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DIVULGAO DE RESULTADOS 2T13EARNINGS RELEASE 3Q14 e 9M14

85 YEARS IN 5! 800 NEW STORES IN THE NEXT 5 YEARS CONSOLIDATED GROSS REVENUE OF R$ 4.2 BILLION IN 3Q14

CONSOLIDATED EBITDA OF R$ 476.8 MILLION, AN INCREASE OF 18.7%

Rio de Janeiro, November 12th, 2014 Lojas Americanas S.A. [BOVESPA: LAME3 (common) and LAME4 (preferred)], one of the leading retail chains in Brazil with 893 stores and present in all Brazilian states, announces today its results for the 3rd quarter (3Q14) and 9th first months of 2014 (9M14). 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 3rd quarter of 2013 (3Q13) and 9st first month of 2013 (9M13).

OPERATIONAL AND FINANCIAL HIGHLIGHTS

Executive Summary 3Q14 Comparison to 3Q13

Consolidated Gross Revenue (R$ MM)

2,194 2,294 2,558 2,647

3,057 3,537

4,180

3Q08 3Q09 3Q10 3Q11 3Q12 3Q13 3Q14

+11.4%

CAGR

Consolidated Gross Profit (R$ MM) and Gross Margin(%NR)

532 587676 646

776930

1,086

31.9 29.7 30.3 28.0 29.1 30.2 29.7

8.0 0

18. 00

28. 00

38. 00

48. 00

58. 00

68. 00

78. 00

00

200

400

600

800

1,0 00

1,2 00

3Q08 3Q09 3Q10 3Q11 3Q12 3Q13 3Q14

+12.6%

CAGR

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

201.8 217.8286.2 293.3

350.3401.7

476.8

12.111.0

12.8 12.713.1 13.1 13.1

3Q08 3Q09 3Q10 3Q11 3Q12 3Q13 3Q14

+15.4%

CAGR

Evolution in Number of Stores

430468 497

571

657

758

877

3Q08 3Q09 3Q10 3Q11 3Q12 3Q13 3Q14

3Q14 3Q13 Var. (%) Financial Highlights (R$ MM) 3Q14 3Q13 Var. (%)

1,947.5 1,720.2 13.2% Net Revenue 3,653.0 3,077.6 18.7%

636.4 557.9 14.1% Gross Profit 1,085.9 930.1 16.8%

32.7% 32.4% +0.3 p.p. Gross Margin (%NR) 29.7% 30.2% -0.5 p.p.

340.3 293.9 15.8% Adjusted EBITDA 476.8 401.7 18.7%

17.5% 17.1% +0.4 p.p. Adjusted EBITDA Margin (%NR) 13.1% 13.1% -

65.1 94.2 -30.9% Net Income 65.1 97.0 -32.9%

3.3% 5.5% -2.2 p.p. Net Margin (%NR) 1.8% 3.2% -1.4 p.p.

ConsolidatedParent Company

Gross Revenue In 3Q14, the parent company gross revenue totaled R$ 2.228 billion, an increase of 12.3% over

3Q13. In the consolidated, the gross revenue grew 18.6% in relation to 3Q13, reaching R$ 4.194

billion;

Net Revenue In 3Q14, the parent company net revenue reached R$ 1.948 billion, an increase of 13.2% in relation to 3Q13. In the consolidated view, the net revenue growth 18.7%, reaching R$ 3.653 billion;

Same Stores Net Revenue Growth in same stores net revenue of 10% in the 3Q14;

Gross Margin In the parent company, the gross margin was 32.7% of net revenue in 3Q14, an increase of 0.3

p.p.. In the consolidated, the gross margin was 29.7% of net revenue, an variation of -0.5 p.p.;

Adjusted EBITDA In the parent company the Adjusted EBITDA totaled R$ 340.3 million in 3Q14, an increase of 0,4

p.p. over 3Q13. The consolidated Adjusted EBITDA reached R$ 476.8 million in 3Q14 and an

Adjusted EBITDA margin of 13.1% of net revenue in 3Q14, the same level of 3Q13;

Net Income The Consolidated net income reach R$ 65.1 million in 3Q14;

Expansion 85 years in 5 Somos Mais Brasil: Lojas Americanas is proud to announce its

new expansion program 85 years in 5 Somos Mais Brasil, to open 800 new

stores in the next 5 years;

In 2014 as of today, we have opened 59 new stores. We also have more than 60 contracted stores

Retail Financial Services Lojas Americanas announces the signing of the contract with BradesCard, to jointly offer credit

cards in stores. In addition to the cards, this contract is the basis for create a retail financial

services sales department that will offer a variety of insurance and other financial services such as

loans and prepaid cards;

B2W DIGITAL In the 3Q14 the consolidated gross revenue reached R$ 2.110 billion, an increase of 23.2%; Opened 4 new distribution centers and expanded Rio de Janeiro DC. Creation of Digital Finance, in partnership with Cetelem, with the purpose of offering credit cards

and other financial services.

3Q means third quarter of each year and 9M means first nine months of each year. Only the data from 3Q09 to 3Q14 are presented in accordance with the IFRS. The historic data are in compliance with the corporate norms in effect for each period. 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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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 is the leading e-commerce company in Latin America. The Company operates through a digital platform, with businesses that present a strong synergy and a unique model, multichannel, multibrand and multibusiness. B2W DIGITAL has a portfolio with the brands Americanas.com, Submarino, Shoptime, B2W Viagens, Ingresso.com, Submarino Finance and SouBarato, that offer more than 38 categories of products and services through the internet, telesales, catalogs, TV and kiosks distribution channels. Lojas Americanas participation in B2W Companhia Digital on September 30

th was 55.30%*.

The following organizational chart illustrates the integrated approach of Lojas Americanas: *Position in 09/30/2014.

Bricks-and-Mortar

Multichannel Retailer

Ecommerce, TV, Telephone Sales, Catalogues and Kiosks

Participation: 55.30%* Results Consolidation: 100.00%

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LOJAS AMERICANAS 85 YEARS OF HISTORY In 2014, Lojas Americanas reached 85 years with the mission of making dreams come true and supply peoples consumption needs, saving time, money and overcoming their expectations. Since we opened our first store in Niteri Rio de Janeiro, our path gets mixed with the Brazilian people. We followed the countrys transformations and seek to adapt to each scenario to keep supplying our customers needs. Last decades challenges have been overcame with hard work, ethic and consistent results, that are the base for sustainable growth of Lojas Americanas. Through the years of 2001 and 2013, our associates have transformed difficulties into opportunities. In this period Lojas Americanas grew eight times the number of stores, nine times the consolidated gross revenue and 21 times its consolidated EBITDA, going from a EBITDA Margin (%NR) of 7% to 14%. The obtained results show de solidity of our growth strategy and reinforce, even more, the opportunities that Brazil have. The most recent chapter of this evolution was the expansion program Sempre Mais Brasil 80 years in 4!, which began in 2010 and was successfully concluded in 2013. During the program the Company opened 400 new stores and more than doubled the number of cities that we are present, entering in four new states: Acre, Amap, Tocantins and Roraima. Today we operate 893 stores spread through the whole national territory (320 cities located in all of the Brazilian states and the Federal District). Besides the Bricks and Mortar business, Lojas Americanas supply its customers through a multichannel structure, with a wide assortment of products and services commercialized via internet, telephone catalogues, TV and kiosks. The success obtained in the last expansion program, initiated in 2010, lets us proud and high-minded for a new challenge: 85 years in 5! For the next five years (2015 2019), we plan the opening of 800 new stores in Brazil, with the expansion program 85 years in 5!. This program is based in our analyst model that takes in consideration several macroeconomic data, among them: population growth, per capita income and local economy evolution. To reach this record growth, Lojas Americanas counts on the execution capability of its associates, its expertise in finding and negotiating new places rents, the improvement in its logistic system and the recruiting, training and maintaining talents program. Therefore, we keep our learning and overcoming path, which lets us naturally excited, because we will reach new results standards, always seeking the best supply of our customers needs. THE MANAGEMENT

We Always want more

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COMMENTS ON OPERATING PERFORMANCE

NET REVENUE In 3Q14, the parent company net revenue reached R$ 1.948 billion, a variation 13.2% in relation to the R$ 1.720 billion registered in 3Q13. The consolidated net revenue of Lojas Americanas and its subsidiaries reached R$ 3.653 billion in 3Q14, an increase of 18.7% when compared to 3Q13.

In 9M14, the parent company net revenue reached R$ 5.803 billion, a variation 13.4% in relation to the R$ 5.117 billion registered in 9M13. The consolidated net revenue of Lojas Americanas and its subsidiaries reached R$ 10.676 billion in 9M14, an increase of 20.6% when compared to 9M13. In the same stores sales concept, the growth of net revenue in the third quarter of the year was 10%.