Walmart reported its slowest growth in U.S. comparable sales in six years during the latest quarter. The company issued a cautious forecast for the year, leading to a 6% drop in its shares before the market opened on Thursday.

In the second quarter, comparable sales at U.S. locations, which include sales at stores open at least a year as well as online sales, rose 2.6%. This is a decrease from the 4.1% growth in the previous quarter.

Without considering the wellness category, which includes pharmacies, sales increased by 3.4% in the quarter. Federal legislation affecting pharmacy prices impacted these numbers. Analysts had expected a 3.8% increase, according to FactSet.

Walmart’s e-commerce segment grew by 24%, slightly below the 26% growth in the first quarter. As one of the first major retailers to report second-quarter results, Walmart’s performance gives insight into consumer behavior, particularly regarding the economic pressures from the situation in Iran.

With over 150 million customers visiting its stores or website weekly, Walmart serves as a consumer spending indicator. Recent U.S. data showed unexpectedly weak retail sales in July, coupled with a University of Michigan survey showing increased economic pessimism among Americans due to rising costs for essentials like gas and groceries.

This quarter’s results represent the smallest increase in comparable store sales since a 1.9% rise for the quarter ending January 31, 2020, as per FactSet data. Despite this, Walmart’s customer base has expanded, now including more affluent consumers. The most significant market share gains came from households earning over $100,000 annually.

Walmart’s net income for the quarter ending July 31 was $6.37 billion, or 80 cents per share. Adjusted results reached 81 cents per share, surpassing Wall Street’s expectation of 74 cents, according to FactSet. Sales increased by 5.9% to $187.94 billion, exceeding the projected $186.62 billion.

For the third quarter, Walmart anticipates earnings per share between 62 cents and 64 cents, with sales expected to rise by 3% to 3.5%, translating to $184.88 billion to $186.23 billion. Analyst forecasts were higher, with 68 cents per share and sales of $188.19 billion.

Walmart revised its full-year outlook, expecting earnings per share from $2.80 to $2.87 and sales growth between 4% and 5%. Sales projections are set between $741.7 billion and $748.8 billion, compared to analysts’ expectations of $2.90 per share and $752.06 billion, according to FactSet.