Net income dropped to $422.5 million for the recently ended year, down 31.1 percent from $613.2 million for fiscal 2018. Revenue for fiscal 2019 was $3.1 billion, off 2.1 percent from $3.16 billion the prior year
“We do not believe we need to make further investments to reduce price,” CEO Jeff Jones said in this week’s webcast for 2019 earnings. He said Block has no intention of being a low-cost pricing leader in the tax preparation market.
D-I-Y software and services helpe results with 9 percent growth in clients leading to an overall 6 percent increase in customers. “We grew market share for the third year in a row,” Jones said.
The company says its program to provide professional tax advice to DIY clients was successful. “One third of Ask a Tax Pro clients are new to H&R Block,” Jones said. He reported the Tax Pro Go program, also introduced this year, attracted younger customers with higher incomes. Tax Pro Go provides assisted preparation via the web.