The retailer recorded an 18% hike in first quarter income, which was helped by the acquisition of several stores from the failed Republic fashion chain.
Total group sales grew from £519 million to £613.3m in the 13 weeks to July 28 while gross profit rose 23.2% from £211.1m to £260.1m.
The core sports retail business grew its sales 14.5% in the period from £441.4m to £505.3m with gross profit up 20.3% from £179.2m to £215.6m.
The premium lifestyle division saw a more than 98% hike in sales from £28.8m to £57.1m with gross profit increasing almost 92% from £12.1m to £23.2m.
That arm includes Cruise and USC - bought from Sir Tom Hunter and West Coast Capital respectively - as well as Manchester fashion retailer Flannels.
It also purchased 116 Republic stores from administrators in February in a move that was reported to have saved 2100 jobs.
However, dozens of the stores were later closed after landlords would not renegotiate leases. The brands division at Sports Direct, which includes the likes of Slazenger and Dunlop, saw its revenue grow by 4.3% from £48.8m to £50.9m while gross profit rose 7.6% from £19.8m to £21.3m.
Dave Forsey, chief executive, said the business continued to invest in product ranges and availability of stock and was trying to optimise its in-store and online offerings.
He said: "The group has experienced a strong start to the year with trading ahead of management's expectations."
Analysts said Sports Direct, founded by Newcastle United owner and Rangers investor Mike Ashley, was benefiting from the demise of rival JJB Sports and had also seen a boost from the warm summer weather.
Freddie George, retail analyst at Cantor Fitzgerald, said the trading update was better than expected.
He said: "Over the medium term, the company will continue to benefit from capacity coming out of the market and is still, we believe, one of the few UK retailers to have exciting prospects for its domestic business in spite of only minimal space growth.
"It will continue to broaden its ranges to include tangential sporting categories to football and running, including fishing and swimming. It will also look to enhance its stable of brands, which now cover a broad spectrum of the sports and street-wear market, appealing to all age groups and demographics.
"The most significant opportunity, in our view, continues to be the development of the company's on line platform as the company endeavours to be the 'category killer' sportswear and sports product site."
Independent retail analyst Nick Bubb said: "Given the guidance in July that the new financial year had got off to a strong start, there are no surprises in [this] strong update, but the figures are still impressive."
Sports Direct has around 400 UK stores and has plans to increase its presence across Europe. Sports Eybl and Sports Experts in Austria and Sportland, which has 80 stores across Estonia, Latvia and Lithuania, were purchased in June this year. Shares in Sports Direct listed at 300p in February 2007 but dropped to just 32p the following year.
Shares closed on Wednesday up 13.5p, or 2%, to 729p.