MM) 1Q13 1Q12 Var. (%)

1,851.4 1,446.3 28.0% Net Revenue 3,133.5 2,389.5 31.1%

566.1 449.1 26.1% Gross Profit 883.1 687.3 28.5%

30.6% 31.1% -0.5 p.p. Gross Margin (%NR) 28.2% 28.8% -0.6 p.p.

276.8 217.3 27.4% Adjusted EBITDA 351.9 278.9 26.2%

15.0% 15.0% - Adjusted EBITDA Margin (%NR) 11.2% 11.7% -0.5 p.p.

54.2 36.3 49.3% Net Income 57.5 41.1 39.9%

2.9% 2.5% +0.4 p.p. Net Margin (%NR) 1.8% 1.7% +0.1 p.p.

ConsolidatedParent Company

Gross Revenue In 1Q13, the parent company gross revenue totaled R$ 2.156 billion, a growth of 26.8% over

1Q12. In the consolidated, the gross revenue grew 32.7%, reaching R$ 3.651 billion;

Net Revenue In 1Q13, the parent company net revenue reached R$ 1.851 billion, an increase of 28.0% in

relation to 1Q12. In the consolidated view, the growth was 31.1% in this period;

“Same Stores” Net Revenue

Growth in “same stores” net revenue of 8% in the first four months of the year;

Gross Margin

In the parent company, the gross margin was 30.6% of net revenue in 1Q13, a variation of

-0.5 p.p.. The consolidated gross margin was 28.2% of net revenue, a variation of -0.6 p.p.;

Selling, General and Administrative Expenses (SG&A)

The selling, general and administrative expenses in the parent company totaled 15.6% of net

revenue in 1Q13, a variation of -0.4 p.p. in relation to 1Q12. In the consolidated, the selling,

general and administrative expenses reached 17.0% of net revenue in 1Q13;

Adjusted EBITDA

In the parent company, Adjusted EBITDA totaled R$ 276.8 million in 1Q13, a growth of

27.4% in relation to 1Q12. The parent company Adjusted EBITDA margin was 15.0% of net

revenue, the same level reported in 1Q12. The consolidated Adjusted EBITDA reached

R$ 351.9 million in 1Q13, an increase of 26.2% in relation to 1Q12. The consolidated

Adjusted EBITDA margin was 11.2% of net revenue in 1Q13, a variation of -0.5 p.p.;

Net Income

In the parent company, the net income summed up to R$ 54.2 million in 1Q13, a gain of

49.3%. The consolidated net income grew 39.9%, reaching R$ 57.5 million;

B2W DIGITAL

In 1Q13, the consolidated gross revenue totaled R$ 1.516 billion, a growth of 35.4% over

1Q12;

Expansion

The “SEMPRE MAIS BRASIL” store opening program is right on schedule. We opened 9

new stores as of today.

Charts – “1Q” means first quarter of each year.

Only the data from 1Q09 to 1Q13 are presented in accordance with the IFRS.

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

Only the data from 1Q12 and 1Q13 present FAI’s operation results consolidated in the discontinuity line.

Adjusted EBITDA - Operating profit before interest, taxes, depreciation and amortization, other operating income/expenses, equity accounting,

minority participation, statutory participation and discontinued operations.

2 / 19

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, catalogues, TV and kiosks. B2W DIGITAL, 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 and SouBarato brands, which offer more than 35 categories of products and services through the Internet, TV, telephone sales, catalogues and kiosks distribution channels. Lojas Americanas’ stake in B2W DIGITAL at the end of the first quarter of 2013 was 62.72%. The following organizational chart illustrates the integrated approach of Lojas Americanas:

Bricks-and-Mortar

Multichannel Retailer

Ecommerce, TV, Telephone Sales, Catalogues and Kiosks

Participation: 62.72% Results Consolidation: 100.00%

3 / 19

COMMENTS ON OPERATING PERFORMANCE

EASTER MISMATCH There was a mismatch in the Company’s sales since this year the Easter event took place on March 31, whereas last year it occurred on April 8.

NET REVENUE

In 1Q13, the parent company net revenue totaled R$ 1.851 billion, a growth of 28.0% in comparison with the R$ 1.446 billion registered in 1Q12.

In the “same stores sales” concept, the growth of net revenue in the first four months of the year was 8%.

The consolidated net revenue of Lojas Americanas and its subsidiaries reached R$ 3.134 billion in 1Q13, an increase of 31.1% when compared with the R$ 2.390 billion reported in 1Q12.

649918 910

1.164 1.2251.446

1.851

1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13

+19.1%

CAGR

Parent Company Net Revenue (R$ billion)

1.2061.638 1.655

2.083 2.253 2.390

3.134

1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13

+17.3%

CAGR

Consolidated Net Revenue (R$ billion)

GROSS MARGIN

In 1Q13, the gross margin in the parent company was 30.6% of net revenue (NR), a variation of -0.5 p.p. when compared with the gross margin of 31.1% obtained in 1Q12.

This decrease is mainly due to the Easter mismatch, which had a bigger impact in the first quarter of 2013 when compared with the previous year.

The consolidated gross margin in 1Q13 was 28.2% of NR, a variation of -0.6 p.p. in relation to 1Q12.

SELLING, GENERAL AND ADMINISTRATIVE EXPENSES In 1Q13, the selling, general and administrative expenses in the parent company summed up to R$ 289.3 million, or 15.6% of NR, a variation of -0.4 p.p. in relation to 1Q12.

The consolidated selling, general and administrative expenses in 1Q13 totaled R$ 531.2 million, or 17.0% of NR, a variation of -0.1 p.p. in relation to 1Q12.

20.318.5

19.8

17.2 16.7 16.0 15.6

1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13

Parent Company Sales, General andAdministrative Expenses (%NR)

21.919.9

21.119.1 19.0

17.1 17.0

1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13

Consolidated Sales, General and Administrative Expenses (%NR)

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ADJUSTED EBITDA

In 1Q13, the parent company Adjusted EBITDA reached R$ 276.8 million, an increase of 27.4% when compared with 1Q12. The parent company Adjusted EBITDA margin for the period was 15.0%, the same level reported in 1Q12.

The consolidated Adjusted EBITDA summed up to R$ 351.9 million in 1Q13, an improvement of 26.2% in relation to the one obtained in 1Q12. The consolidated Adjusted EBITDA margin in the 1Q13 was 11.2% of NR, a variation of -0.5 p.p. in relation to 1Q12.

The following table shows the Adjusted EBITDA per Company:

Adjusted EBITDA 1Q13 %NR 1Q12 %NR R$ ∆ %

Consolidated 351.9 11.2% 278.9 11.7% 73.0 26.2%

LOJAS AMERICANAS 276.8 15.0% 217.3 15.0% 59.5 27.4%

B2W 74.2 5.7% 60.0 6.0% 14.2 23.7%

BWU and Other 0.9 - 1.6 - (0.7) -43.8%

63.894.7 101.9

136.8161.0

217.3

276.8

9.8%10.3%

11.2%11.8%

13.1%

15.0% 15.0%

1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13

EBITDA (R$ million) EBITDA (% NR)

+27.7%

CAGR

Parent Company Adjusted EBITDA

126.1

174.2 187.0

237.8279.5 278.9

351.9

10.5% 10.6% 11.3%11.4%

12.4%11.7% 11.2%

1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13

EBITDA (R$ million) EBITDA (% NR)

+18.7%

CAGR

Consolidated Adjusted EBITDA

Adjusted EBITDA (Operating profit before interest, taxes, depreciation and amortization, other operating income/expenses, equity accounting, minority participation, statutory participation and discontinued operations) is presented as additional information because we believe it represents an important indicator of our operating performance, besides being useful for keeping the comparability with previous reported results.

EBITDA (CVM 527/12)

On October 4th, 2012, Brazilian Securities Exchange Commission (CVM) enacted Instruction 527/12, which

disposes about the voluntary disclosure of not of accounting information, as EBITDA.

The Instruction aims to standardize the disclosure, in order to improve the understanding of this information and making it comparable among the publicly listed companies.

To keep the consistency and the comparability between previous periods, we present the EBITDA reconciliation in the following table.

EBITDA Reconciliation - R$ MM 1Q13 1Q12 ∆ % 1Q13 1Q12 ∆ %

Gross Profit 566.1 449.1 26.1% 883.1 687.3 28.5%

(+) Sales Expenses (271.3) (215.8) 25.7% (496.2) (377.9) 31.3%

(+) General and Administrative Expenses (18.0) (16.0) 12.5% (35.0) (30.5) 14.8%

(=) Adjusted EBITDA 276.8 217.3 27.4% 351.9 278.9 26.2%

(+) Other Operat. Income (Expenses)* (0.4) (0.4) - (16.1) 0.5 -3320.0%

(+) Equity Accounting (35.1) (13.6) 158.1% - 0.1 -100.0%

(+) Discontinued Operations 1.9 (3.7) -151.4% 1.9 (3.7) -151.4%

(=) EBITDA (CVM 527/12) 243.2 199.6 21.8% 337.7 275.8 22.4%

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

Parent Company Consolidated

Adjusted EBITDA - Operating profit before interest, taxes, depreciation and amortization, other operating income/expenses, equity accounting, minority participation, statutory participation and discontinued operations.

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EBITDA’s (CVM 527/12) calculation takes into account the net income of the period plus income taxes, net financial expenses of financial revenues and depreciation, amortization and depletion. NET FINANCIAL RESULT In 1Q13, the parent company net financial expenses totaled R$ 107.4 million, a variation of +0.3% in relation to the R$ 107.1 million net financial expenses presented in 1Q12.

The consolidated financial expenses in 1Q13 were R$ 227.9 million, which represents a variation of 19.5% in comparison with the expenses of R$ 190.7 million reported in 1Q12.

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 (BWU and others). Thus, in the following table, we present a view of the financial result with the aforementioned effects.

Breakdown of the Net Financial Result - R$ MM 1Q13 1Q12 ∆ %

Parent Company Net Financial Result (before non-operating subsidiaries) (107.4) (107.1) 0.3%

(+) Net Financial Result of Non-Operating Subsidiaries 5.9 9.7 -39.2%

(+) B2W Net Financial Result - Consolidated (126.4) (93.3) 35.5%

Consolidated Net Financial Result (227.9) (190.7) 19.5%

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 The parent company net income in 1Q13 summed up to R$ 54.2 million, an evolution of 49.3% when compared with the R$ 36.3 million disclosed in 1Q12.

In the consolidated, the net income in 1Q13 reached R$ 57.5 million, an increase of 39.9% in relation to the R$ 41.1 million registered in 1Q12.

The following table shows the main variations from Parent Company Adjusted EBITDA to net result:

Reconciliation of the Net Result - R$ MM 1Q13 1Q12 ∆ %

Adjusted EBITDA 276.8 217.3 27.4%

(+) Depreciation / Amortization (40.0) (28.9) 38.4%

(+) Net Financial Result (107.4) (107.1) 0.3%

(+) Equity Accounting (35.1) (13.6) 158.1%

(+) Other Operat. Income (Expenses)* (0.4) (0.4) 0.0%

(+) Income tax and social contribution (41.6) (27.3) 52.4%

(+) Discontinued Operations 1.9 (3.7) -151.4%

(=) Net Result 54.2 36.3 49.3%


Parent Company


6 / 19

The following table shows the main variations from Consolidated Adjusted EBITDA to net result:

Reconciliation of the Net Result - R$ MM 1Q13 1Q12 ∆ %


(+) Depreciation / Amortization (62.2) (47.6) 30.7%

(+) Net Financial Result (227.9) (190.7) 19.5%

(+) Equity Accounting - 0.1 -100.0%

(+) Other Operat. Income (Expenses)* (16.1) 0.5 -3320.0%

(+) Minority Participation 22.8 17.6 29.5%

(+) Income Tax and Social Contribution (12.9) (14.0) -7.9%

(+) Discontinued Operations 1.9 (3.7) -151.4%

(=) Net Result 57.5 41.1 39.9%


Consolidated


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 04/01/2012 and 03/31/2013:

Investments made by Lojas Americanas and B2W in property and intangible assets (websites and systems

development) of R$ 976.0 million;

Payment of interest on equity and gross dividends in the amount of R$ 79.9 million.

Lojas Americanas’ consolidated short and long-term loans and debentures at 03/31/2013 totaled R$ 6,205.4 million. If we deduct the cash position of R$ 3,929.6 million (cash + money market investments + accounts receivable from credit and debit cards) from total loans, we will reach a net debt position of R$ 2,275.8 million.

R$ million

Indebtedness 3/31/2013 12/31/2012*

Short Term Debt 831.1 1,193.6

Short Term Debentures 172.2 166.5

Shot Term Indebtedness 1,003.3 1,360.1

Long Term Debt 2,867.6 2,556.8

Long Term Debentures 2,334.5 2,335.4

Long Term Indebtedness 5,202.1 4,892.2

Total Debt (1) 6,205.4 6,252.3

Cash and banks 259.8 183.5

Money market investments 2,078.6 2,924.8

1,591.2 1,521.1

Total Cash (2) 3,929.6 4,629.4- -

Net Cash (Debt) (2) - (1) (2,275.8) (1,622.9)

Net Debt / Adjusted EBITDA LTM 1.4 1.0

Average Maturity of Debt (in days) 1,082 1,075

* Dismisses FAI's impact on the Company's accounts receivable

Consolidated

Accounts Receivable


7 / 19

At 03/31/2013, the Company’s net debt was 1.4x of the 12-month accumulated EBITDA. The average maturity of the debt was 1.082 days in 1Q13 (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. During the past years, a number of initiatives 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 of the discounted value which have immediate liquidity and can be considered as cash. The breakdown of accounts receivable from the consolidated point of view of Lojas Americanas is shown in the following table:

Accounts Receivable Conciliation 3/31/2013 12/31/2012*

Gross Credit-Cards Receivable 2,779.3 2,869.0

Electronic debits and checks Receivables 69.6 32.0

Receivable Discounts (1,257.7) (1,379.9)

1,591.2 1,521.1

Present-value adjustment (16.1) (17.2)

Allowance for doubtful accounts (45.8) (53.2)

Other accounts receivable 163.5 171.5

Consolidated Net Accounts Receivable 1,692.8 1,622.2

* Dismisses FAI's impact on the Company's accounts receivable

Accounts Receivable from credit / debit cards

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. NO EXPOSURE TO FOREIGN EXCHANGE VARIATIONS In 1Q13, 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 1Q13 and 1Q12 can be seen in the following table:

Means of Payment 1Q13 1Q12 Var. 1Q13 1Q12 Var.

Cash 61% 60% +1 p.p. 51% 46% +5 p.p.

Credit Cards 39% 40% -1 p.p. 49% 54% -5 p.p.


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PARENT COMPANY NET WORKING CAPITAL Lojas Americanas’ net working capital in 1Q13 was negative in 1 day, a variation of 1 day when compared with the -2 days presented in 1Q12.

-2

-1

03/31/2012 03/31/2013

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.

CUSTOMER SERVICE’S LEVEL Seeking to reward companies with excellent customer service’s levels, the complaint website Reclame Aqui has created the RA 1000 Seal. Companies who receive this Seal show the customer their commitment to post-sales service, raising its trust in their brand, services and products.

Lojas Americanas received RA 1000 for its excellent levels of customer’s Response, Solution and Evaluation. With regard to the complaints registered by the website, 100% of the cases were promptly answered and 97% were conveniently solved. The Company stands out in Reclame Aqui Top 20 Enterprises Rankings*. Among thousands of subscribed companies, Lojas Americanas S.A. is in 4

th PLACE IN THE BEST SOLUTION

INDEXES RANKING, in 5th

PLACE IN THE BEST DOING-BUSINESS-AGAIN INDEXES RANKING and in 5

th PLACE IN THE BEST AVERAGE EVALUATIONS RANKING.

The Seal and the important position reinforce Lojas Americanas’ goal of bringing more convenience to their clients and exceeding their expectations when meeting their needs.

*As of May 1st, 2013

INVESTMENT AND EXPANSION INVESTMENTS In 1Q13, Lojas Americanas Parent Company invested a total of R$ 71.4 million, with emphasis on expansion, improvements in the chain of store and technological upgrade. Included in this total are investments in goods for rental and others in the amount of R$ 4.8 million. The following table shows the details of Lojas Americanas’ parent company investments in 1Q13:

Investments R$ million %

Openings / Improvements 52.4 73%0 0%

Technology / Logistics / Operation 14.2 20%0 0%

Goods for rental and others 4.8 7%0 0%

Total 71.4 100%

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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 two main fronts: Lojas Americanas (brick-and-mortar retail) and B2W (Internet, telephone sales, catalogues, TV and kiosks).

At the end of 1Q13, Lojas Americanas owned 732 stores, divided in the following formats:

Format Number of Stores %

Traditional 466 64%

Express 266 36%729

Total 732 100%

407443

496 506

572

636

712

366Stores

414Stores

469Stores

476 Stores

549Stores

628Stores

732Stores

1Q07 1Q08 1Q09 1Q10 1Q11 1Q12 1Q13

Nu

mb

er

of

Sto

res

Sale

s A

rea (

tho

usan

d m

²)

Evolution of Sales Area x Number of stores Position at March 31

In 2013, we opened 9 stores as of today and have more than 80 stores with contract signed or 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.

State Traditional Stores Express Stores Sales Area (m²)

ES 1 - 9990 0 00 0 0.0

PB 1 - 1,0990 0 00 0 0SP 1 - 7730 0 00 0 0.0

Total 3 - 2,871

Openings in the 1st Quarter/2013:

State Traditional Stores Express Stores Sales Area (m²)

BA 1 - 797

MG - 1 537

PA 1 - 1,109

PR 1 - 844

RJ 1 1 1,207

Total 4 2 4,494

Openings after the 1st Quarter/2013:

10 / 19

Expansion Plan – “SEMPRE MAIS BRASIL”

The “SEMPRE MAIS BRASIL” program, announced in the end of 2009, forecasts the opening of 400 new stores in Brazil for the period between 2010 and 2013.

As of 1Q13, all the Company’s stores were located in 255 of the more than 5,500 cities in the country, which demonstrates the opportunity for Lojas Americanas to open 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 analyses 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 100 additional cities.

25595

5.150

Cities with Lojas Americanas

Cities with potential for openingLojas Americanas

Nationwide distribution

In the last years we increased our presence in cities farther from urban centers and started our operations in Acre, Amapá and Tocantins states. Taking into account our “SEMPRE MAIS BRASIL” expansion program period (2010 – 2013), we opened our first store in 114 new cities. At the end of 1Q13 our stores were located in 25 states of the country plus the Federal District, with distribution as follows: 61.1% in the Southeast, 17.6% in the South/Midwest and 21.3% 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 it has occurred historically, the growth should be in the proportion of 70% Traditional stores (average sales area between 1,000 m² and 1,500 m²) and 30% Express stores (average sales area between 300 m² and 500 m²). The following table shows the number of stores inaugurated in 2010, 2011 and 2012:

Year Number of Stores

2010 70

2011 90

2012 111 In February, 2012, Lojas Americanas announced the creation of a new Distribution Center, this time in Uberlândia, Minas Gerais. The new Distribution Center, which opening is expected for the second half of the year, will guarantee a faster supply of the physical stores and a better customer service for the Minas Gerais and for the Midwest and North regions.

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INDICATORS AND HIGHLIGHTS OF THE SUBSIDIARIES B2W DIGITAL

We are presenting below the results for 1Q13 of our subsidiary B2W DIGITAL (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 refer to 1Q12.

Gross Revenue

In 1Q13, the consolidated gross revenue reached R$ 1,515.9 million, a growth of 35.4%;

Net Revenue In 1Q13, the consolidated net revenue reached R$ 1,298.7 million, a growth of 29.8%;

Gross Profit and Gross Margin In 1Q13, the consolidated gross profit reached R$ 316.4 million, a growth of 32.8% and the consolidated gross margin reached 24.4%;

Adjusted EBITDA In 1Q13, the consolidated Adjusted EBITDA was R$ 74.2 million, a growth of 23.7%;

Improvement of 26 days in Consolidated Net Working Capital The consolidated net working capital at March 31, 2013 was 82 days, representing an improvement of 26 days when compared to the 108 days presented at March 31, 2012;

B2W DIGITAL Announces the Acquisition of Uniconsult Sistemas e Serviços Ltda According to its strategy of being a reference in the technology and internet market, it is with great pleasure that B2W DIGITAL announces the acquisition of Uniconsult Sistemas e Serviços Ltda, renowned company in the development of systems and solutions for e-commerce;

B2W DIGITAL Annouces the Acquisition of Click - Rodo Entregas Ltda Aiming being closer to the customer and offering the best delivery service, B2W DIGITAL signed a contract of sale with the transportation company Click – Rodo Entregas Ltda, transaction that is pending approval of CADE (Administrative Council of Economic Defense).

Adjusted EBITDA (Operational earnings before interest, taxes, depreciation and amortization and excluding other operational revenues/expenses and equity accounting).

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CORPORATE GOVERNANCE AND CAPITAL MARKETS Since 1940, Lojas Americanas S.A. has been listed on São Paulo Stock, Merchandise and 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 eight members – six appointed by the controllers, one appointed by minority shareholders and one appointed by the Board of Directors. Lojas Americanas also has a Fiscal Council formed by 3 members, one being indicated by the controllers and two indicated by the 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 the major corporate events of 2013: On January 11, 2013, through publication of a Material Fact, Lojas Americanas reported that it settled its financial obligations as foreseen in a purchase and sale and other matters contract which the Company had signed with ITAÚ UNIBANCO HOLDING S.A., through the following payments: i) Lojas Americanas received R$ 93.6 million as a counterpart to the prior sale of its ownership interest in the capital stock of FAI – Financeira Americanas Itaú and; ii) Lojas Americanas paid R$ 112.4 million for the usage license owned by FAI regarding exclusivity to offer, distribute and sell financial products and services, securities and pension products to its clients and/or affiliates. The acquisition of the usage license was booked as an intangible investment, totaling R$ 637.1 million in investments in the fixed assets and intangible investment line item during the year of 2012. In addition, Lojas Americanas offered B2W the portion related to B2W’s distribution channels for the right to exclusivity, to offer, distribute and sell the Financial Products and Services. The offer was accepted through payment to LASA, by B2W, of an agreed amount of R$ 16.5 million. On March 12, 2013, at a Board of Directors Extraordinary Meeting, the members approved payment of early dividends that were the subject of the proposal for the use of net profits approved in a meeting held March 6, 2013, to be debited from Net Profits for the fiscal year ending December 31, 2012 in the total amount of R$ 62,500,000.75. These dividends are to be paid as of April 1, 2013 and imputed to the mandatory dividend. On April 30, 2013, the Company’s General and Extraordinary Shareholders Meetings were held, at which the following Resolutions were approved: 1 – To take recognizance of the accounts prepared by the managers and related financial statements for the fiscal year ended December 31, 2012; 2 – Proposal for the adoption of the Capital Budget for the fiscal year of 2013; 3 – Allocation of the net income reported for the fiscal year ended December 31, 2012; 4 – Election of Messrs. Carlos Alberto da Veiga Sicupira, Paulo Alberto Lemann, Miguel Gomes Pereira Sarmiento Gutierrez, Roberto Moses Thompson Motta, Cecilia Sicupira Giusti, Love Goel and Ruy Villela Moraes Abreu to the position of full members of the Company’s Board of Directors and Mr. Claudio Moniz Barreto Garcia as alternate member of the Board; 5 – Establishment of the Fiscal Council and the election of Messrs. Márcio Luciano Mancini, Ricardo Scalzo and Vicente Antonio de Castro Ferreira to the position of full members and Messrs. Pedro Carvalho de Mello, André Amaral de Castro Leal and Carlos Alberto de Souza as alternate members; 6 – Amendment to the Bylaws of the Company and its consolidation. 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).

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

http://www.cvm.gov.br/

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About Lojas Americanas S.A. Lojas Americanas, one of the main retail chains in Brazil, is present all over the national territory through its multichannel chain, which comprises bricks-and-mortar stores, e-commerce, telephone sales and catalogues operations. The Company operates with store formats: Traditional and Express. The former has an average sales area of 1,400 square meters, a daily fulfillment and an assortment of 60 thousand items while the latter has an average sales area of 400 square meters, just-in-time logistics and an assortment of 15 thousand items, selected according to every location’s needs. Lojas Americanas’ assortment is in continuous evolution, aiming at exceeding the clients’ expectations when meeting their needs. Currently, the 738 stores (470 in the Traditional format and 268 in the Express format – equivalent to a 717-thousand square meter sales area) are present in 258 cities of 25 states plus the Federal District and are served by three distribution centers, located in São Paulo, Rio de Janeiro and Pernambuco. In the e-commerce, the Company operates through B2W DIGITAL, the result of the merger of Americanas.com and Submarino in 2006 that serves all the national territory and comprises the following brands: Americanas.com, Submarino, Shoptime, B2W Viagens, Ingresso.com, Submarino Finance, BLOCKBUSTER® Online AND SouBarato.

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 INCOME STATEMENT

Lojas Americanas S.A.

Income Statement

(in million of Brazilian reais) 1Q13 1Q12 Variation

Gross Sales and Services Revenue 3,650.9 2,752.2 32.7%

Taxes on sales and services (517.4) (362.7) 42.7%

Net Sales and Services Revenue 3,133.5 2,389.5 31.1%

Cost of goods and services sold (2,250.4) (1,702.2) 32.2%

Gross Profit 883.1 687.3 28.5%

Gross Margin (% NR) 28.2% 28.8% -0.6 p.p.

Operating Revenue (Expenses) (593.4) (456.0) 30.1%

Selling expenses (496.2) (377.9) 31.3%

General and administrative expenses (35.0) (30.5) 14.8%

Depreciation and amortization (62.2) (47.6) 30.7%

Operating Income before Net Financial Result

and Equity Accounting289.7 231.3 25.2%

Net Financial Result (227.9) (190.7) 19.5%

Equity accounting - 0.1 -100.0%

Other operating income (expenses)* (16.1) 0.5 -3320.0%

Minority interest 22.8 17.6 29.5%

Discontinued Operations 1.9 (3.7) -151.4%

Income tax and social contribution (12.9) (14.0) -7.9%

Net Income of the Period 57.5 41.1 39.9%

Net Margin (% NR) 1.8% 1.7% +0.1 p.p.


Adjusted EBITDA Margin (% NR) 11.2% 11.7% -0.5 p.p.

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

Consolidated

Periods ended in December 31


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ANNEX II – PARENT COMPANY INCOME STATEMENT


Income Statement

(in million of Brazilian reais) 1Q13 1Q12 Variation

Gross Sales and Services Revenue 2,155.7 1,700.5 26.8%

Taxes on sales and services (304.3) (254.2) 19.7%

Net Sales and Services Revenue 1,851.4 1,446.3 28.0%

Cost of goods and services sold (1,285.3) (997.2) 28.9%

Gross Profit 566.1 449.1 26.1%

Gross Margin (% NR) 30.6% 31.1% -0.5 p.p.

Operating Revenue (Expenses) (329.3) (260.7) 26.3%

Selling expenses (271.3) (215.8) 25.7%

General and administrative expenses (18.0) (16.0) 12.5%

Depreciation and amortization (40.0) (28.9) 38.4%

Operating Income before Net Financial Result

and Equity Accounting236.8 188.4 25.7%

Net Financial Result (107.4) (107.1) 0.3%

Equity accounting (35.1) (13.6) 158.1%

Other operating income (expenses)* (0.4) (0.4) 0.0%

Discontinued Operations 1.9 (3.7) -151.4%

Income tax and social contribution (41.6) (27.3) 52.4%

Net Income of the Period 54.2 36.3 49.3%

Net Margin (% NR) 2.9% 2.5% +0.4 p.p.


Adjusted EBITDA Margin (% NR) 15.0% 15.0% -

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

Parent Company

Periods ended in December 31


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ANNEX III – BALANCE SHEET


Balance Sheet

(In Million Reais) 3/31/2013 12/31/2012 3/31/2013 12/31/2012

ASSETS

CURRENT ASSETS

Cash and banks 219.0 141.2 259.8 183.5

Marketable securities 815.5 1,315.0 2,078.6 2,924.8

Clients accounts receivable 808.5 702.3 1,692.7 1,622.2

Inventories 1,233.7 1,155.3 2,041.6 1,884.2

Recoverable taxes 251.9 257.5 401.4 386.0

Dividends receivable - 0.4 - -

Prepaid expenses 16.5 3.0 33.5 20.0

Other accounts receivable 201.8 289.6 247.3 333.3

Total Current Assets 3,546.9 3,864.3 6,754.9 7,354.0

NON-CURRENT ASSETS

Marketable securities 15.0 15.0 - -

Loans e advances to subsidiaries companies 5.1 0.9 - -

Receivables from stockholders - Stock Option Plan 54.3 55.3 54.2 55.3

Deferred income tax and social contribution - - 307.8 276.2

Escrow deposits 76.3 77.0 110.6 109.9

Recoverable taxes 264.1 264.2 355.4 349.3

Investments 1,437.1 1,470.5 - -

Property, plant and equipment 1,098.4 1,071.3 1,363.7 1,334.4

Intangible assets 245.9 261.8 1,682.9 1,601.2

Deferrred assets 6.0 8.7 - -

Total Non-Current Assets 3,202.2 3,224.7 3,874.6 3,726.3

TOTAL ASSETS 6,749.1 7,089.0 10,629.5 11,080.3

LIABILITIES AND SHAREHOLDER´S EQUITY

CURRENT LIABILITIES

Suppliers 1,746.5 1,958.9 2,581.7 2,920.1

Loans and financing 286.9 598.9 831.1 1,193.6

Debentures 139.9 144.1 172.2 166.5

Payroll and related charges 50.1 47.6 81.3 76.6

Taxes payable 112.7 141.6 121.5 152.9

Income tax and currents social contribution 36.2 101.9 38.5 107.2

Dividends and participations proposed 116.3 117.9 116.3 117.9

Provisions for contingencies 11.6 11.9 12.3 12.7

Other accounts payable 102.6 128.0 151.8 156.9

Total Current Liabilities 2,602.8 3,250.8 4,106.7 4,904.4

NON-CURRENT LIABILITIES

Long term liabilities:

Loans e advances to subsidiaries companies 4.0 34.6 - -

Loans and financing 1,228.2 941.5 2,867.6 2,556.8

Debentures 1,934.6 1,934.2 2,334.5 2,335.4

Taxes payable 12.2 15.5 14.3 17.3

Income tax and deferred social contribution 10.4 5.0 10.4 5.0

Allowance for contingencies 65.6 68.7 93.0 92.1

Allowance for loss on investiments 19.4 19.8 - -

Total Non-Current Liabilities 3,274.4 3,019.3 5,319.8 5,006.6

SHAREHOLDER'S EQUITY

Social capital 526.5 526.5 526.5 526.5

Capital reserves 20.7 19.3 20.7 19.3

Goodwill on capital transactions (196.0) (196.0) (196.0) (196.0)

Profit reserves 800.1 800.3 790.7 790.9

Treasury shares (337.1) (334.8) (337.1) (334.8)

Comprehensive result 1.6 1.7 1.6 1.7

Profit/ loss for the period 54.2 - 57.5 -

Additional distributable dividends 1.9 1.9 1.9 1.9

Minority interest - - 337.2 359.8

Total Shareholders' Equity 871.9 818.9 1,203.0 1,169.3

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 6,749.1 7,089.0 10,629.5 11,080.3

The accompanying notes are an integral part of these financial statements


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ANNEX IV – CASH FLOW STATEMENT


CASH FLOW STATEMENT - INDIRECT METHOD

(In Million Reais) 3/31/2013 12/31/2012 3/31/2013 12/31/2012

Cash Flow from Operating Activities

Net Income for the Period: 54.2 36.3 57.5 41.1

Adjustments to Net Income:

Depreciation and amortization 44.1 33.0 66.3 51.7

Residual and deferred value of fixed assets write-off 18.9 2.1 2.4 2.3

Equity accounting 35.1 13.5 - 0.1

Discontinued operations' profit realization (1.9) (3.7) - (3.7)

Income tax and social contribution referred 5.5 2.3 (25.5) (13.9)

Interest on credits (0.5) (0.6) (0.5) (0.7)

Interest and variations financing and other debits 8.0 53.2 33.6 102.8

Adjustment in provision for contingencies - - 4.0 4.2

Stock option plan 0.9 1.3 1.4 1.6

Allowance for doubtfull accounts 0.3 - (7.3) 21.5

Others 5.7 8.4 11.8 8.4

Minority interest - - (22.8) (17.6)

Adjusted Net Income 170.3 145.8 120.9 197.8

Decrease (Increase) in Operating Assets:

Trade accounts receivable 51.3 134.4 159.8 278.5

Inventories (76.4) (84.6) (157.5) (54.5)

Recoverable taxes 5.4 (33.9) (21.7) (36.7)

Prepaid expenses (13.3) (7.8) (13.5) (11.8)

Escrow deposits 0.7 (0.6) (0.7) (9.7)

Other accounts receivable 87.8 0.5 84.1 (5.4)

55.5 8.0 50.5 160.4

Decrease (Increase) in Operating Liabilities:

Suppliers (221.3) (178.5) (348.9) (367.0)

Payroll and related charges 2.5 (0.7) 4.7 1.2

Taxes payable (current and non-current) (98.7) (93.1) (105.7) (119.8)

Contingencies payments (current and non-current) (6.3) (1.4) (6.3) (1.4)

Loans and advances from subsidiaries (34.8) (3.9) - -

Other accounts payable (current and non-current) (25.4) (25.2) (7.8) (59.0)

(384.0) (302.8) (464.0) (546.0)

Continued Operations (158.2) (149.0) (292.6) (187.8)

Net Cash Provided (or Used) by Operating Activities (158.2) (149.0) (292.6) (187.8)

Cash Flow from Investing Activities

Marketable securities 499.6 174.8 846.2 431.9

Plant, property and equipment (59.6) (71.7) (67.0) (86.6)

Intangible (11.8) (10.4) (112.6) (68.0)

Dividends received 0.4 0.3 - -

Net Cash Provided (or Used) by Invest Activities 428.6 93.0 666.6 277.3

Cash Flow from Financing Activities

Loans e financing ( current and non-current):

Borrowings 10.9 - 25.5 29.9

Liquidations (44.6) (70.8) (99.3) (272.2)

(33.7) (70.8) (73.8) (242.3)

Debentures (current and non-current) - 426.7 (3.2) 426.7

Discounted receivables (156.5) (277.7) (219.9) (238.2)

Receivables from Stock Option Plan 1.5 3.6 1.5 3.6

Interest on equity and dividends paid (1.6) - - -

Share buy-back (2.4) (0.4) (2.4) (0.4)

Net Cash Provided (or Used) by Financing Activities (192.7) 81.4 (297.8) (50.6)

Net Increase (Decrease) in cash 77.7 25.4 76.2 38.9

Cash at the begining of period 141.2 107.3 183.5 131.5

Cash at the end of period 218.9 132.7 259.7 170.4

Net Increase (Decrease) in cash 77.7 25.4 76.2 38.9

The accompanying notes are an integral part of these financial statements


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Number of Stores Sales AreaNumber of

Associates

628 636 thousand m² 15,004

Opened 15

Transfered/Deactivated -

643 649 thousand m² 15,340

Opened 15

Transfered/Deactivated (1)

09/30/2012 657 661 thousand m² 15,673

Opened 74

Transfered/Deactivated (2)

12/31/2012 729 709 thousand m² 17,180

Opened 3

Transfered/Deactivated -

732 713 thousand m² 17,617

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

03/31/2012

06/30/2012

03/31/2013

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 were transferred to a nearby Lojas Americanas store.

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EARNINGS RESULTS CONFERENCE CALL

EBITDA (CVM 527/12) – Net income of the period plus income taxes, net financial expenses of financial revenues and depreciation, amortization and depletion. Adjusted EBITDA (Operating profit before interest, taxes, depreciation and amortization, other operating income/expenses, equity accounting, minority participation,

statutory participation and discontinued operations) is presented as additional information because we believe it represents an important indicator of our operating performance, besides being useful for keeping the comparability with previous reported results. 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.

Documents

EARNINGS RELEASE 1Q13EARNINGS RELEASE 1Q13 1 / 19 LOJAS AMERICANAS ANNOUNCES CONSOLIDATED GROSS REVENUE OF R$ 3.7 BILLION IN 1Q13 Rio de Janeiro, May th9 , 2013 – Lojas Americanas