Even value meals aren’t enough to get anxious consumers to spend. Despite efforts to entice customers to its restaurants, McDonald’s saw its sales slip in the first three months of the year. Global same-store sales dipped 1 percent for the quarter ending March 30, driven by a 3.6 percent decline in the United States, McDonald’s reported early Thursday. That’s a big change from a year ago, when U.S. same-store sales rose 2.5 percent. The restaurant giant said revenue fell 3 percent to $6 billion in the quarter. Net income also declined 3 percent to $1.9 billion. McDonald’s is a closely watched barometer for consumer spending and sentiment, especially among lower-income consumers, and the company’s financial results pointed to jittery customers.

McDonald’s store traffic fell unexpectedly in the first quarter as economic uncertainty weighed on diners. The burger giant’s same-store sales, or sales at locations open at least a year, fell 1% globally in the January-March period. Without the impact of the extra leap year day in 2024, same-store sales were flat, the company said. Wall Street had been expecting an increase of nearly 2%, according to analysts polled by FactSet. The trouble was particularly acute in the U.S., where same-store sales slumped 3.6%. That was the biggest U.S. decline McDonald’s has seen since 2020, when a pandemic shuttered stores and restaurants and other public spaces nationwide.

The burger giant posted a 3% drop in revenue in its latest quarter, driven in part by fewer guests visiting its U.S. locations. Same-store sales in its home market dropped 3.6% in the three months ended March 31, the second consecutive quarterly decline. Both revenue and U.S. same-store sales declined by a wider margin than analysts expected, according to FactSet. Chief Executive Chris Kempczinski said consumers were “grappling with uncertainty,” but he was confident in the chain’s ability to navigate tough conditions and gain market share. The company reiterated its expectations for operating margins, capital spending and new restaurant development for the year. Shares declined 1% in premarket trading.