• Fox average gross margin for 2023 was 34.29%, a 2.59% increase from 2022.
• Fox average gross margin for 2022 was 35.2%, a 5.2% decline from 2021.
• Fox average gross margin for 2021 was 37.13%, a 1.07% 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.