H&R Block Posts Wider 1Q Loss as Expenses Rise
KANSAS CITY - H&R Block Inc.'s loss widened by 7 percent in its fiscal first quarter, as the tax preparer booked higher operating expenses and other costs, offsetting a sharp rise in revenue.
The company, based in Kansas City, Mo., typically reports an operating loss in the May-July quarter, which follows the peak U.S. tax filing season.
H&R Block reported a loss of $115.2 million, or 42 cents per share, for the quarter ended July 31. That compares with a loss of $107.4 million, or 39 cents per share, last year.
Block's adjusted loss amounted to 40 cents per share.
Analysts polled by FactSet, on average, anticipated a loss of 37 cents per share.
Revenue increased 32 percent to $127.2 million, from $96.5 million.
Analysts had forecast $100 million in revenue.