H&R Block Earnings Down 11 Percent After Record Tax Season

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With shares at $1.99—down $ 0.15 from this time last year—H&R Block Inc. suffered an 11 percent quarterly loss in earnings during its busiest tax season, the Kansas City Star reports.

The company chalked the loss up to costs related to job cuts and office closings which cut into its earnings. Those costs include severance packages and lease termination fees totaling $318 million. Management expect the cuts to save the company $100 million a year.

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