• Best Buy average gross margin for 2023 was 21.64%, a 1.64% increase from 2022.
• Best Buy average gross margin for 2022 was 22%, a 2.48% decline from 2021.
• Best Buy average gross margin for 2021 was 22.56%, a 0.92% decline from 2020.

Gross margin can be defined as a company's total sales revenue minus its cost of goods sold, divided by the total sales revenue, expressed as a percentage.