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Commitments And Contingencies
 12 Months Ended
Jan. 31, 2012
Commitments And Contingencies [Abstract]  
Commitments And Contingencies

12. 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

       

2013

    $ 185,047   

2014

      183,374   

2015

      175,947   

2016

      160,574   

2017

      139,948   

Thereafter

      544,113   
  

 

 

  

Total minimum lease payments

    $ 1,389,003   
  

 

 

  

 

Amounts noted above include commitments for 36 executed leases for stores not opened as of January 31, 2012. 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,  
   2012      2011      2010  

Minimum and percentage rentals

    $ 165,901       $ 143,919       $ 125,651   

Contingent rentals

      5,403         5,836         3,327   
  

 

 

     

 

 

     

 

 

  

Total

    $ 171,304       $ 149,755       $ 128,978   
  

 

 

     

 

 

     

 

 

  

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 $315,890. 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 construction contractors, fully liquidated upon the completion of construction, which is typically within 12 months, of $16,292.

Benefit Plan

Full and part-time U.S. based employees who are at least 18 years of age are eligible after three months of employment to participate in the Urban Outfitters 401(k) Savings Plan (the "Plan"). Under the Plan, employees can defer 1% to 25% of compensation as defined. The Company makes matching contributions in cash of $0.25 per employee contribution dollar on the first 6% of the employee contribution. The employees' contribution is 100% vested while the Company's matching contribution vests at 20% per year of employee service. The Company's contributions were $1,365, $1,308 and $1,171 for fiscal years 2012, 2011 and 2010, respectively.

Contingencies

The Company is party to various legal proceedings arising from normal business activities. Management believes that the ultimate resolution of these matters will not have a material adverse effect on the Company's financial position, results of operations or cash flows.