• Dillard's average gross margin for 2023 was 42.29%, a 4.1% decline from 2022.
• Dillard's average gross margin for 2022 was 44.1%, a 19.84% decline from 2021.
• Dillard's average gross margin for 2021 was 36.8%, a 19.75% increase 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.