Flowers Foods, Inc. ( FLO - Free Report ) reported mixed first-quarter fiscal 2023 results, with the top line increasing year over year and the bottom line declining. Earnings surpassed the Zacks Consensus Estimate, while sales missed the same. Management lowered its guidance for fiscal 2023. The company countered the inflationary environment by implementing price increases, while its product mix returned to a more normalized level. In the quarter, private-label category sales were strong, although its growth rate moderated.