HSN Inc. profits soar

By increasing sales and spending less on promotions, HSN Inc. boosted both profits and margins in the first quarter of 2010, creating a five-fold increase in net income.

The company's financial statement shows a net income of $17.7 million for the most recent quarter, up from $3 million a year ago.

"We are extremely pleased with HSNi's first quarter performance as we nearly doubled EBITDA," said Mindy Grossman, CEO of the St. Petersburg company.