Rue 21 2011 Annual Report Download - page 56

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rue21, inc. and subsidiary
Notes to Consolidated Financial Statements — (continued)
A summary of fixed minimum and contingent rent expense for all operating leases follows:
Fiscal Year Ended
January 28,
2012
January 29,
2011
January 30,
2010
Store Rent :
Fixed minimum ................................... $56,421 $44,276 $35,665
Contingent ....................................... 3,388 2,700 2,425
Total store rent, excluding common maintenance charges, real
estate taxes and certain other expenses ................... 59,809 46,976 38,090
Offices, distribution facilities and equipment ................ 4,371 3,320 3,165
Total Rent Expense .................................... $64,180 $50,296 $41,255
The table below summarizes future annual minimum lease obligations under all operating leases as required by
the lease agreements:
Fiscal Year
2011 ....................................................................... $ 63,522
2012 ....................................................................... 57,879
2013 ....................................................................... 51,401
2014 ....................................................................... 45,483
2015 ....................................................................... 38,999
Thereafter .................................................................. 128,272
Total future lease obligations ................................................... $385,556
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
$703, $579 and $184 for the fiscal years ended January 28, 2012, January 29, 2011 and January 30, 2010,
respectively, and are included in selling, general, and administrative expense in the Consolidated Statements of
Income.
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