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For the McDonald’s of a couple of years ago, actually growing sales slightly in a tough environment would have been a success. But now, more than a year into its turnaround effort, weak sales gains were enough to send the stock down and add to concerns that the broader U.S. restaurant industry is in trouble.

CEO Steve Easterbrook tried to ease some concerns during the company’s conference call Tuesday, stressing how McDonald’s is reinvigorated and that it is taking market share. He also said the company is not managing itself quarter by quarter, as Wall Street monitors the company.

“We are playing the long game here,” Mr. Easterbrook said.

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