The American Express Company reported yesterday that its first-quarter earnings from continuing operations rose 18 percent amid record profits in its travel division.

Swann has concentrated on expanding the successful travel division, which is now more profitable than its larger high-street arm.

Sears and J. C. Penney have travel divisions.

Mr. Parisi said several other teams from his travel division had also switched to Baseball Heaven, but the tab was steep.

In particular, the travel division faces resistance from its big suppliers.

For the year, the travel division increased provisions for credit losses to $697 million before taxes, with $123 million taken in the fourth quarter.

Despite the recession, the travel division reported higher revenue for the year, at $9.9 billion, up from $9.7 billion in 1990.

Based on that projection, analysts raised their expectations for revenue growth in IAC's important travel division to 41 percent for the second quarter this year.

Profits at its travel related division dropped 59 percent.

In 1991, profits in the travel division, the company's largest, dropped 59 percent, to $396 million, from $956 million in 1990.