Urban Outfitters 2009 Annual Report Download - page 76

Download and view the complete annual report

Please find page 76 of the 2009 Urban Outfitters annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 85

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85

URBAN OUTFITTERS, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS—(Continued)
11. Commitments and Contingencies
Leases
The Company leases its stores under non-cancelable operating leases. The following is a schedule by
year of the future minimum lease payments for operating leases with original terms in excess of one year:
Fiscal Year
2010 .................................................. $ 132,497
2011 .................................................. 133,527
2012 .................................................. 132,021
2013 .................................................. 127,000
2014 .................................................. 121,079
Thereafter .............................................. 440,062
Total minimum lease payments ............................. $1,086,186
Amounts noted above include commitments for 34 executed leases for stores not opened as of
January 31, 2009. The majority of our leases allow for renewal options between five and ten years
upon expiration of the initial lease term. The store leases generally provide for payment of direct
operating costs including real estate taxes. Certain store leases provide for contingent rentals when
sales exceed specified levels. Additionally, the Company has entered into store leases that require a
percentage of total sales to be paid to landlords in lieu of minimum rent.
Rent expense consisted of the following:
Fiscal Year Ended January 31,
2009 2008 2007
Minimum and percentage rentals ................. $112,907 $100,020 $73,058
Contingent rentals ............................. 1,993 3,282 1,991
Total .................................... $114,900 $103,302 $75,049
The Company also has commitments for un-fulfilled purchase orders for merchandise ordered
from our vendors in the normal course of business, which are liquidated within 12 months, of
$302,961. The majority of the Company’s merchandise commitments are cancellable with no or
limited recourse available to the vendor until merchandise shipping date. The Company also has
commitments related to contracts with store construction contractors, fully liquidated upon the
completion of construction, which is typically within 12 months, of $1,684.
F-28