Leases

As of July 29, 2016, the Company operated 225 stores in leased facilities and also leased certain land, a retail distribution center and advertising billboards.

Rent expense under operating leases, including the sale-leaseback transactions discussed below, for each of the three years was:

Year	Minimum		Contingent		Total
2016	$	74,405	$	263	$	74,668
2015		72,877		252		73,129
2014		71,123		242		71,365

The following is a schedule by year of the future minimum rental payments required under the Company’s operating leases as of July 29, 2016:

Year	Total
2017	$	63,435
2018		51,523
2019		47,225
2020		44,707
2021		28,680
Later years		472,277
Total	$	707,847

Sale-Leaseback Transactions

In 2009, the Company completed sale-leaseback transactions involving 15 of its owned stores and its retail distribution center. Under the transactions, the land, buildings and improvements at the locations were sold and leased back for terms of 20 and 15 years, respectively. Equipment was not included. The leases include specified renewal options for up to 20 additional years.

The Company leases 65 of its stores pursuant to a sale-leaseback transaction which closed in 2000. Under the transaction, the land, buildings and building improvements at the locations were sold and leased back for a term of 21 years. The leases for these stores include specified renewal options for up to 20 additional years and have certain financial covenants related to fixed charge coverage for the leased stores. At July 29, 2016 and July 31, 2015, the Company was in compliance with these covenants.