Rio de Janeiro, November 12^th, 2004 – Lojas Americanas S.A. (BOVESPA: LAME3-ON;LAME4-PN), presents the consolidated results for the third quarter and the accumulated up to September 2004, on a consolidated basis in Reais, except where otherwise indicated, in accordance with Brazilian Corporate Legislation.

Lojas Americanas has been operating in the retail sector in Brazil for 75 years. It has 139 stores (as of publication date), in 18 states in Brazil, plus the Federal District, and operates in electronic commerce, represented by Americanas.com and Facilita, a services company.

Executive Summary
(Compared to the accumulated up to September 2003)

To the Stockholders,

We present comments on the performance of Lojas Americanas S.A and its subsidiaries for the third quarter and the year-to-date to September 2004.

Compared to the same quarter of the previous year, the third quarter of 2004 can be defined as another period of operational development in the consolidated results of Lojas Americanas, combined with vigorous growth in sales, efficient control over expenses and an improvement in the generation of operating cash.

We reaffirm our confidence in the future of the country, furthermore, believe in the internal potential of our business and are aware that there are still countless avenues to explore in the development of operating processes, especially in logistics and distribution.

Along these lines, in August, we started to operate with the new distribution center in Barueri - São Paulo, which increased our storage and distribution capacity by 50% to support the organic growth of Lojas Americanas and the electronic commerce, Americanas.com.

Taking into account the three stores opened in the third quarter of this year and the nine that were inaugurated after the end of the quarter, we had a total of 139 stores as of the publication of this report. Accordingly, the number of inaugurations in 2004 (18 stores) already surpassed the total number of new stores last year. We also concluded, in this quarter, and under the direction of the Lojas Americanas – “We Always Want More” team, the negotiations for the opening of a further 17 stores in the fourth quarter of this year. This is still a preliminary total, but shows that we are on course with our expansion plan and maintaining the projection to finish 2004 with more than 35 stores by the end of 2004, a record number of inaugurations in the course of one year.

The consolidated gross revenue in the third quarter of this year was R$ 670.4 million, a growth of 24.8% comparing the quarters.

Year-to-date to September 2004, the consolidated gross revenue amounted to R$ 1,948.5 million, signifying growth of 30.0% in relation to the same period of 2003.

In the “same store sales” concept, that is, excluding stores inaugurated less than a year ago and excluding Americanas.com, the accumulated growth to September of this year was 16.8% in relation to the same period of the previous year.

The accumulated gross revenue per associate (employee) in the nine months of 2004 amounted to R$ 221.4 thousand. Compared with the year-to-date to September of the previous year, the revenue per associate increased by 28.4%.

The table below shows the breakdown of sales by form of payment in the third quarter and year-to-date:

In the third quarter of this year, the Company’s gross margin was 30.5% of net revenue (NR), against a gross margin of 30.1% of NR in the same period of the previous year, an increase of 0.4 p.p..

Year-to-date to September 2004, the gross margin was 30.5% of net revenue or 0.2 p.p. higher than in the same period of the previous year.

Sales Expenses

In the third quarter of 2004, sales expenses totaled R$ 89.1 million, or 17.4% of net revenue (NR), compared with R$ 79.0 million, or 17.6% of NR in the same period of 2003. In spite of the growth of around 25% in the gross revenue for the third quarter in relation to the same period of 2003, sales expenses did not increase proportionally in 2004.

In the nine month period ended September 30, 2004, selling expenses totaled R$ 261.4 million, or 17.3% of net revenue, an improvement of 0.5 p.p. in relation to the same period of the previous year. An analysis of the sales expenses on gross revenue shows that there was a reduction of 1.5 p.p. in relation to the year-to-date figure to September 30, 2003.

General and Administrative Expenses

In the third quarter of 2004, general and administrative expenses amounted to R$ 14.0 million, or 2.7% of net revenue, resulting in a reduction of 0.2 p.p. in relation to the same period of 2003.

The accumulated nine month total for general and administrative expenses amounted to R$ 42.0 million, or 2.8% of net revenue, an improvement of 0.3 p.p.

In the third quarter of 2004, operating ncome, before financial income and equity accounting showed growth of 21.1%, totaling R$ 39.6 million, against R$ 32.7 million in the same period of 2003. This evolution in operating performance reflects the search for the best means of maximizing the Company’s value, and strict control of expenses.

The Company’s operating income year-to-date for the nine-month of 2004 was R$ 120.1 million, representing growth of 35.2% compared with the same period of the previous year.

It is significant that this is the tenth consecutive quarter in which the EBITDA margin has been maintained at over 8.0% of net revenue (NR). The EBITDA margin for the third quarter reached 10.3% of net revenue, or 0.7 p.p. higher than the 9.6% of net revenue for the same quarter of last year. This represents growth of 22.6% in the generation of operating cash in the third quarter of this year in relation to the same period of 2003.

Year-to-date to September 2004, EBITDA amounted to R$ 157,8 million, growth of 32.8% in relation to the same period of 2003. The EBITDA margin was 10.4% of net revenue, an increase of 0.9 p.p. in relation to the accumulated figure to September 2003.

Financial income for the third quarter of 2004 was negative in R$ 31.6 million, or 6.2% of net revenue (NR). Year-to-date to September 2004, the consolidated financial revenue amounted to R$ 67.9 million, or 4.5% of NR and financial expenses were R$ 163.0 million, or 10.8% of NR. The Company continues to maintain its commitment to the conservative cash investment policy, by taking a hedge position in U.S. dollars to protect it against exchange variations, for both its financial liabilities and its total cash position.

A comparison of the financial income to September 2004 with the same period of 2003 reflects the cost of the liquidation of the Eurobonds (at the beginning of June 2004), lower financial revenue due to the reduction in the interest rate, higher taxation of financial transactions (CPMF/IOF) and financial expenses arising from fund-raising to support the company’s growth in the next few years.

The net income for the third quarter of this year was R$ 7.5 million compared with R$ 20.2 million in the same period of the previous year.

Year-to-date to September 2004, net income amounted to R$ 18.6 million.

Despite the significant development in the operating results of the Company and its subsidiaries, the consolidated accumulated net income to September 2004 was influenced by the increase in the Social Contribution on Revenues - COFINS rate, and financial expenses arising from payment for the Eurobonds and the hedge on the importation of merchandise for the Christmas selling campaign.

By the third quarter of 2004, Facilita achieved growth of 12% in loans to individuals in relation to the same period of the previous year. Facilita currently has 161 sales points (as of publication date) distributed throughout the Lojas Americanas stores and own stores, as well as the www.facilitanet.com.br web-site.

Americanas.com is accessed by 3 million consumers and over 500 companies monthly, and offers around 110 thousand products to its customers in Brazil and abroad.

The growing synergy between e-commerce and Lojas Americanas’ traditional retailing has permitted a fine-tuning of the procedures common to the two companies and the result is demonstrated by the increase in the revenue of the virtual store every quarter .

The company offers a variety of products and services through its various sales channels: the website (www.americanas.com.br), the telesales center and the corporate sales channel.

The third quarter figures and the year-to-date for the nine months of 2004 show the consolidated results of Americanas.com and its subsidiary Americanas.com S/A Comércio Eletrônico.

In the third quarter of this year, gross revenue reached R$ 110.7 million, equivalent to growth of 52.3% in relation to the same quarter of the previous year.

The accumulated gross revenue for the nine months of this year amounted to R$ 274.0 million, 65.3% higher than in the same period of 2003.

The Lojas Americanas group is expanding on three main fronts: the traditional stores, electronic commerce (represented by Americanas.com) and Americanas Express.

Three traditional stores were inaugurated in the third quarter of 2004 and as of publication date, another nine stores have been opened, one being the first Express store located in the state of São Paulo.

The table below shows the 17 stores planned for November and December of 2004:

Investments of approximately R$ 117 million are scheduled for this year, which were approved in the stockholders’ Annual General Meeting (AGM) held in April of this year. Of this total amount, R$ 15.8 million were disbursed in the third quarter, allocated as follows:

• Refurbishments and inaugurations - R$ 11.9 million

• Technological Updating - R$ 2.2 million

• Other Projects - R$ 1.7 million

Year-to-date to September 2004, R$ 43.3 million have been invested.

The new Distribution Center in São Paulo, located in Barueri and with a constructed area of 53,000 m², started operations in the 3rd quarter of this year. This new unit will support the Company’s growth in the state of São Paulo and in the South and Mid West regions of the country.

In addition to the 50% increase in the storage and distribution capacity of Lojas Americanas and the electronic commerce, this new distribution center will permit optimization of processes and a reduction in operating costs.