DELSON, Quebec – Goodfellow, a diversified manufacturer of value-added lumber products and wholesale distributor of building materials and floor coverings, posted net earnings of $14.7 million on consolidated sales of $512.8 million for its fiscal year ended Nov. 30, 2023. 

Both of the financial metrics for its 125th anniversary year were down from the year prior when Goodfellow reported net earnings of $14.7 million on consolidated sales of $631.2 million.

Goodfellow proclaimed that it ended its last fiscal year on a “positive note, demonstrating resilience despite numerous external challenges.” As prime examples, the company noted, “The retail sector experienced a significant downturn in demand, leading to an oversupply in the market, with the flooring category suffering the most significant setback in the second quarter of 2023. In addition, demand and prices for hardwoods declined considerably, with signs of recovery becoming evident only in the early months of fiscal 2024.”

Goodfellow operates across Canada to service commercial and residential sectors through lumber yard retailer networks, manufacturers, industrial and infrastructure project partners, and floor covering specialists. Goodfellow also serves lumber markets internationally.