Premier Investments expects to deliver a record winter half after almost doubling profits in the January half, but stubbornly refuses to return almost $20 million in wage subsidies, saying they are “insurance” against further lockdowns when JobKeeper ends this month.

Premier’s retail earnings soared 88.5 per cent to $237.8 million, exceeding the group’s January guidance and beating some analysts’ original profit forecasts for the full year. The result was boosted by strong sales and margin growth at its sleepwear and denim brands and more than $52 million in rent reductions and wage subsidies.