Americanas Universe reported a 17.5% increase in GMV in 1Q20 driven by growth in direct sales, marketplace expansion, and resilient physical sales. The customer base grew to 40.2 million and marketplace sellers increased to 55,400. Working capital improved significantly to 13 days. Cash position was strong at R$12.8 billion while net debt decreased, ensuring flexibility during the pandemic. O2O initiatives grew GMV 85% and Ame reached 7.5 million downloads. Social impact measures included R$45 million in donations for COVID-19 relief.

1. Earnings Release
1Q20
1
AMERICANAS UNIVERSE REPORTS 17.5% GMV GROWTH IN THE 1Q20
AND STRONG CLIENT, SELLERS AND MERCHANTS BASE GROWTH
Rio de Janeiro, May 7, 2020 – Lojas Americanas S.A. [B3: LAME3 (common) and LAME4 (preferred)], Company that adopts an unique integrated approach in Brazilian
retail market, combining physical, digital and mobile business platforms, announces the results for the 1st quarter of 2020 (1Q20). The accounting information that
serves as the basis for the comments below is presented in accordance with International Financial Reporting Standards (IFRS), with the standards issued by the
Brazilian Securities and Exchange Commission (CVM) and in Reais (R$). The comparisons refer to the 1st quarter of 2019 (1Q19).
 Total GMV +17.5%
Even facing the challenging scenario, the GMV continues to growth rapidly, driven by the direct sales (1P) growth at
the digital platform, the marketplace (3P) expansion and a resilient performance on the physical platform.
 Strengthening the Americanas Universe
The consolidated customer base reached 40.2 million active customers, an increase of 3 million customers. In
addition, 8.6 thousand new sellers were connected to the B2W marketplace, reaching a total of 55.4 thousand sellers
at the platform and 31.7 million items offered, an increase of 248% in the number of items.
 Consistent improvement in the working capital
The consolidated working capital ended the quarter in 13 days (vs. 44 days in 1Q19). The significant improvement was
result of more efficient operations both on the physical platform (-22 days) and on the digital platform (-43 days).
 Solid cash position
We ended 1Q20 with R$ 12.8 billion position of cash and cash equivalents, while net debt decreased by R$ 1.2 billion
compared to 1Q19 (-0.5x EBITDA). The solid liquidity position, as a result of the conservative cash management policy
and the strong operating cash generation, guarantees the Company the flexibility necessary to go through the
current moment.
 O2O GMV
The different O2O initiatives continue to gain traction and change the way that customers interract with our brands.
In 1Q20, these combined initiatives presented a GMV of R$ 530 million (vs. R$ 286 million in 1Q19), an increase of 85%.
 Ame Digital
Ame continues to evolve rapidly and revolutionize the way people deal with money. In the 1Q20, it reached the mark of
7.5 million downloads and 1.7 million connected establishments.
 Ame Digital and BR Distribuidora
Ame announced the partnership with BR Distribuidora to use the app as a means of payment in approximately 8,000
service stations and 3,000 BR Mania and LUBRAX Mais covenience stores. This partnership will allow all payments to
be made quickly, safely and without physical contact, via QR Code.
 Social impact
Given the delicate and unprecedented scenario caused by the pandemic of the new coronavirus, the Americanas
Universe adopted a series of social impact measures, mobilizing more than R$ 45 million in donations for various
humanitarian causes, as described in the notice to the market on April 14th, 2020.
CONSOLIDATEDHIGHLIGHTS (R$ MM) 1Q20 1Q19 Δ
GMV 7,302.7 6,217.6 17.5%
Net Revenue 4,057.2 3,552.3 14.2%
Gross Profit 1,367.6 1,227.2 11.4%
GrossMargin (%NR) 33.7% 34.5% -0.8 p.p.
Adjusted EBITDA 587.8 560.8 4.8%
Adjusted EBITDAMargin (%NR) 14.5% 15.8% -1.3 p.p.
Net Income (49.2) (53.5) -8.0%
Net Margin (%NR) -1.2% -1.5% +0.3 p.p.

2. Earnings Release
1Q20
2
MESSAGE FROM THE MANAGEMENT
The year 2020 marks the beginning of the new three-year cycle (2020-2022) that aims to make the Americanas Universe
increasingly relevant in the daily lives of customers. The motto “Everything. Anytime. Anywhere." was created to guide
team decisions and transform the shopping experience, increasing the frequency of current customers and attracting new
customers to our platforms.
The first two months of the year were promising, registering accelerated growth in the platforms that make up the
Americanas Universe (Americanas, B2W Digital, LET’s, IF – Inovação e Futuro and Ame Digital). The confirmation of the
first COVID-19 case in Brazil on February 26 and the declaration of a pandemic made by the World Health Organization
(WHO) on March 11 were the confirmation that we would face challenges on a global scale. The pandemic forced the world
to change habits dramatically and suddenly. What seemed like a distant problem, in just 40 days, became a problem for our
neighborhood neighbor, friends and family.
In this scenario, the American Universe has an extraordinary challenge. We created a crisis committee to promote quick
and prioritized actions as measures to preserve the health of associates, customers and society. The committee made
more than R$ 45 million in donations for social causes, together with partners, such as the construction of a field hospital
in Rio de Janeiro with 200 beds, partnerships with the public sector to offer free logistics services, import of Personal
Protection Equipment (PPE) to prevent contagion to the Federal Government, creation of the “Juntos Somos Mais
Solidários” network, through qualified professionals, suppliers and partners who voluntarily contribute to support more
than 1,100 nursing homes across the country Brazil, donations by thousands of users through the Ame Digital application to
more than 70 connected NGOs, among several other actions with a strong social impact.
In the quarter, the consolidated customer base reached 40.2 million active customers, an increase of 3 million customers,
and more than 320 million transactions in the last 12 months. Were connected to the B2W marketplace 8,600 new sellers,
reaching a total of 55,400 sellers on the platform and 31.7 million items offered, an increase of 248% in the number of
items. Ame continues to evolve rapidly and revolutionize the way people deal with money. In 1Q20, it reached the mark of
7.5 million downloads and 1.7 million connected establishments.
The Americanas Universe, through the physical platform, is an important point of supply for the population, given its
assortment and capillarity. We prioritize and expand the assortment of personal hygiene items, such as alcohol gel,
cleaning materials, baby care, food, drinks, among others. We quickly reinforced inventories with suppliers and started
selling new product lines to meet the most basic needs of customers. We adjusted the stores operation in order to
guarantee the highest possible security for members and customers. We distributed alcohol gel and masks to all units,
controlled the flow of customers according to the capacity of the stores and create an internal medical communication
network, in order to promote preventive measures and monitor any cases. We prioritized new distance selling services
such as WhatsApp sales “Na Sua Casa” and “Americanas Drive Thru” which, in addition to the already implemented O2O
(Online-to-Offline) initiatives (Take it from the Store, Take it from the Store Today and Ship from Store) offer customers
agile, practical and safe forms of service.
The pandemic effects have been transforming consumption habits and generating a rapid migration of new consumers to
the online world. With the growing social isolation throughout Brazil, the digital platform has stood out with the most
convenient purchase option, accelerating the participation of online sales in new product categories. The hybrid model (1P,
3P and Digital Solutions) allowed a quick adaptation to meet the needs of these customers immediately. The
#WhatYouNeedNow (#OQueVocêPrecisaAgora) campaign expanded the offer of essential items and the flexibility of the
platform allowed the acceleration of O2O initiatives, enabling delivery to the customer's home in a few hours from 100% of
Americanas stores and making the service available to B2W Marketplace Sellers physical stores. We created the local
market support program to give more support to micro and small sellers, increasing the exposure and sale of their
products, in addition to intensifying the granting of credit through the Credit Seller. We implemented the “Sell with us”
(“Venda com a gente”) initiative to speed up the connection of new sellers of essential products and those with their
physical stores closed.

3. Earnings Release
1Q20
3
The Americanas Universe is unique, flexible and resilient and, despite the challenges encountered, we remain confident
with our long-term strategy, proud of our role in society and pursuing the dream of becoming increasingly relevant in the
lives of customers, partners and associates. The adjustment in the business model, the number of actions carried out in
such a short time, in the face of such adverse circumstances, was only possible due to a highly qualified team committed
to our purpose of ”making dreams come true and meeting the consumption needs of people, saving time and money and
exceeding their expectations ”. I would like to register a deep thanks to all associates, especially our “super heroes” from
the front lines of stores and distribution centers, which are essential in the structure that makes up the Americanas
Universe.
Despite the scenario full of uncertainties and concerns, we are convinced that the effects of the pandemic will pass. We
are optimistic and we believe that together, as a society, we will emerge stronger from this crisis. Finally, we want
everyone to remain healthy.
Best regards,
Miguel Gutierrez
CEO, Americanas Universe “Everything. Anytime. Anywhere.”

4. Earnings Release
1Q20
4
OPERATIONAL HIGHLIGHTS
PHYSICAL PLATAFORM
OPERATIONAL SUMMARY
* Comparable figures, without easter mismatch
Covid-19 Impacts: The sales performance observed in the quarter was directly impacted by the effects of the new
coronavirus pandemic. With the start of social distance from the second half of March, the physical platform was
impacted by the stores closure following the determinations of authorities in each municipality. The suspension of
operation mainly affected stores placed in shopping centers (about 30% of the total) but also impacted somehow the
street stores.
Same-store-sales: the same-store net revenue growth was 2.0% in the quarter. The stores located in streets
registered a “same stores sales” growth of 6.5% in 1Q20 and the stores located in malls showed a decrease of 4.2% in
the same concept. In the Company's view, the growth of street stores reflects the quarter's operating performance in a
better and comparable way.
Margin: the adequacy of the assortment offered in stores driven by the change in consumer behavior resulted in a
gross margin pressure in the order of 60bps. In the second half of March, categories such as Clothing, Housewares and
Toys recorded a sharp drop in demand, while Hygiene, Cleaning, Baby Care, Food and Beverage grew strongly. The
pressure on gross margin was offset by strict control of operating expenses, which resulted in stable EBITDA margin.
Operational improvements: In view of the challenging scenario, a contingency plan was put in place with several
operational changes that have guaranteed the supply of essential items, to the population living in the more than 740
municipalities with Americanas stores, at fair prices and with security for employees and customers. Below, we
highlight some of these measures adopted:
o Assortment adjustment: we promoted the adjustment of the assortment, prioritizing and expanding
the assortment of basic items such as alcohol gel, personal hygiene items, cleaning materials, baby
care, food, drinks, among others. We quickly reinforced inventories with suppliers and started selling
new product lines in order to further expand our portfolio and meet the most basic needs of
customers.
o O2O initiatives acceleration: during March, we came from a base of 300 stores offering the Ship From
Store delivery service (LASA Delivery) to 100% of the Company's stores. The Click and Collect Now and
LASA Seller initiatives continue to gain relevance in sales, already represent 10% of the physical
platform total sales and continue to gain share in the month of April.
o Launch of the WhatsApp sales channel “In Your Home” (“Na Sua Casa”): at the end of March, we
launched the sales channel “In Your Home” (“Na Sua Casa”), which allows customers to contact the
store closest to their zip code via WhatsApp, and receive your order at home on the same day, with a
payment solution integrated with the Ame app. In just over 30 days of operation, more than 400,000
orders were placed through the platform.
o Creation of “Americanas Drive Thru”: following the recommendations for social distance, we created
the Drive Thru operation in 1,330 stores, allowing customers to collect their orders at the store door
without having to get out of the car.
PARENT COMPANYHIGHLIGHTS (R$ MM) 1Q20 1Q19 Δ
Gross Revenue 2,777.4 2,671.5 4.0%
Same StoresSales (GR) 1.7% 5.8% -
Net Revenue 2,400.4 2,300.9 4.3%
Same StoresSales (NR) 2.0% 4.9% -
Gross Profit 912.4 887.3 2.8%
GrossMaring (%NR) 38.0% 38.6% -0.6p.p.
Adjusted EBITDA 498.3 477.6 4.3%
EBITDAMargin (%NR) 20.8% 20.8% -

5. Earnings Release
1Q20
5
Easter Event: Considering the context we are inserted, we decided to adjust the amount of Easter eggs according to
the expected demand of the event, in partnership with our suppliers. Although the Easter event was directly impacted
by the pandemic, the decision to adjust the supply to demand was correct. During the event, we gained relevant
market share. Using the flexibility of the Americanas Universe, we reinvented an event that traditionally brings a high
number of customers to stores. Through O2O initiatives, customers were able to receive their Easter eggs in the
comfort and safety of their home. We made thousands of deliveries through the LASA Seller and Ship from Store
initiatives. We created new distance selling channels such as WhatsApp sales “In Your Home” (“Na Sua Casa”) and
Americanas Drive Thru and partnered with the Ame Digital, Supermarkets Now and Uber eats apps to further increase
door-to-door deliveries. The stores operation combined a strict access control with the Click and Collect Now
initiative, where the customer buys online and picks up the item at the nearest store, without shipping, without queues
and without agglomeration.
INVESTMENTS
Throughout 1Q20, the parent company's investments totaled R$ 220.1 million, distributed according to the following
table:
The increase in investments in Technology is associated with the anticipation of investments for the expansion of O2O
initiatives during the quarter and with the Ame Digital development roadmap.
EXPANSION
During 1Q20, we opened 8 new stores, reaching 1,705 stores in 744 different cities. During the quarter, we closed 3
stores in the express format, in line with the objective of optimizing the store portfolio.
As of March 31, 2020, the Company had 26,663 associates and 1,705 stores, of which 934 were traditional, 709 express,
53 in convenience format, 7 digital stores and 2 Ame Go, reaching a sales area of 1,212,400 square meters (+7.6% vs
1Q19). The total store base is distributed as follows among the regions: 50.4% in the Southeast, 22.5% in the Northeast,
10.4% in the South, 9.1% in the Midwest and 7.6% in the North.
Investments 1Q20 1Q19 ∆ %
Openings / Improvements 167.3 168.1 -0.5%
Technology 49.7 39.1 27.1%
Operations and Others 3.1 0.5 516.0%
Total 220.1 207.7 6.0%
Region Format
Number of
Stores
Sales Area
thousand m²
Average
thousand m²
1 .700 1 .209,3 0,7
,
Express/Digital 2 0,4 0,2
Traditional 1 1 ,2 1 ,2
Express/Digital 1 0,2 0,2
Express/Digital 1 0,4 0,4
Traditional 1 0,7 0,7
Traditional 1 0,5 0,5
Express/Digital 1 0,3 0,3
Traditional 3 2,4 0,8
Express/Digital 5 1 ,4 0,3
Closures/Refurbishment (3) (0,7) 0,2
1 .705 1 .21 2,4 0,7
As of 1 2/31 /201 9
Southeast
Northeast
South
North
Midwest
TOTAL
As of 03/31 /201 9

6. Earnings Release
1Q20
6
DIGITAL PLATAFORM
OPERATIONAL SUMMARY
 GMV growth: In the 1Q20, the total GMV was R$ 4,558.0 million, an increase of 27.3% when compared to R$
3,579.3 million registered in 1Q19.
 Orders: In the 1Q20, the number of orders increased by 35%, driven by the increase in the frequency of
purchases and new customers. In Apr/20, we had a strong acceleration, with the number of orders growing
83%.
 Traffic: The number of visits to our sites and Apps reached 659 million in 1Q20, an increase of 45% vs. 1Q19.
Throughout the quarter, mobile traffic represented 81.6% of total visits, an increase of 9.7 p.p. compared to
1Q19.
 Marketplace: During the quarter, the record number of 8.6 thousand new sellers on the platform was
connected, leaving a base of 46.8 thousand Sellers in Dec/19 to more than 55.4 thousand Sellers in Mar/20.
With the “Sell with us” (“Venda com a gente”) campaign, we connect large Physical Retail Sellers from different
verticals and several Local Sellers who provide fast deliveries in their regions. In the quarter, the marketplace
represented 59.8% of GMV Total.
 Customer Base: The number of active customers (last twelve months) reached 17 million at the end of Mar/20,
driven by the addition of 2 million new customers.
 Assortment: B2W Digital reached 31.7 million offers and launched the “What do you need now?” (“O que você
precisa agora?”) Campaign, promoting the assortment that customers most needed during the period of social
isolation, with a differentiated service level and fast delivery. The total number of offers available to customers
grew by 248% over 1Q19, driven by Marketplace sellers.
 Americanas Market: B2W Digital launched Americanas Market, with the integration of Supermercado Now as a
mini app within Americanas.com, allowing the brand's customers to buy all Supermarket items online, including
fresh food.
 Adjusted EBITDA: In the 1Q20, Adjusted EBITDA reached R$ 127.6 million, an increase of 53.3% compared to
the R$ 83.2 million recorded in the 1Q19. The Adjusted EBITDA margin went from 6.5% in 1Q19 to 7.5% in 1Q20, an
increase of 1.0 p.p.
 Net Result: In the 1Q20, the net result was R$ -108.0 million vs R$ -139.2 million in the 1Q19.
For more information on B2W Digital's results, visit: ri.b2w.digital/en
B2W DIGITAL HIGHLIGHTS (R$ MM) 1Q20 1Q19 Δ
Total GMV 4,558.0 3,579.3 27.3%
%Marketplace 59.8% 61.2% -1.4 p.p.
Net Revenue 1,696.2 1,282.6 32.3%
Gross Profit 466.7 347.8 34.2%
GrossMargin (%NR) 27.5% 27.1% +0.4 p.p.
Adjusted EBITDA 127.6 83.2 53.3%
EBITDAMargin (%RL) 7.5% 6.5% +1.0p.p.

7. Earnings Release
1Q20
7
INNOVATION ENGINE
IF - Inovação e Futuro, is the innovation engine of the Americanas Universe, responsible for construct disruptive
businesses and leverage various initiatives within Americanas and B2W Digital. Faced with the challenging scenario
caused by the advance of the pandemic, IF acted as a centralizer of the crisis committee of the Americanas Universe,
coordinating contingency measures and social impact and implementing innovative initiatives.
AME DIGITAL
 Ame Digital, the fintech and mobile business platform of Americanas Universe, continues to develop rapidly
and reached 7.5 million downloads in 1Q20, 1.7 million connected establishments and already has more than 40
features. Ame continues to gain traction at Americanas and B2W, optimizing the offer of discounts to
customers through cashback, generating greater purchase recurrence and increasing customer spending.
 Ame launched Easter Egg Delivery, through the delivery mini-app, with delivery through Ame Flash. With the
campaign “Ame brings Easter to me!” (“Ame traz a Páscoa pra mim!”) thousands of Easter eggs were sold and
delivered throughout Brazil.
 Ame launched the “#LoveToDoYourPart” (“#AmeFazerSuaParte”) campaign, a set of initiatives to mitigate the
impacts of the Covid-19 pandemic. Using mini-app technology, Ame Digital leveraged its donation hub by
adding 70 new NGOs within the platform, such as Doctors Without Borders, UNICEF, Red Cross, Ação Cidadania
and Amigos do Bem.
 Ame announced the partnership with BR Distribuidora to use the app as a means of payment in approximately
8,000 service stations and 3,000 BR Mania and LUBRAX Mais convenience stores. This partnership will allow all
payments to be made quickly, safely and without physical contact, via QR Code.
 Ame launched functionality for depositing Federal Government Emergency Aid. In this way, beneficiaries can
use their assistance to make purchases, pay bills, top up prepaid cell phones and much more. In addition,
beneficiaries who deposit the aid at Ame Digital earn a cashback coupon to be used at Lojas Americanas or
B2W Digital's websites.
 Ame Flash, a logistics platform that connects independent deliverers (crowdshipping), surpassed the mark of
500 cities served and a total of 17,000 connected deliverers (vs. 800 in Dec/19).
 Pedala and Courri, specialized in fast and sustainable deliveries by bicycles and scooters, acquired to
accelerate Ame Flash, surpassed 150 thousand deliveries in São Paulo, Brasília and Rio de Janeiro in 1Q20 (vs.
370 thousand orders in 2019). In this period, we stopped emitting 100 tons of CO2.
O2O (ONLINE TO OFFLINE)
 Given the scenario of increased social isolation and measures restricting the movement of people, O2O
initiatives have gained even more relevance by offering customers easy, fast and safe purchasing alternatives.
Therefore, the acceleration of these different initiatives was consolidated as one of the main focuses of the
Americanas Universe for the year of 2020. At the end of 1Q20, the different types of O2O sales registered an
increase of 85% in relation to the same period of the previous year.
o Seller LASA: In 1Q20, the available assortment expanded by 15% and sales grew 3.7x compared to the
previous year. For the first time, Americanas was B2W Marketplace's biggest seller in terms of number
of items sold and sales volume.
o Click and Collect Now: Available in all 1,700 Americanas, allowing the customer to buy the store's
online inventory and pick up the product within 1 hour without shipping. The modality continues to
develop rapidly, reaching more than 170,000 orders in the 1Q20.
o Ship from Store: Online purchase of the closest Americanas and receive the product in up to 2 hours
at the desired address. In this quarter the service was expanded to 1,700 physical stores, in all Brazilian
states. In addition, it is also available in 400 stores of B2W Marketplace sellers.
o Click and Collect: The customer buys online and collects in our pickup points. In 2019, we became the
largest pick-up point network in Brazil, and in the 1Q20 we reached 9,000 connected points

8. Earnings Release
1Q20
8
(Americanas, Sellers stores and partners points) in more than 5,000 cities in Brazil, offering 99% of the
Brazilian population access to the service.
o Infinite Shelf: Assisted sales operation in stores for products offered on the digital platform (1P and
3P). In the 1Q20, the operation had an average ticket approximately 15x higher than that of the physical
stores and sales growth of 32% compared to 1Q19.
COMMENTS ON RESULTS
SELLING, GENERAL AND ADMINISTRATIVE EXPENSES
In the 1Q20, at the parent company, selling expenses decreased by 0.5 p.p. as a percentage of net revenue, reflecting
rental renegotiation efforts, including rents, operational costs (e.g. MDR) and supplies, beyond the revision of non-
essential expenses. The general and administrative expenses increased 0.9% in the period, as a result of stricter
control of expenses in line with the cash conservation policy.
In the consolidated view, selling, general and administrative expenses increased 17.0% and in the quarter, reflecting
higher expenses with personnel, necessary to support new Ame and B2W Digital projects.
ADJUSTED EBITDA
In the 1Q20, the Parent company's EBITDA expanded 4.3%, while Consolidated increased 4.8%. The table below shows
the reconciliation between adjusted EBITDA and EBITDA CVM 527/12:
In the quarter, we made a conservative movement of provisions for the eventual devaluation of inventories, which
made the “Other operating expenses” line to increase compared to 1Q19.
1Q20 1Q19 ∆ % 1Q20 1Q19 ∆ %3Q1
SG&A (414.1) (409.7) 1.1% (779.8) (666.4) 17.0%0 0 0 0 0 0
Sales Expenses (385.5) (381.4) 1.1% (696.1) (591.7) 17.7%
% Net Revenue 16.1% 16.6% -0.5 p.p. 17.2% 16.7% +0.5 p.p.
General & Administrative Expenses (28.6) (28.3) 0.9% (83.7) (74.7) 12.0%
% Net Revenue 1.2% 1.2% - 2.1% 2.1% -
Operational Expenses (R$ MM)
Parent Company Consolidated
1Q20 1Q19 ∆ % 1Q20 1Q19 ∆ %
(=) Adjusted EBITDA 498.3 477.6 4.3% 587.8 560.8 4.8%
(+) Other operating income (expenses)* (32.1) (9.4) 242.4% (46.5) (20.7) 124.2%
(+) Equity accounting (78.7) (82.6) -4.7% - - -
(+) Minority participation - - - 41.7 53.6 -22.3%
(=) EBITDA (CVM 527/12) 387.4 385.6 0.5% 583.0 593.7 -1.8%
Parent Company Consolidated
EBITDA Reconciliation - R$ MM
*In the old accounting rules, considered as "non operating income".

9. Earnings Release
1Q20
9
NET FINANCIAL RESULT
In the 1Q20, in the consolidated view, the 18.0% drop in net financial result reflects the drop in the CDI* rate observed
throughout the year, in addition to the effects of the capital increase in B2W in the 4Q19.
In the parent company view, the financial result was positively impacted by the drop in the CDI rate and negatively
impacted by the reduction in the level of cash and financial investments due to the contribution in the capital increase
of B2W and an increase in discounts on receivables. As a result of these effects, the financial result decreased by 7.7%
in the 1Q20.
*CDI (Interbank Deposit Certificate): average rate of funding through the interbank market.
NET INCOME
The following table shows the main variations from the Adjusted EBITDA to the net income:
WORKING CAPITAL
In the 1Q20, the parent company's working capital was 19 days, representing a significant improvement of 22 days
compared to the 1Q19. The highlight of the improvement was the reduction in inventory levels, generated by continuous
operational improvements generated by LET'S, in addition to efficiency gains in the allocation of inventories in stores,
influenced by the intensive use of data analytics in the decision making of commercial departments.
Net Financial Result 1Q20 1Q19 ∆ % 1Q20 1Q19 ∆ %
Interest and monetary securities 31.3 68.2 -54,2% 95.6 139.5 -31.5%
Financial discounts obtained and other financial revenues 0.8 0.5 58.9% 0.8 1.4 -42.4%
Interest and monetary variations on securities and receivables
antecipation
(132.4) (193.8) -31.7% (290.7) (423.6) -31.4%
Interest relating to lease agreements (39.0) (34.0) 14.7% (44.5) (39.5) 12.8%
Bank expenses, taxes and others (36.4) (42.0) -13.5% (48.3) (50.4) -4.2%
Adjustment to present value of suppliers and accounts
receivable and monetary variation of tax liability
(39.4) (32.1) 22.8% (28.6) (12.6) 127.3%
Net Financial Result (215.1) (233.1) -7.7% (315.6) (385.1) -18.0%
Parent Company Consolidated
Reconciliation of the Net income - R$ MM 1Q20 1Q19 ∆ R$ 1Q20 1Q19 ∆ R$
Adjusted EBITDA 498.3 477.6 20.7 587.8 560.8 27.0
(+) Depreciation / Amortization (202.8) (186.7) (16.0) (355.7) (313.2) (42.5)
(+) Net Financial Result (215.1) (233.1) 18.0 (315.6) (385.1) 69.5
(+) Equity Accounting (78.7) (82.6) 3.9 - - -
(+) Other Operat. Income (Expenses)* (32.1) (9.4) (22.8) (46.5) (20.7) (25.8)
(+) Minority Interest - - - 41.7 53.6 (11.9)
(+) Income Tax and Social Contribution (18.8) (19.2) 0.5 39.1 51.1 (12.0)
(=) Net Income (49.2) (53.5) 4.3 (49.2) (53.5) 4.3
Parent Company Consolidated
*In the old accounting rules, considered as"non-operating income", including expenditure on action plan.

10. Earnings Release
1Q20
10
In the consolidated view, working capital was 13 days in the 1Q20, showing an important improvement of 31 days in
relation to the same period of the previous year. In addition to the improvements in the physical platform, this result
reflects the curatorial process and review of the 1P assortment, the optimization of merchandise purchase planning,
as well as the 3P (Marketplace) increased share of total sales.
INDEBTEDNESS
Adjusted EBITDA - Operating profit before interest, taxes, depreciation and amortization, other operating income/expenses, equity accounting, minority interest.
As of March 31, 2020, consolidated net debt decreased R$ 1,177.2 million compared to the previous year, an
improvement of 0.5x EBITDA. The reduction in net indebtedness in the consolidated view reflects the impacts of B2W
Digital's capital increase, which was supported by 100% of its shareholders, in addition to the cash flow generated by
the physical and digital platforms. The average term of the debt ended the quarter above 37 months.
In the parent company, net debt increased by R$ 1,264.6 million, a variation of 0.3x EBITDA. Excluding Americanas'
share in B2W's capital increase, the parent company's net debt would have decreased R$ 299.8 MM, an improvement of
0.3x in the net debt/EBITDA ratio. The average debt term ended the quarter above 38 months.
R$ million
Indebtedness 03/31/2020 03/31/2019 03/31/2020 03/31/2019
ShortTerm Debt 772.7 626.0 2,060.7 2,302.5
ShortTerm Debentures 233.0 577.7 233.0 577.7
Short Term Indebtedness 1,005.8 1,203.7 2,293.7 2,880.2
LongTerm Debt 3,557.2 3,185.3 8,951.0 10,601.5
LongTerm Debentures 5,106.0 5,230.8 5,106.0 5,230.8
Long Term Indebtedness 8,663.2 8,416.1 14,057.0 15,832.3
Total Debt (1) 9,668.9 9,619.8 16,350.7 18,712.5
Cashand banks 3,346.8 3,980.5 7,031.5 7,725.4
Money marketinvestments 1,152.2 1,400.3 4,477.2 4,657.5
Money marketinvestments (BWU)* 266.5 250.9 - -
Accounts receivablefrom credit/ debitcards 929.4 1,278.8 1,331.1 1,641.5
Total Cash (2) 5,695.0 6,910.5 12,839.8 14,024.4
Net Cash (Debt) (2) - (1) (3,973.9) (2,709.3) (3,510.9) (4,688.1)
Net Debt / Adjusted EBITDA 1.4 1.1 1.0 1.5
Average Maturity of Debt (in days) 1,160 1,316 1,131 1,236
*BWU financialapplications [EN13 (b)(i)]
Parent Company Consolidated

11. Earnings Release
1Q20
11
Among the measures adopted in the quarter are the intensification of the flow of credit card receivables in advance and
the postponement of the debt prepayment and financial deleveraging strategy.
The accounts receivable considers credit and debit card receivables, net of the discounted amount, which have
immediate liquidity and can be considered as cash. The composition of accounts receivable from Americanas is shown
in the table below:
R$ million
Accounts Receivable Conciliation - R$ MM 03/31/2020 03/31/2019 03/31/2020 03/31/2019
Gross credit-cards receivable 1,382.9 1,249.6 6,173.2 5,658.9
Receivablediscounts (1,025.7) (4.0) (5,774.4) (4,156.4)
Electronicdebits and checks receivables 5.3 29.2 5.3 29.9
Receivables Fund (FIDC) 566.8 4.0 927.0 109.1
Accounts Receivable from credit / debit cards 929.4 1,278.8 1,331.1 1,641.5
Present-valueadjustment (4.1) (12.8) (10.2) (19.5)
Provisionfordoubtful accounts (2.2) (1.0) (52.5) (48.5)
Otheraccounts receivable 4.7 6.1 94.1 122.1
Consolidated Net Accounts Receivable 927.9 1,271.1 1,362.5 1,695.6
Parent Company Consolidated

12. Earnings Release
1Q20
12
GENERAL CONSIDERATIONS
ABOUT LOJAS AMERICANAS S.A.
Lojas Americanas has developed, over time, different business fronts that have become powerful platforms, designed
in a unique approach in order to better serve customers. Combined, the physical, digital platforms and the innovation
engine, constitute the Americanas Universe.
The physical platform has five store formats: i) Traditional, with an average sales area of 1,000m² automatic inventory
replenishment and assortment of up to 60,000 items; (ii) Express, with an average sales area of 400 m², just-in-time
logistics and assortment of up to 15,000 items; (iii) Convenience (Local), with an average sales area of 100 m², daily
replenishment of inventory and 80% of the product mix aimed at food convenience and assortment of up to 3,000
items; (iv) Ame Go, with an average sales area of 50 m² and an assortment aimed at convenience, developed with
exclusive technology in Brazil that combines artificial intelligence and sensors, enabling autonomous purchase; and (v)
Digital, with an average sales area of 70 m², about 70% of the product mix composed of electronics, with a focus also on
offering services and O2O. Americanas' assortment is constantly evolving, always with the objective of meeting
customer needs, exceeding their expectations.
The digital platform was created with the inception of B2W Digital, which is market leader in e-commerce in Latin
America and aims to connect people, businesses, products and services. It has the largest and most beloved brands on
the internet, a fast growing marketplace operation, in addition to offering technology, logistics, distribution, customer
service and payments services. Americanas is the controlling shareholder of B2W Digital, with a 61.42% interest
currently. The Company's shares are traded under the BTOW3 code on B3, in the Novo Mercado segment, which has the
highest Corporate Governance index in Brazil.
The innovation engine of Americanas Universe, IF - Inovação e Futuro, was created in 2018 under the context of
accelerated transformation of the physical and digital worlds, with the objective of capturing the opportunities
generated by this new business environment, outside the operations of Americanas and B2W. IF was born with the
mission of building disruptive businesses and leveraging various initiatives by the Companies. The main verticals of IF's
operations are: incubate new businesses, accelerate existing initiatives, invest in startups (venture capital), lead the
O2O fronts and prospect new opportunities, including M&A operations.
Ame Digital, our fintech and mobile business platform, is one of the first initiatives of IF - Inovação e Futuro. Operating
initially at Americanas physical stores and B2W websites (Americanas, Submarino, Shoptime and Sou Barato), Ame has
been gaining traction also in the off-us environment, and already has more than 7.5 million downloads. Ame has a key
feature (cashback) that makes customers buy more often and have larger tickets, generating greater spending. Ame's
corporate structure is made up of 56.92% for Americanas and 43.08% for B2W.
LET´S – Logística e Distribuição is a shared management platform for the logistics and distribution assets of Lojas
Americanas and B2W, that aims to optimize the Companies’ operations through a flexible fulfillment model.
CORPORATE GOVERNANCE
Lojas Americanas S.A. has been listed on the Brazilian Stock Exchange (B3) since 1940. The Company has a shareholder
base composed of common shares (LAME3) and preferred shares (LAME4). In addition, since August 17, the Company
has been part of Level 1, a special segment of B3 Corporate Governance. Since 2006, Lojas Americanas has maintained
in its Bylaws the commitment to grant full tag along (100%) to the Company's common and preferred shares.
The Company has a Board of Directors made up of seven members, three of whom are independent. For better
performance of its functions, the Board of Directors created the following committees: Finance, People and
Compensation, Digital, Ame, Audit and Sustainability. The created committees are composed of members of the Board
of Directors and external contracted specialists. The Audit committee is composed exclusively by independent
members. Americanas also has a Fiscal Council formed by three members, one appointed by the controllers and two
appointed by minority shareholders.
“Everything. Anytime. Anywhere.”

13. Earnings Release
1Q20
13
APPENDIX I – INCOME STATEMETS
Adjusted EBITDA - Operating profit before interest, taxes, depreciation and amortization, other operating income/expenses, equity accounting, minority interest.
Lojas Americanas S.A.
Demonstração do Resultado
(em milhões de reais)
1T20 1T19 Variação 1T20 1T19 Variação
Gross Merchandise Volume (GMV) - - - 7,302.7 6,217.6 17.5%
Receita Bruta de Vendas e Serviços 2,777.4 2,671.5 4.0% 4,850.0 4,246.6 14.2%
Impostos sobre vendas e serviços (377.0) (370.6) 1.7% (792.8) (694.3) 14.2%
Receita Líquida de Vendas e Serviços 2,400.4 2,300.9 4.3% 4,057.2 3,552.3 14.2%
Custo das mercadorias vendidas e serviços prestados (1,488.0) (1,413.6) 5.3% (2,689.6) (2,325.1) 15.7%
Lucro Bruto 912.4 887.3 2.8% 1,367.6 1,227.2 11.4%
Margem Bruta (% RL) 38.0% 38.6% -0.6 p.p. 33.7% 34.5% -0.8p.p.
Despesas Operacionais (616.9) (596.4) 3.4% (1,135.5) (979.5) 15.9%
Com vendas (385.5) (381.4) 1.1% (696.1) (591.7) 17.7%
Gerais e administrativas (28.6) (28.3) 0.9% (83.7) (74.7) 12.0%
Depreciação e amortização (202.8) (186.7) 8.6% (355.7) (313.2) 13.6%
Resultado Operacional antes do
Resultado Financeiro
295.5 290.8 1.6% 232.2 247.6 -6.2%
Resultado Financeiro Líquido (215.1) (233.1) -7.7% (315.6) (385.1) -18.0%
Equivalência patrimonial (78.7) (82.6) -4.7% - - -
Outras receitas (despesas) operacionais* (32.1) (9.4) 242.4% (46.5) (20.7) 124.2%
Participação minoritária - - - 41.7 53.6 -22.3%
Imposto de renda e contribuição social (18.8) (19.2) -2.3% 39.1 51.1 -23.5%
Resultado Líquido (49.2) (53.5) -8.0% (49.2) (53.5) -8.0%
Margem Liquida (% RL) -2.0% -2.3% +0.3 p.p. -1.2% -1.5% +0.3 p.p.
EBITDA Ajustado 498.3 477.6 4.3% 587.8 560.8 4.8%
Margem EBITDA Ajustada (% RL) 20.8% 20.8% - 14.5% 15.8% -1.3 p.p.
* Na antiga norma contábil, chamado de "resultado não operacional".
Controladora
Trimestres findos em 31 de Março
Consolidado
Trimestres findos em 31 de Março

14. Earnings Release
1Q20
14
APPENDIX II – BALANCE SHEET
Lojas Americanas S.A.
Balance Sheet
(In Million Reais) 03/31/2020 12/31/2019 03/31/2020 12/31/2019
ASSETS
CURRENT ASSETS
Cash and cash equivalents 3,346.8 2,752.6 7,031.5 6,291.7
Marketable securities and other financial assets 1,096.9 836.5 4,416.6 4,314.8
Clients accounts receivable 927.9 1,664.9 1,362.5 2,321.1
Inventories 2,967.8 2,607.1 4,161.8 3,558.5
Recoverable taxes 681.8 552.4 1,402.2 1,243.8
Prepaid expenses 34.4 11.2 73.1 46.6
Other accounts receivable 541.0 589.6 1,039.0 1,132.2
Total Current Assets 9,596.4 9,014.3 19,486.8 18,908.7
NON-CURRENT ASSETS
Marketable securities and other financial assets 55.4 54.8 60.6 193.5
Loans e advances to subsidiaries companies 7.1 39.3 - -
Receivables from stockholders - Stock Option Plan 50.0 50.1 50.0 50.1
Deferred income tax and social contribution - 0.6 1,396.9 1,338.0
Escrow deposits 300.6 318.7 421.0 427.3
Recoverable taxes 718.6 797.1 1,992.4 1,994.3
Other non-Current - - 69.0 69.0
Investments 4,377.0 4,412.1 - -
Property, plant and equipment 3,764.5 3,670.3 4,176.8 4,094.3
Intangible assets 525.4 520.3 4,049.4 3,972.7
Right of real estate use 1,959.0 1,969.0 2,221.0 2,221.1
Total Non-Current Assets 11,757.6 11,832.3 14,437.2 14,360.3
TOTAL ASSETS 21,354.0 20,846.6 33,923.9 33,269.0
LIABILITIES AND SHAREHOLDER´S EQUITY
CURRENT LIABILITIES
Suppliers 3,284.9 3,273.1 6,007.7 6,031.7
Leasing to pay 395.9 360.5 475.3 440.2
Loans and financing 772.7 566.3 2,060.7 2,113.4
Debentures 233.0 199.7 233.0 199.7
Payroll and related charges 100.6 108.7 169.8 172.2
Taxes payable 72.8 163.7 135.6 271.0
Income tax and currents social contribution - 76.6 2.2 80.2
Dividends and participations proposed 63.2 296.0 63.2 296.0
Provisions for court proceedings and contingencies 37.1 40.5 37.1 40.5
Accounts payable - business combination - - 10.5 10.3
Other current liabilities 316.6 405.7 795.6 902.7
Total Current Liabilities 5,276.8 5,490.7 9,990.6 10,557.8
NON-CURRENT LIABILITIES
Long term liabilities:
Loans e advances to subsidiaries companies 81.3 123.1 - -
Leasing to pay 1,805.8 1,903.5 2,024.5 2,113.2
Loans and financing 3,557.2 2,944.8 8,951.0 7,857.0
Debentures 5,106.0 5,105.0 5,106.0 5,105.0
Income tax and deferred social contribution 18.2 - 18.2 -
Provisions for court proceedings and contingencies 92.9 96.5 243.7 246.8
Provisions for loss on investiments 21.2 15.4 - -
Accounts payable - business combination - - 19.4 5.5
Other non-current liabilities - - 3.4 3.8
Total Non-Current Liabilities 10,682.5 10,188.3 16,366.1 15,331.3
SHAREHOLDER'S EQUITY
Social capital 4,238.9 4,010.0 4,238.9 4,010.0
Capital reserves 194.3 147.1 194.3 147.1
Profit reserves 1,055.1 1,055.1 1,055.1 1,055.1
Treasury shares (44.5) (44.5) (44.5) (44.5)
Profit/ loss for the period (49.2) - (49.2) -
Minority interest - - 2,172.6 2,212.2
Total Shareholders' Equity 5,394.6 5,167.6 7,567.2 7,379.9
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY 21,354.0 20,846.6 33,923.9 33,269.0
Parent Company Consolidated

15. Earnings Release
1Q20
15
APPENDIX III – CASH FLOW STATEMENT
Lojas Americanas S.A.
CASH FLOW STATEMENT - INDIRECT METHOD
(In Million Reais) 03/31/2020 03/31/2019 03/31/2020 03/31/2019
Net income (loss) for the quarter: (49.2) (53.5) (90.8) (107.1)
Adjustments to net income:
Depreciation and amortization 116.5 114.0 248.4 223.7
Depreciation right of real state 86.3 72.7 108.3 90.2
Residual and deferred value of fixed assets write-off 4.3 5.2 6.3 5.3
Equity accounting 78.7 82.6 - -
Income tax and social contribution current - - 1.6 4.4
Income tax and social contribution referred 18.8 19.2 (40.7) (55.6)
Interest on credits and debits 1.6 1.7 1.6 1.7
Interest and variations financing 156.2 206.4 233.2 343.1
Adjustment in provision for court proceedings and contingencies - - 3.1 3.2
Reversal of provision for court proceedings and contingencies (3.1) (3.1) (5.7) (9.5)
Stock option plan 9.5 9.1 14.7 14.6
Provision for estimated credit losses - credit cards 0.5 0.1 (0.2) 2.6
Provision for losses in inventories (14.7) (12.9) (13.1) (19.5)
Others 20.7 26.2 28.1 15.1
Adjusted net income 426.1 467.9 494.6 512.3
Decrease (increase) in operating assets:
Clients accounts receivable 742.8 449.1 939.9 174.0
Inventories (292.2) (265.3) (539.5) (289.9)
Recoverable taxes (50.9) 22.6 (156.6) 3.7
Prepaid expenses (28.7) (34.2) (13.8) (19.8)
Escrow deposits 18.2 (1.5) 6.3 (9.5)
Other accounts receivable 48.6 109.8 93.2 141.9
437.8 280.6 329.4 0.5
Increase (decrease) in operating liabilities:
Suppliers (63.4) (175.4) (94.2) (269.2)
Payroll and related charges (8.1) (4.4) (2.4) (6.5)
Taxes payable (91.1) (16.2) (138.0) (28.2)
Current income tax and social contribution (76.6) (127.1) (79.6) (144.6)
Contingencies payments (5.9) (7.2) (5.9) (7.2)
Loans and advances from subsidiaries (9.6) (27.0) - -
Interest settlement on loans and debentures (57.7) (90.9) (160.0) (220.3)
Interest over leasing right to use of real state (39.0) (33.9) (44.5) (39.5)
Other accounts payable (89.1) 7.8 (89.1) (18.5)
(440.3) (474.4) (613.8) (734.2)
Net cash provided by operating activities 423.5 274.1 210.2 (221.4)
Cash Flow from Investing Activities
Marketable securities (260.9) (189.8) 31.1 (1,375.8)
Plant, property and equipment (195.3) (173.4) (202.0) (176.1)
Intangible (24.8) (34.3) (174.4) (142.1)
Net cash provided (used) by investment activities (481.1) (397.5) (345.3) (1,694.0)
Cash Flow from Financing Activities
Loans e financing (current and non-current):
Borrowings 853.6 4.6 1,135.4 2,738.4
Liquidations (60.1) (482.4) (95.5) (784.3)
793.5 (477.8) 1,039.9 1,954.1
Debentures (current and non-current)
Borrowings - 1,000.0 - 1,000.0
Liquidations - - - -
- 1,000.0 - 1,000.0
Leasing right to use real state (138.5) (111.5) (161.7) (127.3)
Receivables from Stock Option Plan 0.6 0.1 0.6 0.1
Capital Increase 228.9 - 228.9 -
Interest on equity and dividends paid (232.8) - (232.8) -
Net cash provided by financing activities 651.7 410.7 875.0 2,826.9
Net increase in cash and cash equivalents 594.2 287.4 739.8 911.5
Cash at the begining of the quarter 2,752.6 3,693.2 6,291.7 6,813.8
Cash at the end of the quarter 3,346.8 3,980.5 7,031.5 7,725.4
Net increase in cash and cash equivalents 594.2 287.4 739.8 911.5
Parent Company Consolidated

16. Earnings Release
1Q20
16
EARNINGS RESULTS CONFERENCE CALL
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:
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MSCI or its affiliates and Lojas Americanas S.A. has been granted a license to use these trademarks for given purposes.