Commitments and Contingencies

12 Months Ended

Mar. 30, 2013

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 April 2026. 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 30, 2013		March 31, 2012		April 2, 2011
Minimum rentals	$	74,708	$	61,364	$	43,875
Contingent rent		29,871		11,209		3,049
Total rent expense	$	104,579	$	72,573	$	46,924

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

Fiscal year ending
2014	$	82,869
2015		84,534
2016		81,384
2017		79,802
2018		77,263
Thereafter		282,706
	$	688,558

The Company has issued stand-by letters of credit to guarantee certain of its retail and corporate operating lease commitments, aggregating $8.9 million at March 30, 2013.

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.