H&R Block says its fiscal fourth-quarter profit declined 11 percent from a year ago on slightly lower revenue and restructuring.
Despite preparing a record number of tax returns, the company says sales of its financial products slipped, in part because it offered free refund advances to customers using its prepaid debit cards. For the three months ended April 30, Block’s net income slipped to $586.1 million, or $1.99 per share. Revenue fell 2 percent to $2 billion. The nation’s largest tax preparer says it prepared 25.6 million tax returns worldwide in fiscal 2012, up 4 percent.