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Strategies & Market Trends : Turnarund Investing -- Ignore unavailable to you. Want to Upgrade?

To: bankbuyer who wrote (929)

5/1/2012 5:41:13 PM

From: bankbuyer

1 Recommendation Read Replies (1) | Respond to of 1876

Re RSH it isnt a rent issue .

More later. Rent is cheap.

	Year Ended December 31,
	2010					2009					2008
	Dollars		% of Sales & Revenues			Dollars		% of Sales & Revenues			Dollars		% of Sales & Revenues

(In millions)
Compensation	$	700.6		15.7	%	$	655.7		15.3	%	$	617.5		14.6	%
Rent and occupancy		288.3		6.4			289.7		6.8			292.6		6.9
Advertising		206.1		4.6			193.0		4.5			214.5		5.1
Other taxes (excludes income taxes)		101.8		2.3			102.0		2.4			87.9		2.1
Utilities		54.7		1.2			55.3		1.3			58.7		1.4
Insurance		48.8		1.1			47.5		1.1			55.0		1.3
Credit card fees		35.6		0.8			37.7		0.9			37.7		0.9
Professional fees		21.4		0.5			23.9		0.6			23.7		0.6
Repairs and maintenance		20.2		0.5			22.3		0.5			19.5		0.5
Licenses		13.2		0.3			11.5		0.3			12.4		0.3
Printing, postage and office supplies		7.5		0.2			8.1		0.2			8.1		0.2
Matching contributions to savings plans		5.6		0.1			6.0		0.1			6.5		0.2
Recruiting, training & employee relations		5.7		0.1			6.0		0.1			7.5		0.2
Travel		5.4		0.1			4.6		0.1			5.4		0.1
Warranty and product repair		2.2		--			2.7		0.1			4.2		0.1
Other		37.6		0.9			41.9		1.0			58.6		1.2

To: bankbuyer who wrote (929)

5/1/2012 6:31:45 PM

From: grahamcracker

1 Recommendation Read Replies (1) | Respond to of 1876

RSH: The disclosure is not exactly hidden. - nevermind - you already found it.

NOTE 13 – COMMITMENTS AND CONTINGENCIES

Lease Commitments: We lease rather than own most of our facilities. Our lease agreements expire at various dates through 2025. Some of these leases are subject to renewal options and provide for the payment of taxes, insurance and maintenance. Our retail locations comprise the largest portion of our leased facilities. These locations are primarily in major shopping malls and shopping centers owned by other companies. Some leases are based on a minimum rental plus a percentage of the store's sales in excess of a stipulated base figure (contingent rent). Certain leases contain escalation clauses. We also lease a distribution center in Mexico, our corporate headquarters, and automobiles.

62

Future minimum rent commitments at December 31, 2011, under non-cancelable operating leases (net of immaterial amounts of sublease rent income), are included in the following table.

(In millions)	Operating Leases
2012	$	195.2
2013		141.6
2014		100.2
2015		70.3
2016		37.9
2017 and thereafter		32.3
Total minimum lease payments	$	577.5

Rent Expense:

	Year Ended December 31,
(In millions)	2011		2010		2009
Minimum rents	$	224.3	$	224.6	$	224.3
Occupancy cost		35.3		37.6		39.3
Contingent rents		4.1		5.0		4.7
Total rent expense	$	263.7	$	267.2	$	268.3