Your server generates the page in around 1.5 seconds which is waaaaay too much for an e-commerce site. I would consider anything above 0.5 seconds as slow. Both Your database server and web server take too much time generating the output (0.5-0.7 sec for database queries and rest for php execution) - which may mean that either Your hosting company has overloaded servers or (more probably) some contribution You installed takes too much time to run.
As for Google Analytics. What Google Analytics reports is not time Your server takes to generate page but time that on average takes visitors to load the page completely (html code, javascript files, css files and images). That's why this time is much higher. 5.0 sec is pretty bad and for You this is good news actually (when You fix performance issues with Your site You should see conversion ratio jump by 10%-100%).
Your visitors to see Your page need to download 855kb of data and make 106 requests. You should try to optimize Your site to load as quickly as possible (3.0 would be much better) and make as few requests as possible (20-30 is acceptable number - not great, just acceptable). There are techniques that can help You with that:
- CSS sprites
- data:uri images,
- merging css & javascript files,
- load javascript asynchronously.
Also images on the page are not as small as possible. At least 100kb of download could be saved if You would compress them properly. You also don't use caching, You mix loading of javascript with css, You don't have gzip compression enabled, Your css & javascript files are not minimized and You don't specify image dimensions. There are other optimizations that can be done too.