• V.F average gross margin for 2023 was 52.3%, a 2.72% decline from 2022.
• V.F average gross margin for 2022 was 53.76%, a 0.04% decline from 2021.
• V.F average gross margin for 2021 was 53.74%, a 0.89% 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.