Smithfield Foods cut its outlook for the year, citing continued macroeconomic pressures, as sales fell during the second quarter. The food company’s sales fell 2.3% to $3.7 billion in the second quarter.

The food company said Tuesday it now expects total sales to be roughly flat this year, compared with a prior forecast of up low-single-digits. Analysts polled by Fact Set are looking for sales of $15.72 billion, representing a 1.2% increase year over year.

"While our updated outlook reflects ongoing macroeconomic pressures, these external factors do not change our strategic priorities or our confidence in the business," Chief Executive Shane Smith said.