Express 2011 Annual Report Download - page 73

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4. Property and Equipment, Net
Property and equipment, net, consisted of:
January 28, 2012 January 29, 2011
(in thousands)
Building improvements .................. $ 2,816 $ 2,816
Furniture, fixtures and equipment, software . . 241,945 218,091
Leaseholds and improvements ............. 262,320 224,914
Construction in process .................. 14,505 2,288
Other ................................. 274 —
Total ................................. 521,860 448,109
Less: accumulated depreciation ............ (294,554) (236,790)
Property and equipment, net ............... $227,306 $ 211,319
Depreciation expense totaled $63.0 million, $61.4 million, and $64.7 million in 2011, 2010, and 2009,
respectively.
5. Leased Facilities and Commitments
Annual store rent consists of a fixed minimum amount and/or contingent rent based on a percentage of sales
exceeding a stipulated amount.
Rent expense is summarized as follows:
2011 2010 2009
(in thousands)
Store rent:
Fixed minimum .......................... $163,057 $156,779 $152,868
Contingent .............................. 8,375 6,995 6,805
Total store rent ............................... 171,432 163,774 159,673
Home office, distribution center, other ........ 3,789 6,920 8,551
Total rent expense ............................ $175,221 $170,694 $168,224
During 2011, the Company identified certain errors in its 2010 rent expense table contained in the 2010
Consolidated Financial Statements, which have been corrected above. Management has evaluated the effect of
the errors on the Consolidated Financial Statements for 2010 and concluded the errors were not material. The
errors had no impact on the Company’s Consolidated Balance Sheets, Consolidated Statements of Income and
Comprehensive Income, or Consolidated Statements of Cash Flows for 2010 or any other period presented.
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