McDonald’s Corp. sales declined for the first time since 2020 in the second quarter, falling short of analyst expectations for modest growth.

The chain’s comparable sales, a metric tracking restaurants open for over a year, fell 1 percent from the year prior. Each of McDonald’s geographic segments saw sales declines. In the US, the trend was driven, in part, by a decline in foot traffic.

The shares were little changed in early trading in New York. McDonald’s stock has fallen 15 percent this year as of Friday’s close, compared to a 14 percent gain for the S&P 500 index during the same period.

McDonald’s sales growth has slowed this year as diners across the world cut back on Big Macs, pinched by years of price increases and tight household budgets. At the end of last quarter, the fast-food purveyor launched a $5 meal deal in the US to convince diners that it’s still an affordable option. Early results suggest it is drawing customers, though any sales boost won’t be apparent until later this year. It also has introduced limited-edition menu items hoping to lure customers, such as a bacon cajun McCrispy and a “grandma” McFlurry.

The chain will remain focused on “reliable, everyday value” as diners become more discriminating with their spending, Chief Executive Officer Chris Kempczinski said, according to a statement. Other strategic priorities include the chain’s chicken lineup and its loyalty program.

Outside the US, boycotts over the Israel’s war on Gaza continue to hit sales in the segment that includes the Middle East. The company has previously warned that the slump would continue until the conflict is resolved. McDonald’s also reported same-store sales declines in China and France.

System-wide sales, a metric that includes business at new restaurants, also took a downturn, suggesting openings aren’t offsetting weakness in existing units. The burger chain is in the midst of an ambitious expansion plan, looking to have 50,000 locations around the world by 2027, up from about 42,000 at the start of this year.

Earnings, excluding some items, were $2.97 per share in the first quarter, missing the average analyst estimate. The company also maintained its guidance for new store openings and operating margin.