Predicted £750m profit makes it harder for JD Sports to keep £61m furlough cash
Hesitation to return UK Covid support could be influenced by fear other governments may expect a contribution
Call it an embarrassment of riches at JD Sports. Profits, like the share price, are flying, to the point where the company predicts £750m for the full-year, or £150m more than the City had expected, which must be the largest profit upgrade ever announced by a UK retailer.
The embarrassment, or difficulty, lies in the fact that JD accepted a large helping hand from the public purse – notably £61m in UK furlough cash – and is keeping its Covid support, a stance that looks increasingly hard to sustain.