Conference Call 3Q10 Results
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1 Conference Call 3Q10 Results In Portuguese with simultaneous translation in English Time: 11:00 am (US-ET)/ 1:00 pm (Brazil) Access in English: +1 (786) Access in Portuguese: +55 (11) Replay in English: +55 (11) password: Replay in Portuguese: +55 (11) password:
2 Forward-Looking Statements Any statement made during this presentation referring to the Company s business outlook, projections and financial and operating goals represent beliefs and assumptions of the Management of Lojas Renner S.A and are based on information currently available to the Company. Future considerations are not a guarantee of performance. These involve risks, uncertainties and assumptions since they refer to forward-looking events and, therefore depend on circumstances that may not occur. The audience should understand that general economic and industry conditions, as well as other operating factors may affect the Company s future results and lead to outcomes that may be materially different from those expressed in such future considerations. Except where indicated to the contrary, the following financial and operating information is in conformity with Brazilian Corporate Law, incorporating the amendments in Law 11,638/07, and the comparisons refer to the third quarter (3Q) and first nine months (9M). As from December 2007, the Company has begun to include revenues from financial services in Gross Operating Sales Revenue. However, in this report, comparisons, percentages of expenses, and operating margins are related to Net Revenue from Merchandise Sales. 2
3 Highlights of the Period Same Store Sales were up +10.5% in 3Q10 against +1.3% in 3Q09 Gross Profit from Merchandise Sales recorded R$ million in 3Q10 and the Gross Margin from the Retail Operation was 47.3% The Results from Financial Services were R$ 44.0 million in 3Q10,, a growth of 60.5% over the 3Q09 EBITDA in 3Q10 was R$ million,, representing an increase of 42.0% compared with the same period in the preceding year EBITDA Margin was 18.5% against 15.2% in 3Q09, an increase of 3.3 percentage points The Company ended 3Q10 with a growth of 86.3% in Net Income, increasing from R$ 30.6 million in 3Q09 to R$ 57.0 million 3
4 Net Revenue from Merchandise Sales Net Revenue from Merchandise Sales R$ MM +16.7% +4.6% 1, , , % +16.8% Q08 3Q09 3Q10 9M08 9M09 9M10 3Q09/3Q08 1.3% 3Q10/3Q % 9M09/9M08-2.2% 9M10/9M % Same Store Sales Growth Same Store Sales Growth 4
5 Store Productivity Net Revenue from Merchandise Sales per m 2 In R$ per m 2-6.7% +7.9% 6,362 5,934 6, % +8.2% 2,079 2,018 2,183 3Q08 3Q09 3Q10 9M08 9M09 9M10 5
6 Store Operations Geographical Distribution September Selling Area & Number of Stores Thousand m 2 RR AP +7.7% AC AM 2 1 RO MT 1 MS 1 PA 1 RS PR TO 1 DF GO 5 5 MG 7 SP 39 SC 8 MA PI BA 3 RJ 14 CE 2 ES 2 1 RN 1 PB 3 PE AL SE % stores stores stores Sep.08 Sep.09 Sep.10 Stores Distribution Centers 6
7 Gross Profit from Merchandise Sales Gross Profit & Gross Margin from Retailing Operation R$ MM +23.5% +4.0% % +20.2% % 46.0% % 47.1% 46.8% 49.5% 3Q08 3Q09 3Q10 9M08 9M09 9M10 Gross Profit Gross Margin from Retailing Operation Operating initiatives for development of the supply chain; Improvements in the composition of inventory and in procurement planning; Improvement of processes in the development of the collections; Better understanding of the characteristics of each region. 7
8 Selling Expenses Selling Expenses R$ MM Average Expenses per Store (R$ thousand) +9.6% +11.4% +6.1% ,139 1, % +15.3% % % % 25.8% 27.0% 25.8% 3Q % 3Q10 3Q08 3Q09 3Q10 9M08 9M09 9M10 3,360 3,439 Selling Expenses As a % of Net Revenues from Merchandise Sales New remuneration system for store employees adopted by the Company since 2008; Good sales performance in the period. 9M09 9M10 8
9 General & Administrative Expenses General & Administrative Expenses R$ MM +0.5% +15.4% Average Expenses per Store (R$ thousand) +18.9% % +29.2% Q09 3Q % 9.0% 10.0% 9.5% 9.1% 9.0% +6.0% 3Q08 3Q09 3Q10 9M08 9M09 9M G&A Expenses As a % of Net Revenues from Merchandise Sales Higher quarterly expenses associated with the structure that is to support expansion over the next few years; Special projects such as: e-commerce, logistics/it and compact stores. 9M09 9M10 9
10 Renner Card and Financial Services Result from Financial Services Breakdown (R$ MM) 3Q10 3Q09 9M10 9M09 Revenues Recovery of Past Due Receivables (Related to Merchandise Sales) Additional Revenues Generated by Interest-bearing Plan Personal Loans and Other Financial Services Credit Losses, Net of Recoveries (18.7) (28.5) (70.9) (82.8) Merchandise Sales (3.3) (10.8) (19.8) (32.0) Additional Losses Generated by Interest-bearing Plan (10.0) (12.1) (35.4) (33.9) Personal Loans (5.4) (5.6) (15.7) (16.9) Operating Expenses (Renner Card & Financial Services) Total (12.4) 44.0 (9.7) 27.4 (33.8) (27.1) 70.9 % of EBITDA 41.9% 37.1% 32.0% 33.0% Result from Financial Services (R$ MM) Renner Card (Related to Merchandise Sales) Financial Services (0+8, Personal Loans and Other Financial Services) Operating Expenses (Renner Card & Financial Services) 3Q10 3Q09 9M10 9M (12.4) (9.7) (33.8) (27.1) Total
11 Total EBITDA EBITDA and EBITDA Margin R$ MM +57.2% +2.7% % +42.0% % 15.3% 20.6% 14.8% 15.2% 18.5% 3Q08 3Q09 3Q10 9M08 9M09 9M % 13.4% 16.3% EBITDA/ Company s Total Net Revenues 13.8% 13.6% 18.2% EBITDA/ Company s Total Net Revenues EBITDA EBITDA Margin More favorable sales environment; Higher gross margin; Higher results from financial services. 11
12 EBITDA from Retailing Operation EBITDA Reconciliation (R$ MM) 3Q10 3Q09 9M10 9M09 Net Income ( + ) Income & Social Contribution Taxes ( +/- ) Result from Write-off of Fixed Assets ( +/- ) Financial Result (4.8) 4.2 (10.4) 11.1 ( + ) Depreciation and Amortization ( + ) Stock Option Plan EBITDA EBITDA Margin (over Net Revenues from Merchandise Sales) 18.5% 15.2% 20.6% 15.3% EBITDA from Retailing Operation 3Q10 3Q09 9M10 9M09 ( - ) Financial Services Result EBITDA from Retailing Operation EBITDA Margin from Retailing Operation (over Net Revenues from Merchandise Sales) 10.7% 9.6% 14.0% 10.2% 12
13 Financial Results & Cash Position Financial Result, Net Financial Result, Net (R$ MM) 3Q10 3Q09 9M10 9M09 Financial Revenues Financial Expenses (2.1) (2.0) (7.3) (5.8) Net Effect of Adjustment of Long-Term Taxes to PV (1.2) Foreign Exchange Variation, Net (0.2) (1.1) Cost of Financing Delinquent Customers, Net (7.5) (8.3) (20.3) (22.6) Financial Result, Net 4.8 (4.2) 10.4 (11.1) Cash and Cash Equivalents, Net Cash and Cash Equivalents, Net (R$ MM) Sep.10 Jun.10 Sep.09 Cash and Cash Equivalents Total Loans and Financing (147.6) (149.8) (154.2) Short Term (118.9) (118.9) (116.7) Long Term (28.7) (30.9) (37.5) Cash and Cash Equivalents, Net
14 Net Income Net Income R$ MM ROIC 1 (%) 21.7% -8.0% % % 6.3% 12.8% +7.7% +86.3% Q09 3Q10 9M09 9M % % 10.0% 7.2% 6.4% 11.3% Net Income 3Q08 3Q09 3Q10 9M08 9M09 9M10 Net Margin 5.6% 5.5% 8.9% 6.4% 5.6% 10.0% Net Income / Company s Total Net Revenues Net Income / Company s Total Net Revenues 1 ROIC calculated based on quarterly disclosed data. ROIC = NOPAT / Invested Operating Capital 14
15 Investments (CAPEX) CAPEX Evolution R$ MM Q08 3Q09 3Q10 9M08 9M09 9M10 CAPEX Summary (R$ MM) 3Q10 3Q09 9M10 9M09 New Stores Remodeling of Instalations IT Equipment & Systems Others Total
16 Expansion Plan City Location Date 1 Maceió - AL Shopping Iguatemi Maceió March 2 Joinville - SC Joinville Garten Shopping April 3 São Paulo - SP Avenida Paulista April 4 Campo Grande - RJ West Shopping June 5 São Paulo - SP Shopping Raposo Tavares June 6 Palmas - TO Shopping Center Capim Dourado August Total stores inaugurated in the 9M10 6 stores City Location Date 7 Belo Horizonte - MG Boulevard Shopping BH October 8 São Gonçalo - RJ Shopping Boulevard São Gonçalo November 9 Salvador - BA Salvador Norte Shopping November 10 Cotia - SP Shopping Granja Vianna November 11 Santa Maria - RS Royal Plaza Shopping Center November Total stores to be inaugurated in 4Q10 5 stores City Location Date 12 Caxias do Sul - RS San Pelegrino Shopping Mall November 13 Salvador - BA Shopping Center Paralela November 14 Franca - SP Franca Shopping Center November Compact stores to be inaugurated in 4Q10 3 stores 16
17 Balance Sheet In R$ MM Sep Part. Jun Part. Sep Part. Cash & Cash Equivalents % % % Trade Account Receivables % % % Inventories % % % Inventories % % % Imports in Transit % 5.8 0% 9.2 0% Others % % % Permanent Assets % % % TOTAL ASSETS 1, % 1, % 1, % Loans and Financing % % % Financing - Financed Sales and Personal Loans % % % Suppliers % % % Commercial Suppliers % % % Antecipation of Payments (153.1) -8% (153.0) -8% (119.6) -7% Supplier of Material for Consumption % % % Taxes and Contributions Payable % % % Others % % % Not Current % % % Shareholders' Equity % % % TOTAL LIABILITIES 1, % 1, % 1, % 17
18 Renner Card Number of Cards Issued Millions Renner Card Average Ticket R$ +12.0% +11.9% + 7.4% + 8.5% + 8.5% + 7.2% Sep.08 Sep.09 Sep.10 3Q08 3Q09 3Q10 9M08 9M09 9M10 Meu Cartão (My Card) 18
19 Payment Options 3 rd Quarter, rd Quarter, 2009 Cash 23.1% Renner Card (0+8) 13.0% Renner Card (0+5) 44.0% Renner Card (0+8) 13.0% Renner Card (0+5) 47.6% Cash 21.4% Other Credit Cards 19.9% Sales using the Renner Card 57.0% Other Credit Cards 18.0% Sales using the Renner Card 60.6% The first 9 months, 2010 The first 9 months, 2009 Cash 22.8% Renner Card (0+8) 13.0% Renner Card (0+5) 44.0% Renner Card (0+8) 11.5% Cash 21.3% Renner Card (0+5) 49.1% Other Credit Cards 20.2% Sales using the Renner Card 57.0% Other Credit Cards 18.1% Sales using the Renner Card 60.6% 19
20 Employees Number of Employees % 2,027 new employees -0.8% 12,191 10,247 10, stores 116 stores 126 stores Sep.08 Sep.09 Sep.10 New Hiring of Personnel by Area: Administrative: 526 new employees Stores: 1,501 new employees 20
21 Stock Appreciation Last 12 months Base LREN % Oct-09 Oct-09 Nov-09 Dec-09 LREN3 Jan-10 Feb-10 Mar-10 Apr-10 May-10 Jun-10 IBOV Jul-10 Aug-10 Sep-10 IBOV % Share Value Market Value LREN3 Nº of shareholders % of foreign shareholders in the capital As at R$ / US$ R$ 7.1 bi / US$ 4.2 bi 5, % 21
22 José Galló Chief Executive Officer Adalberto Santos Chief Financial Officer and IR Officer Paula Picinini Investor Relations Manager Diva Freire Investor Relations Analyst Katia Ramires Investor Relations Analyst Lúcia Andrade IR Assistant Investor Relations Team Tel. +55 (51) / / / ri_lojasrenner@lojasrenner.com.br 22
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