Conference Call1Q08 Earnings Release

Conference Call – 1Q08 / 2008

Friday, May 09th, 2008

Time: 01:00 p.m (US EST) 02:00 p.m (Brasília)

Connection:+1 (888) 700.0802 (USA)+1 (786) 924.6977 (Other countries)

Code: LASA

Replay: +55 (11) 4688.6312

Code: 918

Bricks-and-Mortar Internet, TV, Telesales, catalogues and kiosks Financial Products

Multi-channel Retailer

1

414 stores as of May 08, 2008 – total sales area of 443 thousand m2;

2008: 4 Inaugurations, 2 traditional stores, 2 express stores, and 6 BWU/BLOCKBUSTER® stores remodeled;

Besides inaugurated stores, we already have 36 openings scheduled, 29 in the Traditional format and 7 in the

Express format ;

Gross revenue reached R$ 1,029 million, a 39% growth compared to 1Q07;

EBITDA growth of 50%, reaching an EBITDA margin of 13.9% (+1.0 pp);

More than 1.3 million cards issued and 100% of total receivables volume of R$285.1 million (LASA’s participation

is equivalent to 50% of the total volume);

Bricks-and-Mortar

eCommerce

Financial Products

1Q08 Overview

451.4 408.4572.9

814.9970.9

1,623.9

2,227.6

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

2

Consolidated Gross Revenue (R$ million)

CAGR = 30.5%

Consolidated Gross Revenue (R$ million)

“SSS” growth NR

14.0% in the first

four months

of the year37 %

184.2

126.1

75.166.7

47.829.526.8 11.0%10.5%10.2%10.7%10.4%

7.3%8.7%

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

3

Consolidated Gross Margin (%NR) Consolidated EBITDA (R$ million) and EBITDA Margin (%NR)

CAGR = 37.9%

Gross Margin and EBITDA Consolidated

30.330.529.331.232.0

27.3

32.4

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

-2.1 pp46 %

4

Indebtedness

Consolidated Indebtedness

3/31/2008 12/31/2007 09/30/2007

Short-term loans and financing* 1,912.4 1,444.5 908.0 Short-term debentures 85.2 18.3 18.1

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

Long-term indebtedness 1,093.4 1,095.0 1,318.9 Gross indebtedness 3,091.0 2,557.8 2,245.0

Cash and banks 381.7 340.1 129.9 Money market investments 1,468.0 871.1 1,019.5 Receivables from clients (credit/debit cards) 208.3 859.3 228.0 Credit cards/Customers financing - FAI (50%) 94.5 119.1 120.9 Total Cash and Cash Equivalents 2,152.5 2,189.6 1,498.3

Net Cash (Debt) (938.5) (368.2) (746.7)

Evolution of Sales Area x Number of storesPosition at March 31

407

336

296

240263

236

443

98Stores

105Stores 125

Stores

200Stores

414Stores

366Stores

159Stores

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

Sale

s A

rea (

thousa

nd m

²)

N°

of Sto

res

Expansion and Investment Programs

Creating value for our Shareholders

Share buy-back

Dividend payment

100.0 110.0

60.0

14.6

88.8 90.0 89.2

44.334.2

11.1

28.5

0.4

18.1

35.3

2001 2002 2003 2004 2005 2006 2007/08

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

2005

Shoptime Acquisition

FAI Creation

37 Inaugurations

2007

Blockbuster acquisition (127 stores)

Blockbuster remodeling

50 inaugurations

2006

B2W Creation

45 Inaugurations

Total Total

2001-2007:2001-2007:

R$ 724.5 MMR$ 724.5 MM

32% EBITDA32% EBITDA

Share buy-back program open since 2003:

ON: 8,204,509 shares (limit: 10,788,942) >> 2,584,433 shares to be repurchased

PN: 17,497,213 shares (limit: 36,505,323) >> 19,008,110 shares to be repurchased

5

Conference Call1Q08 Earnings Release

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 release, 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.

Investor Relations Teaminvestidores@lasa.com.brTel.: + 55 (21) 2206-6708Fax: + 55 (21) 2206-6898

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