Updated: February 12, 2014 4:04PM
NEW YORK — Whole Foods says its fiscal first-quarter profit rose 8 percent, but results were below Wall Street expectations amid a sales shortfall due to increased competition.
The grocer is also lowering its earnings projection for the year.
The Austin, Texas-based grocery chain says it earned a profit of $158 million, or 42 cents per share, in the quarter ended Jan. 19. That compares with a profit of $146 million, or 39 cents per share, in the year-ago period.
Revenue rose 10 percent to $4.24 billion in the quarter.
Analysts expected 44 cents per share on revenue of $4.29 billion, according to FactSet estimates.
Revenue at stores opened at least a year rose 5.4 percent. Analysts were expecting a 5.6 percent gain.