(Corrects to note percent increase for sales in second paragraph.)

Feb. 21 (Bloomberg) -- Whole Foods Market Inc., the largest U.S. natural-foods grocer, said first-quarter profit fell for the first time in five quarters on increased competition.

Net income fell to $53.8 million, or 38 cents a share, from $58.3 million, or 40 cents, a year earlier, Austin, Texas-based Whole Foods said today in a statement distributed by PR Newswire. Sales increased 12 percent to $1.87 billion from $1.67 billion.

To contact the reporter on this story: Josh Fineman in New York at jfineman@bloomberg.net

Last Updated: February 21, 2007 16:11 EST