Jackson Hewitt Tax Service Inc. posted a slimmer than expected loss for the current fiscal year's second-quarter on the bank of lower expenses, and the tax preparer also increased the number of Wal-Mart Stores Inc.'s locations that it plans to staff and serve.

For the three months up-to October 31, the company posted a net loss of $19.5 Million, or 68 cents per share, an improvement from the last year's loss of $22.2 Million, or 78 cents a share, posted for the same period. A loss of 72 cents per share was estimated by analysts polled by Thomson Reuters.

Revenue recorded a 20% fall to $4 Million.

On Wednesday, Chief Executive Harry Buckly hiked the number of Wal-Mart stores, for which the company is looking to operate as the exclusive tax preparer for the 2010 filing season, from a targeted range of 1,800 to 1,900 stores, as opposed to September's expected range of 1,500 to 1,750 stores. He also revealed that Jackson Hewitt has managed to reach an agreement with two major bank partners, and its financial product plans for the 2010 tax season are all set.

H&R Block Inc., the company's major rival, also reported a slimmer-than-expected loss on Tuesday for the second-quarter on the back of cost cutting.