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Written by The Progressive Accountant
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Thursday, 25 February 2010 01:40 |
 VIRGINIA BEACH, Va. - While its major competitor, H&R Block, was reporting a drop in the number of tax returns filed, Liberty Tax Service said it had a 10.2 percent increase in the number of tax returns filed as of February 15 and a 28.1 percent increase in revenue. That was accompanied by a 3 percent increase in returns for same store sales and a 21.2 percent increase in revenue. That came after Block reported a 6.5 percent decrease in returns the same day.
Liberty, which added 350 locations in the last year, also reported a 16 percent increase in net fees. So far, the results are matching predictions earlier this month by Liberty's CEO John Hewitt, who said both Block and Jackson Hewitt would show decreases in the number of returns. As of yesterday, Jackson Hewitt, had not reported its year-to-date results. John Hewitt, who also founded Jackson Hewitt, had predicted Jackson Hewitt would be hurt by its inability to get funding for more than 50 percent of its RAL volume.
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