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NOTES
TO CONSOLIDATED FINANCIAL STATEMENTS
(continued)
(Dollar
amounts in thousands except per share data)
11.COMMITMENTS
The
Company conducts the major part of its operations in leased premises with lease terms expiring at various dates through 2020. Most store leases provide for base rentals plus
contingent rentals which are a function of sales volume and provide that the Company pay real estate taxes,
maintenance and other operating expenses applicable to the leased premises.
Additionally, most store leases provide renewal options and contain rent
escalation clauses. These escalation clauses are factored into a calculation of
the future rental stream. This stream is recorded on a straight-line basis over
the life of the original lease. The "deferred rent under lease
commitments" caption represents rent expensed in excess of cash paid.
Management expects that in the normal course of business expiring leases will be
renewed or replaced by other leases.
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The
aggregate minimum future annual rental commitments under noncancelable operating leases at February 3, 2001 are as follows:
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2001...............................................$ 78,346
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2002..................................................78,603
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2003..................................................75,795
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2004..................................................71,819
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2005..................................................67,238
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Thereafter........................................
201,054
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Rent
expense for the years ended February 3, 2001, January 29, 2000 and January 30, 1999 was $78,467, $72,719 and $67,316, respectively, and includes $3,629, $2,227 and $1,734,
respectively, of contingent rental expense.
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