H&R Block starts new fiscal year in a bigger hole than usual

H&R Block Inc. typically posts a loss in its fiscal-year first quarter, but this year's was higher than last year and more than analysts expected, putting the tax preparation company in a bigger hole than normal.

The average earnings expectations of analysts for H&R Block's (NYSE: HRB) first quarter that ended July 31 was a loss of 53 cents a share. But Tuesday afternoon, the company posted a loss of 55 cents a share, a 57.1 percent drop from last year's loss of 35 cents a share. The Kansas…