For the Q4 ended November 30, 2023, Goodfellow Inc. reported net earnings of $2.1 million or $0.25 per share compared to net earnings of $4.4 million or $0.52 per share a year ago. Consolidated sales for the three months ended November 30, 2023 were $125.4 million compared to $149.3 million last year.
For the fiscal year ended November 30, 2023, the Company reported net earnings of $14.7 million or $1.72 per share compared to net earnings of $32.7 million or $3.82 per share a year ago. Consolidated sales for the fiscal year ended November 30, 2023 were $512.8 million compared to $631.2 million last year.
Goodfellow concluded its 125th anniversary year on a positive note, demonstrating resilience despite numerous external challenges. 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 is a diversified manufacturer of value-added lumber products, as well as a wholesale distributor of building materials and floor coverings.
