Ann: 2022 Full Year Results, page-4

I have been invested in MMM because of their phenomenal growth in revenue. Unfortunately, expenses have grown at a higher rate than revenue. If they were able to get a handle on expenses, then they would have been a free cashflow generating machine.

I now believe that MMM will be in for a very difficult time due to inflation:
1 Consumer discretionary expenditure will be restrained resulting in lower revenue

2 Input prices will increase resulting in lower margins

The obvious solution is for the company to increase the price of their meal kits but this may well prove to be a double edged sword.