H&R Block Inc. reported total tax prep and related fees through April 15 of $2.4 billion -- up 7.3 percent over last year.
The tax prep giant said total clients served in its U.S. retail offices were essentially flat to the prior year. Average fees per client increased 7.4 percent, to $150, which Block said reflected "a greater than planned level of tax complexity."
Meanwhile, an increase in online tax clients served was offset by a decline in software clients, resulting in a 5.9 percent drop in the total number of digital tax solutions clients.
"Our associates executed well on strategies that are improving our overall market position, despite slower than expected industry and paid preparation growth and increased competition," said Mark A. Ernst, chairman and chief executive in a statement. "Our office expansion and client service enhancements had measurable impact in their first year, which gives us increased confidence in our growth for the future."
The company expects its full-year earnings to be near the low end of its range of $3.50 to $4 per share. The company will announce its fourth quarter and year-end financial results on June 8.
Register or login for access to this item and much more
All Accounting Today content is archived after seven days.
Community members receive:
- All recent and archived articles
- Conference offers and updates
- A full menu of enewsletter options
- Web seminars, white papers, ebooks
Already have an account? Log In
Don't have an account? Register for Free Unlimited Access