Commitments and Contingencies

12 Months Ended

Mar. 28, 2015

Commitments and Contingencies

9. Commitments and Contingencies

Leases

The Company leases office space, retail stores and warehouse space under operating lease agreements that expire at various dates through September 2029. 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 consists of the following (in thousands):

	Fiscal Years Ended
	March 28, 2015		March 29, 2014		March 30, 2013
Minimum rentals	$	151,007	$	107,071	$	74,708
Contingent rent		65,752		56,299		29,871
Total rent expense	$	216,759	$	163,370	$	104,579

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

Fiscal years ending:
2016	$	177,159
2017		183,467
2018		184,184
2019		177,927
2020		174,676
Thereafter		695,255
	$	1,592,668

The Company has issued stand-by letters of credit to guarantee certain of its retail and corporate operating lease commitments, aggregating $10.8 million at March 28, 2015.

Other Commitments

As of March 28, 2015, the Company also has other contractual commitments aggregating $336.4 million, which consist of inventory purchase commitments of $299.6 million, and other contractual obligations of $36.8 million.

Long-term Employment Contract

As of March 28, 2015, the Company had an employment agreement with one of its officers that provided for continuous employment through the date of the officer’s death or permanent disability at a salary of $2.5 million. In addition to salary, the agreement provided for an annual bonus and other employee related benefits. Refer to Part II, Item 9B – Other Information for officer employment agreements, as amended and restated on May 20, 2015.

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.