ManpowerGroup Inc (MAN)

Gross profit margin

		Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019
Gross profit	US$ in thousands	3,358,000	3,572,400	3,407,500	2,824,700	3,375,100
Revenue	US$ in thousands	18,811,700	19,764,800	20,680,400	17,952,800	20,892,800
Gross profit margin		17.85%	18.07%	16.48%	15.73%	16.15%

December 31, 2023 calculation

Gross profit margin = Gross profit ÷ Revenue
= $3,358,000K ÷ $18,811,700K
= 17.85%

ManpowerGroup's gross profit margin has exhibited some variability over the past five years. The margin decreased from 16.18% in 2019 to 15.69% in 2020 before rising to 16.44% in 2021. However, the margin dipped again to 18.02% in 2022 and further decreased to 17.75% in 2023. This fluctuation suggests potential challenges in maintaining consistent profitability in relation to sales revenue. Further analysis would be needed to understand the factors driving these changes in the gross profit margin.