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Block Looks to Trim Office Space

Office spaceH&R Block is looking at ways to trim space in retail operations. During its recent webcast for earnings for the year ended June 30, CEO Jeff Jones said the company is looking at new models to adapt to the use of virtual tools.

During the last tax season, it tests drop-off only locations and also locations that can serve a wider area.

But one of the prime places to trim space is training rooms. “The first steps we've started to take are to reduce the square footage where we know it's just simply not being utilized anymore, especially given our training model,” he said

Offices have historically had large training rooms, but with virtual delivery of instruction “that's a low-hanging fruit and square footage, which obviously helps us on the rent line.”

Those comments came as the tax services company reported net income of. $554 million for fiscal 2022, down 19 percent from $684 million for the 12 months ended June 30, 2021. Revenue for fiscal 2022 of $3.46 billion was 3.5 percent lower than the $3.59 billion for the prior ye’rs corresponding period. Last year, the company from an April 30 year end to June 30, so the year-results do not reflect a fiscal year. T

Block also said comparison were adjusted to remove the impacts of the tax season extension into July 2020 and non-recurring Emerald Card stimulus activity:

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