(Reuters] – Loblaw Cos Ltd, a Canadian retail chain, failed to meet Wall Street expectations for its first quarter revenue. Its results indicate that there is a decline in pandemic-driven consumer demand for drugs and groceries.

The ease in COVID-19 restrictions have slowed the sales growth of grocery stores that saw their business boom at the peak of the pandemic. Consumers are returning to outdoor and restaurant activities, and they spend less time at home cooking.

According to IBES data from Refinitiv, total revenue increased 3.3% to C$12.26 trillion ($9.57 billion), missing analyst estimates of C$12.36 trillion.

Common shareholders saw net earnings rise to C$437million, which is C$1.30 per Share for the quarter, up from C$313million, or 90 Canadian Cents per Share, one year ago.

($1 = 1.2808 Canadian dollars)