The U.S. fast food giant McDonald's reported a drop in profits Monday behind a broad-based sales decline in the second quarter as increasingly value-conscious consumers paid fewer visits to restaurants.

Sales at locations open at least a year fell 1% worldwide across every company segment in the April-June period, the first decline since the final quarter of 2020 when the pandemic shuttered stores and millions stayed home.

In the U.S., same-store sales fell nearly 1%. McDonald’s saw fewer customers but said those who came spent more because of price increases. The company also reported lower store traffic in China, France and the Middle East, where people have been boycotting McDonald’s because of a perception that it supports Israel in the war in Gaza.

McDonald's warned in April that more of its inflation-weary customers were seeking better value and affordability. The Chicago burger giant introduced a $5 meal deal at U.S. restaurants on June 25, which was late in this financial reporting period.

Quarterly revenue was flat at $6.5 billion and just off the $6.6 billion that Wall Street was expecting, according to analysts polled by FactSet.

The company's net income fell 12% to $2 billion, or $2.80 per share. Excluding one-time items such as restructuring charges, McDonald's earned $2.97 per share. That was far from the per-share profit of $3.07 that industry analysts had forecast.

McDonald's shares fell less than 1% in premarket trading.