Rue 21 2010 Annual Report Download - page 65

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A summary of fixed minimum and contingent rent expense for all operating leases follows:
January 29,
2011
January 30,
2010
January 31,
2009
Fiscal Year Ended
Store Rent:
Fixed minimum ................................ $44,276 $35,665 $28,057
Contingent .................................... 2,700 2,425 1,039
Total store rent, excluding common maintenance charges,
real estate taxes and certain other expenses ............ 46,976 38,090 29,096
Offices, distribution facilities and equipment ............. 3,320 3,165 3,050
Total Rent Expense ............................... $50,296 $41,255 $32,146
The Company leases an approximately 190,000 square foot distribution and office facility, which is accounted
for as an operating lease. The lease agreement expires in fiscal year 2012 with options to renew for an additional
five-year term. Our principal executive office, approximating 60,633 square feet, is also under an operating lease
agreement. This lease agreement expires in fiscal year 2017 with an option to renew for an additional five-year term.
The table below summarizes future annual minimum lease obligations under all operating leases as required by
the lease agreements:
Fiscal Year
2011 ............................................................... $ 51,342
2012 ............................................................... 47,595
2013 ............................................................... 41,818
2014 ............................................................... 34,813
2015 ............................................................... 28,800
Thereafter ........................................................... 87,101
Total future lease obligations ............................................. $291,469
Note 7 — 401(k) Profit Sharing Plan
The Company sponsors a qualified 401(k) plan with a contributory profit-sharing feature (the Plan) for eligible
employees. Effective January 1, 2010, the Plan was amended to permit participants of the Plan to contribute up to
50% of pretax annual compensation as defined in the Plan, subject to certain limitations. Also, effective January 1,
2010, the Company will match 100% of participant contributions up to 4% of pretax annual compensation as
defined in the Plan. Prior to this amendment, participants of the Plan could contribute up to 15% of pretax annual
compensation as defined in the Plan, subject to certain limitations and the Company matched 25% of the first 6% of
base compensation that a participant contributes to the Plan. Profit-sharing contributions to the “Plan”, as
determined by the Board of Directors, are discretionary, but generally may not exceed 15% of defined annual
compensation paid to all participating employees. 401(k) matching contributions and profit-sharing contributions to
the Plan were $579, $184 and $119 for the fiscal years ended January 29, 2011, January 30, 2010 and January 31,
2009, respectively, and are included in selling, general, and administrative expense in the Consolidated Statements
of Income.
61
rue21, inc. and subsidiary
Notes to Consolidated Financial Statements — (continued)