Goodfellow Inc. announced its financial results for the Q1 ended February 28, 2023.
The Company reported a net loss of $211 thousand or $0.02 per share compared to net earnings of $5.1 million or $0.60 per share a year ago. Consolidated sales for the three months ended February 28, 2023 were $105.9 million compared to $129.4 million last year.
Consumer demand in the Q1 2023 was significantly lower as compared to uncharacteristically high levels seen in the same period last year. This slowdown is attributed to supply finally outpacing demand, as well as growing unease around rising inflation and interest rates. Results remain comparable to pre-pandemic levels for the same period, which has been historically difficult.
Goodfellow is a diversified manufacturer of value-added lumber products, as well as a wholesale distributor of building materials and floor coverings.
