• Five Below average gross margin for 2023 was 35.49%, a 0.59% decline from 2022.
• Five Below average gross margin for 2022 was 35.7%, a 1.85% decline from 2021.
• Five Below average gross margin for 2021 was 35.05%, a 1.8% 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.