American Eagle Outfitters 2001 Annual Report Download - page 47

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AE Notes to Consolidated Financial Statements
46
Note 10. Leases
All store operations are conducted from leased premises. These leases generally provide for base rentals and the payment of a percentage of sales as
additional rent when sales exceed specified levels. Minimum rentals relating to these leases are recorded on a straight-line basis. In addition, the
Company is typically responsible under its leases for common area maintenance charges, real estate taxes and certain other expenses. These leases
are classified as operating leases.
Rent expense charged to operations, including amounts paid under short-term cancelable leases, was as follows:
For the years ended Feb 2, 2002 Feb 3, 2001 Jan 29, 2000
in thousands
Minimum rentals $127,642 $90,467 $66,437
Contingent rentals 10,825 13,113 10,736
Tota l $138,467 $103,580 $77,173
The table below summarizes future minimum lease obligations under operating leases in effect at February 2, 2002:
Future Minimum
Lease Obligations
in thousands
Fiscal years:
2002 $115,479
2003 113,663
2004 108,932
2005 101,133
2006 98,076
Thereafter 405,567
Tota l $942,850