Apparel benchmarks from annual reports

What 11 US-listed companies selling clothing through their own stores and sites report: a median gross margin of 48.7%, from 34.8% to 68.7%. Read 13 October 2026.

Gross margin, apparel: gross profit over revenue in each company's latest annual report.
  1. J.Jill68.7%
  2. FIGS66.5%
  3. Levi Strauss & Co.61.7%
  4. lululemon athletica56.6%
  5. Duluth Holdings53.4%
  6. Lands' End48.7%
  7. Under Armour45.5%
  8. Carter's45.4%
  9. American Eagle Outfitters36.5%
  10. Urban Outfitters36.0%
  11. Torrid34.8%

Median 48.7%, marked on each bar.

What each annual report states. A dash: the report gives no such figure.
CompanyGross marginAverage order valueReturn rateSubscription share of salesFulfilment cost as a share of sales
FIGS Form 10-K for the year ended 31 December 2025, read 13 October 2026 (opens in a new tab)66.5%Revenue $631.1 million, gross profit $419.8 million$12010.0%Not statedNot stated
lululemon athletica LULUForm 10-K for the year ended 1 February 2026, read 13 October 2026 (opens in a new tab)56.6%Revenue $11.10 billion, gross profit $6.28 billionNot statedNot statedNot statedNot stated
Levi Strauss & Co. LEVIForm 10-K for the year ended 30 November 2025, read 13 October 2026 (opens in a new tab)61.7%Revenue $6.28 billion, gross profit $3.88 billionNot statedNot statedNot statedNot stated
Duluth Holdings DLTHForm 10-K for the year ended 1 February 2026, read 13 October 2026 (opens in a new tab)53.4%Revenue $565.2 million, gross profit $301.6 millionNot statedNot statedNot statedNot stated
Lands' End LEForm 10-K for the year ended 30 January 2026, read 13 October 2026 (opens in a new tab)48.7%Revenue $1.34 billion, gross profit $650.2 millionNot statedNot statedNot statedNot stated
J.Jill JILLForm 10-K for the year ended 31 January 2026, read 13 October 2026 (opens in a new tab)68.7%Revenue $596.5 million, gross profit $409.7 millionNot statedNot statedNot stated3.5%
Under Armour UAAForm 10-K for the year ended 31 March 2026, read 13 October 2026 (opens in a new tab)45.5%Revenue $4.97 billion, gross profit $2.26 billionNot statedNot statedNot statedNot stated
American Eagle Outfitters AEOForm 10-K for the year ended 31 January 2026, read 13 October 2026 (opens in a new tab)36.5%Revenue $5.55 billion, gross profit $2.03 billionNot statedNot statedNot statedNot stated
Urban Outfitters URBNForm 10-K for the year ended 31 January 2026, read 13 October 2026 (opens in a new tab)36.0%Revenue $6.17 billion, gross profit $2.22 billionNot statedNot statedNot statedNot stated
Carter's CRIForm 10-K for the year ended 3 January 2026, read 13 October 2026 (opens in a new tab)45.4%Revenue $2.90 billion, gross profit $1.31 billionNot statedNot statedNot stated6.3%
Torrid CURVForm 10-K for the year ended 31 January 2026, read 13 October 2026 (opens in a new tab)34.8%Revenue $1.00 billion, gross profit $348.0 millionNot statedNot statedNot statedNot stated

What the filings state

Beyond the income statement, these are the figures the reports give, in their own words.

Use these figures

Open a calculator with this vertical’s figures already entered, then replace them with your own.

Offers priced on these costs, with their sources and the offer document for each:

How to read them

Gross profit divided by revenue, both from the income statement of the annual report. Companies differ in what they put in cost of sales: some include store occupancy, warehousing or shipping to the customer, others report those below gross profit. Read a company's margin next to its own accounting policy before comparing two.

The median of these 11 companies is 48.7%, between Torrid at 34.8% and J.Jill at 68.7%. They are whole companies, most with stores or wholesale beside their own site, so treat the figures as reference points for your own costs.

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