XML 69 R17.htm IDEA: XBRL DOCUMENT v2.4.0.8
Commitments and Contingencies
 12 Months Ended
Mar. 29, 2014
Commitments and Contingencies

10. Commitments and Contingencies

Leases

The Company leases office space, retail stores and warehouse space under operating lease agreements that expire at various dates through November 2028. In addition to minimum rental payments, the leases require payment of increases in real estate taxes and other expenses incidental to the use of the property.

 

Rent expense for the Company’s operating leases for the fiscal years then ended consist of the following (in thousands):

 

     March 29,
2014		      March 30,
2013		      March 31,
2012		  

Minimum rentals

    $ 107,071       $ 74,708       $ 61,364   

Contingent rent

      56,299         29,871         11,209   
  

 

 

     

 

 

     

 

 

  

Total rent expense

    $ 163,370       $ 104,579       $ 72,573   
  

 

 

     

 

 

     

 

 

  

Future minimum lease payments under the terms of these noncancelable operating lease agreements are as follows (in thousands):

 

Fiscal year ending

   

2015

    $ 133,892   

2016

      133,191   

2017

      131,619   

2018

      128,228   

2019

      116,553   

Thereafter

      436,718   
  

 

 

  
   $ 1,080,201   
  

 

 

  

The Company has issued stand-by letters of credit to guarantee certain of its retail and corporate operating lease commitments, aggregating $11.5 million at March 29, 2014.

Long-term Employment Contract

The Company has an employment agreement with one of its officers that provides for continuous employment through the date of the officer’s death or permanent disability at a current salary of $2.5 million. In addition to salary, the agreement provides for an annual bonus and other employee related benefits.

Contingencies

In the ordinary course of business, the Company is party to various legal proceedings and claims. Although the outcome of such items cannot be determined with certainty, the Company’s management does not believe that the outcome of all pending legal proceedings in the aggregate will have a material adverse effect on its cash flow, results of operations or financial position.