Dick's Sporting Goods 2005 Annual Report Download - page 56

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Scheduled lease payments under capital lease obligations as of January 28, 2006 are as follows:
Fiscal Year
(In thousands)
2006 $ 888
2007 888
2008 905
2009 953
2010 953
Thereafter 13,113
17,700
Less amount representing interest 9,791
Present value of net scheduled lease payments 7,909
Less amounts due in one year 97
$7,812
8. Operating Leases
The Company leases substantially all of its stores, office facilities, distribution centers and equipment, under noncancelable
operating leases that expire at various dates through 2027. Certain of the store lease agreements contain renewal options for
additional periods of five to ten years and contain certain rent escalation clauses. The lease agreements provide primarily for
the payment of minimum annual rentals, costs of utilities, property taxes, maintenance, common areas and insurance, and in
some cases contingent rent stated as a percentage of gross sales over certain base amounts. Rent expense under these
operating leases was approximately $196.3 million, $144.0 million and $97.1 million for fiscal 2005, 2004 and 2003,
respectively. The Company entered into sale-leaseback transactions related to store fixtures, buildings and equipment that
resulted in cash receipts of $18.8 million, $35.7 million and $14.7 million for fiscal 2005, 2004 and 2003, respectively.
Scheduled lease payments due (including lease commitments for 47 stores not yet opened at January 28, 2006) under
noncancelable operating leases as of January 28, 2006 are as follows:
Fiscal Year
(In thousands)
2006 $ 218,824
2007 232,051
2008 232,243
2009 228,970
2010 224,319
Thereafter 1,745,131
$ 2,881,538
The Company has subleases related to certain of its operating lease agreements. During each of fiscal 2005, 2004 and 2003,
the Company recognized sublease income of $1.0 million.
dick’s sporting goods, inc. 2005 annual report
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