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Leases
12 Months Ended
Feb. 02, 2013
Leases
10. Leases

The Company leases all store premises, some of its office space and certain information technology and office equipment. The store leases generally have initial terms of 10 years and are classified as operating leases. Most of these store leases provide for base rentals and the payment of a percentage of sales as additional contingent rent when sales exceed specified levels. Additionally, most leases contain construction allowances and/or rent holidays. In recognizing landlord incentives and minimum rent expense, the Company amortizes the items on a straight-line basis over the lease term (including the pre-opening build-out period).

 

A summary of fixed minimum and contingent rent expense for all operating leases follows:

 

     For the Years Ended  
(In thousands)    February 2,
2013
     January 28,
2012
     January 29,
2011
 

Store rent:

        

Fixed minimum

   $ 250,844       $ 246,096       $ 229,187   

Contingent

     9,758         7,618         8,182   
  

 

 

    

 

 

    

 

 

 

Total store rent, excluding common area maintenance charges, real estate taxes and certain other expenses

   $ 260,602       $ 253,714       $ 237,369   

Offices, distribution facilities, equipment and other

     14,960         15,989         16,300   
  

 

 

    

 

 

    

 

 

 

Total rent expense

   $ 275,562       $ 269,704       $ 253,669   
  

 

 

    

 

 

    

 

 

 

In addition, the Company is typically responsible under its store, office and distribution center leases for tenant occupancy costs, including maintenance costs, common area charges, real estate taxes and certain other expenses.

The table below summarizes future minimum lease obligations, consisting of fixed minimum rent, under operating leases in effect at February 2, 2013:

 

(In thousands)    Future Minimum
Lease Obligations
 
Fiscal years:   

2013

   $ 257,543   

2014

     240,578   

2015

     223,209   

2016

     199,590   

2017

     173,653   

Thereafter

     570,384   
  

 

 

 

Total

   $ 1,664,957