Kraft Heinz Co. lowered its sales outlook as its chief executive officer said that the feeling of US shoppers has fallen to historic a low.

“We now have one of the worst consumer sentiments we have seen in decades,” CEO Carlos Abrams-Rivera said on a call with analysts Wednesday.

The company now expects full-year organic net sales to be down 3% to 3.5%. Previously it projected them to be down 1.5% to 3.5%. Kraft Heinz cited slower growth in emerging markets and “pressure” in US retail, while also reducing its profit outlook. Shares of Kraft Heinz fell as much as 4.3% on Wednesday.

In prepared remarks, the CEO said that higher prices from inflation and expected headwinds from curtailed food stamp funding were creating a “tough environment” for US shoppers. “We see these pressures as persisting beyond the fourth quarter, leading to a longer path to consumer recovery.”

bloomberg.com - Kraft heinz sees weaker US sales ahead of planned split