05:37 PM EDT, 10/09/2024 (MT Newswires) -- Goodfellow ( GFELF ) after trade Wednesday said its fiscal third-quarter profit fell despite higher sales.

For the quarter ended Aug. 31, the company said it earned $5.8 million, or $0.68 per share, down from $6.2 million, or $0.72, a year earlier.

The lumber and hardwood flooring distributor said sales were $140 million, compared with $139 million last year.

The company said consumer demand remained modest, leading retailers to avoid increasing their inventories during the quarter. However, the supply chain was stable, allowing for reliable, just-in-time deliveries of building materials. Goodfellow ( GFELF ) added that by the second quarter of 2025, it expects positive returns from hardwood processing assets acquired in West Virginia.

The board declared a dividend of $0.25 per share payable on Nov. 6 to shareholders of record at the close of business on Oct. 23, the company said.

Goodfellow ( GFELF ) shares closed down $0.07 to $15.09 on the Toronto Stock Exchange