DELSON, Quebec – Goodfellow Inc., a manufacturer of value-added lumber products and a distributor of building materials and floor coverings, posted a new loss of $211,000 for the first quarter ended Feb. 28.

Consolidated sales for the first three months of the company’s fiscal year were $105.9 million compared to $129.4 million in the prior year when Goodfellow reported net earnings of $5.1 million.

Goodfellow pointed to “significantly lower” consumer demand in the first quarter of 2023 compared to “uncharacteristically high levels” experienced in the same period last year as the main reason for the earnings swing from black to red. Rising inflation and interest rates attributed to the slowdown, the company added.

Goodfellow is celebrating its 125th anniversary in business this year. The company operates six manufacturing facilities and 12 sales offices across Canada.