Liberty Tax Service has reported a 10.2 percent increase in the total number of tax returns filed as of Feb. 15, 2010, and a 28.1 percent increase in revenue generated, a marked contrast with rival H&R Block.
Block reported Wednesday that it had seen a decrease so far this tax season in the number of returns it prepared, especially at its retail outlets (see Recession Keeps H&R Blocks Tax Customers Away). Liberty, on the other hand, reported a 3 percent increase in returns in same-store sales, and a 21.2 percent increase in revenue. Net fees are up 16 percent so far this season.
One reason for the increase could be that Liberty Tax added 350 new locations during the past year, and has a total of 3,512 brick-and-mortar locations in the U.S. and Canada. In spite of recessionary times, Liberty Tax has demonstrated our ability to continue growing our brand and offer customers affordable filing options, said CEO John Hewitt in a statement.
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