• Gap average gross margin for 2023 was 35.85%, a 2.74% increase from 2022.
• Gap average gross margin for 2022 was 36.86%, a 4.43% decline from 2021.
• Gap average gross margin for 2021 was 38.57%, a 11.57% 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.