reliminary results show the number of returns processed through H&R Block stores and software rose this year. The Kansas City, Mo.-based company said there were 19.9 million returns handled this year, a 2.6-percent increase over fiscal 2017, but assisted returns continued to decline, although only slightly.Assisted returns fell by .6 percent over the prior year’s results, an improvement from the drop of 2.5 percent between 2016 and 2017. Block reported an increase in the net average charge, which it said was in line with expectations.
“Our goal this fiscal year was to continue improving our client trajectory, which we achieved, with growth in DIY and improved performance in Assisted,” said CEO Jeff Jones said in a prepared statement.
Block said the improvements in the assisted category stemmed from strong promotional offerings, including an enhanced Refund Advance no-interest loan, a free federal 1040EZ offer, and a half-off promotion.
Observers will be watching the results from rival Liberty Tax to see if significant management turmoil at that company impacted business and whether that helped competitors such as Block..
Growth in return volume came from the do-it-yourself online returns, which were up by 10.4 percent with overall DIY growth up 7.9 percent. Block cited product improvements, enhanced partnerships, the H&R Block More Zero promotion, and new self-employed products as triggering the improvement.