H&R Block stock sinks as earnings show tax season didn't 'return to normal'

Shares of H&R Block Inc. were declining 8% in after-hours trading Tuesday after the tax-preparation company cut its outlook for its fiscal year as it called out more challenging conditions during tax season than executives had been expecting.

“Tax season 2023 was not the return to normal as anticipated post-pandemic,” Chief Executive Jeff Jones said in a release. “Consumers adjusted to smaller refunds, and many shifted to balance due. The industry contracted as those not required to file didn’t, and there was an impact from the IRS extending the filing deadline in certain states.”

“As we have shared, regardless of nuances year to year, we produce significant cash flow, pay a growing dividend, and buy back a meaningful amount of shares,” Chief Financial Officer Tony Bowen said in the release.

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