H&R Block reports preliminary 2019 tax returns up 1.5% to 20.2M
H&R Block released its preliminary U.S. tax results, reflecting an increase in overall tax return volume for the second consecutive year. For FY19 through April 19, tax returns prepared by or through H&R Block increased 1.5% to 20.2M. Overall client growth was driven by total DIY growth of 6% and DIY online growth of 9.3%. DIY net average charge increased slightly due to favorable mix. Assisted returns decreased 1.7% for FY19, which was anticipated due to the elimination of the Free Federal 1040EZ promotion. The company also reported a decrease in net average charge due to targeted price decreases, which was in line with expectations. "We executed well against our plans for the tax season and I'm pleased that we will deliver the financial outlook we provided for fiscal 2019," said Tony Bowen, CFO. "Additionally, we now anticipate a fiscal 2019 effective tax rate of approximately 19 percent due to discrete benefits recorded in the fourth quarter."