(Sept. 10) Sobeys Inc., a Canadian grocery retailer based in Nova Scotia, announced a slight increase in sales but a 9% drop in earnings for the first quarter.

The company reported net earnings of C$41.9 million (U.S.$30.6 million), or 64 cents per share, compared to $45.9 million and 70 cents per share for the same period a year ago.

Sobeys sales were $2.76 billion, which was a 4.5% increase over a year ago. Same store sales increased 1.6%.

Analysts anticipated a profit of 76 cents per share and sales of $2.8 billion.

Sobeys, which operates stores under the Sobeys, IGA, Garden Market and Price Chopper banners, said it would not meet its previously announced growth targets for the year, according to Reuters.