Shares of Arden Group Inc. fell 8 percent Wednesday after the company reported a decline in second-quarter net income due to lower sales at its upscale grocery stores.

Before Wednesday’s market close, the Los Angeles parent of the 18-location Gelson’s Markets chain, reported net income of $4 million ($1.27 per share) in the quarter ended July 3, compared with $4.7 million ($1.48 per share) a year earlier.

Revenue fell 5.5 percent $102 to million from $108 million.

“Sales continue to be negatively impacted by economic conditions and competition in our trade area,” the company said in a statement. It also blamed earlier Easter and Passover this year that shifted sales to the first quarter.

Shares of Arden closed down $7.92 to $87.30 on the Nasdaq.