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.

Investors were pleased as well. The company's stock was trading up 10% by noon Wednesday.

Net sales grew year-over-year at an 8.51% rate, outpacing cost growth, which was 6.77%.

The company's success translated to an earnings per share of $0.36, more than quadruple the same value from last year's first quarter, which was $0.08 per share.