Bending, for the first time since 2020, recorded McDonald’s Corp.’s revenue. for the second quarter of the year, while moving lower than the average estimates of analysts.

The chain’s comparable sales (a measure used for restaurants that have been open for more than a year) fell 1 percent from last year. The giant recorded a decline in all the geographical areas in which it has a presence.

According to CNBC, the giant’s stock is unchanged in pre-conference trading, while down 15% since the beginning of the year, while at the same time the S&P 500 increased by 14%.

McDonald’s sales growth is slowing as consumers around the world cut back on Big Macs due to price increases and tight family budgets. At the end of the previous quarter, the fast food giant launched a “$5 meal” promotion in the US with the aim of convincing consumers that it continues to be an affordable option.

Early results suggest that the move is attracting consumers, but any boost in sales will be seen later in the year. Also, the company has also created a “limited edition” menuin the hope that it will attract consumers.

The chain will remain focused on “reliable, everyday value” as consumers become more selective, said CEO Chris Kempczinski. Other strategic priorities of the group include the chicken range as well as the loyalty program.

Outside the US, the boycott of McDonald’s due to the Israel-Hamas war continues to hurt sales in the region that includes the Middle East. It is recalled that the company has warned that the decline in this area will continue until the situation is resolved. McDonald’s also announced that sales at its own stores fell in China and France.

Profits, excluding certain items, formed at $2.97 per sharebelow the convergent estimates.

McDonald’s maintained its forecasts for new stores and operating margin.