KANSAS CITY, Mo. (AP) — H&R Block's net loss widened in its fiscal third quarter because of a delay to the start of this year's tax season.
The tax preparation company, based in Kansas City, Mo., said Thursday that its net loss in the three months ended Jan. 31 was $17.7 million, or 7 cents per share. That compares with a loss of $3.3 million, or a penny per share, in the same period a year earlier.
Revenue fell 29 percent, to $472 million.
H&R Block said business was slow in the quarter because the IRS delayed accepting tax returns until Jan. 31. The company said that the process usually begins in mid-January.
The company believes that tax filings are arriving roughly two weeks later than last years' and volume will recover.