Operating Leases

12 Months Ended

Mar. 30, 2019

NOTE 12 – OPERATING LEASES

We lease various facilities under non-cancellable lease agreements which expire at various dates through fiscal 2041. In addition to stated minimum payments, certain real estate leases have provisions for contingent rentals when retail sales exceed specified levels. Generally, the leases provide for renewal for various periods at stipulated rates. Most of the facilities’ leases require payment of property taxes, insurance and maintenance costs in addition to rental payments, and several provide an option to purchase the property at the end of the lease term.

In recent years, we have entered into agreements for the sale-leaseback of certain stores. Realized gains are deferred and are credited to income as rent expense adjustments over the lease terms. We have lease renewal options under the real estate agreements at projected future fair market values.

Future minimum payments required under non-cancellable leases (including closed stores) are as follows:



			Less -
			Sublease
Year Ending Fiscal March	Leases		Income		Net
	(Dollars in thousands)
2020	$	33,225	$	(96)	$	33,129
2021		28,819		(102)		28,717
2022		23,552		(93)		23,459
2023		17,949		(81)		17,868
2024		11,488		(62)		11,426
Thereafter		33,614		(54)		33,560
Total	$	148,647	$	(488)	$	148,159

Rent expense under operating leases, net of sublease income, totaled $38.0 million, $38.9 million and $38.6 million in fiscal 2019, 2018 and 2017, respectively, including contingent rentals. Sublease income totaled $.1 million in each of fiscal 2019, 2018 and 2017.