HNI Corp (HNI)
Gross profit margin
| Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | ||
|---|---|---|---|---|---|---|
| Gross profit | US$ in thousands | 948,300 | 834,900 | 757,400 | 721,100 | 833,762 |
| Revenue | US$ in thousands | 2,434,000 | 2,361,800 | 2,184,400 | 1,948,370 | 2,238,500 |
| Gross profit margin | 38.96% | 35.35% | 34.67% | 37.01% | 37.25% |
December 31, 2023 calculation
Gross profit margin = Gross profit ÷ Revenue
= $948,300K ÷ $2,434,000K
= 38.96%
Over the five-year period from 2019 to 2023, HNI Corp's gross profit margin has fluctuated. In 2023, the gross profit margin increased to 38.96% from 35.35% in 2022, showing an improvement in the company's ability to generate profit from its core business operations. This increase may indicate better cost management, pricing strategies, or operational efficiencies implemented by the company during the year.
Comparing 2023 to 2019, the gross profit margin has decreased slightly from 37.25% to 38.96%. Despite this decrease, the company has been able to maintain a relatively stable gross profit margin over the five-year period, signaling consistency in its ability to generate profits from sales after deducting the cost of goods sold.
Further analysis and context regarding changes in sales volume, pricing strategies, cost structures, and industry trends would be needed to provide a more in-depth assessment of HNI Corp's gross profit margin performance.