In the Q1 2025, Goodfellow Inc. delivered $111.2 million in sales, up 5.5% from $105.3 million in the same quarter of 2024, thanks to its diversified product offering and strong distribution network across Canada.
Increased overhead including wages, leases and depreciation tied to existing sites, and the integration of several asset acquisitions in the United States, led to impacts that will take time to fully mitigate, resulting in a net loss of $2.3 million, compared to a net loss of $0.1 million in Q1 2024.
A key factor in Goodfellow’s performance was its strategic approach to inventory management, ensuring adequate stock levels to support both distribution operations and specific customer programs. Market share gains through opportunity buys played a crucial role in driving modest sales growth, reinforcing the Company’s competitive position.
In terms of the distribution of sales by product, lumber and flooring products saw an increase in sales. Flooring sales during Q1 2025 increased 11%, specialty and commodity panel sales decreased 3%, building material sales decreased 8%, and lumber sales increased 9% compared to last year.
Goodfellow is a diversified manufacturer of value-added lumber products, as well as a wholesale distributor of building materials and floor coverings.
