“Our first quarter results reflect the competitive strength of our leading brands and their ability to meet shifting consumer demand in a challenging environment,” said Ryals McMullian, president and CEO of Flowers Foods. “Price increases to offset inflationary pressures drove record sales, while our product mix continued to return to more normalized levels as consumers dined out of the home more frequently. Private label category sales remained strong, although the growth rate is moderating.”

McMullian added that the company is adjusting its outlook for fiscal 2023 to account for the slow start to the year and lower-than-expected branded retail sales due to softer category demand.