What drove the increase in Ulta Beauty's merchandise inventories balance at end of FY2023?
Balance Sheet
Cash and cash equivalents at the end of the fourth quarter of fiscal 2022 were $737.9
million.
Merchandise inventories, net at the end of the fourth quarter of fiscal 2022 totaled $1.6
billion compared to $1.5 billion at the end of the fourth quarter of fiscal 2021. The $104.2
million increase was primarily due to the opening of 47 new stores since January 29, 2022,
inventory to support new brand launches and brand expansions, and inventory cost
increases.
Increase in Merchandise inventories balance was driven by the opening of 47 new stores. The answer here assumes FY2023 refers to the 12 months ended on January 28, 2023 (although the company refers to this period as its fiscal 2022.
Fiscal 2022 = FY2023. Fiscal 2021 = FY2022.