Abercrombie & Fitch 2011 Annual Report Download - page 88
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ABERCROMBIE & FITCH CO.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)
the Consolidated Balance Sheets, and the corresponding rent expense on the Consolidated Statements of
Operations and Comprehensive Income when the Company determines that it is probable that the expense
has been incurred and the amount can be reasonably estimated.
Store lease terms may also require additional payments covering taxes, common area costs and certain
other expenses.
A summary of rent expense follows (in thousands):
2011 2010 2009
Store rent:
Fixed minimum ................................ $388,004 $333,419 $301,138
Contingent .................................... 16,942 9,306 6,136
Total store rent .................................. 404,946 342,725 307,274
Buildings, equipment and other ..................... 4,719 4,988 5,071
Total rent expense ................................ $409,665 $347,713 $312,345
At January 28, 2012, the Company was committed to non-cancelable leases with remaining terms of
one to 19 years. A summary of operating lease commitments under non-cancelable leases follows
(thousands):
Fiscal 2012 ......................................................... $ 386,140
Fiscal 2013 ......................................................... $ 380,825
Fiscal 2014 ......................................................... $ 361,861
Fiscal 2015 ......................................................... $ 339,041
Fiscal 2016 ......................................................... $ 310,302
Thereafter .......................................................... $1,267,083
12. ACCRUED EXPENSES
Accrued expense consisted of (in thousands):
2011 2010
Accrued taxes .............................................. $ 68,138 $ 40,562
Accrued payroll and related costs .............................. 57,633 71,456
Gift card liability ........................................... 47,669 47,098
Construction in progress ..................................... 47,526 24,915
Accrued rent ............................................... 33,966 23,247
Return reserve ............................................. 7,026 10,277
Other .................................................... 113,062 82,545
Accrued expenses .......................................... $375,020 $300,100
Accrued payroll and related costs include salaries, benefits, withholdings and other payroll related
costs. Other accrued expenses include expenses incurred but not yet paid related to outside services
associated with store, direct-to-consumer and home office operations.
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