Product Cost and Profit Reports
Report Toaster has introduced Product Cost into our dataset, which allows us to calculate gross profit.
Shopify allows product cost, or cost of goods sold (COGS), to be tracked at the product SKU or variant level.
When cost is used in combination with the sales price for a product, the gross profit can be calculated. A few terms to be familiar with in order to understand profit calculations:
Net Quantity: The quantity of units sold less items returned for a particular product.
Cost: The total cost of the units sold for a specific product.
Net Sales: The amount of sales minus refunds and discounts.
Gross Profit: The amount of profit generated from the sale of a specific product. The profit is calculated as net sales less cost.
Gross Profit Margin: The profit margin on the sale of a specific product. The margin is calculated as (gross profit / net sales) * 100.
Unfortunately, Shopify reports do not track product cost at a specific point in time. Instead, if the product cost is updated for a specific SKU, all Shopify reports will calculate profit based on the current cost. Shopify recommends using a reporting app from the Shopify app store to report profits at a specific point in time, and Report Toasteris one of those apps!
All of ourProfitreports calculate using the cost at the time of an order, making them accurate at each point in time.
See below for a list of profit reports available.
- Profit by Collection
- Profit by Product
- Profit by Product Variant
- Profit by Product Vendor
- Profit by Sales Channel
- Cost of Goods Sold