• Target average gross margin for 2024 was 28.02%, a 9.84% increase from 2023.
• Target average gross margin for 2023 was 25.51%, a 6.63% increase from 2022.
• Target average gross margin for 2022 was 27.32%, a 8.57% decline from 2021.

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.