QUARTERLY DECLINE: H&R Block’s fourth-quarter profit declined 11 percent to $586.1 million with restructuring expenses and 2 percent lower revenue.
PROMOTIONAL COST: Sales of its financial products were down, largely because it offered free refund advances to customers using its prepaid debit cards.
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RESTRUCTURING: CEO Bill Cobb said the reorganization that H&R Block announced in April has helped reduce costs, boosting its profit margins and refocusing the company on its core business of tax preparation. He said H&R Block has gained market share in both do-it-yourself and assisted returns.
