Photos by Sam Dean | The Roanoke Times

Ken Wirth leads a cheer at the Advance Auto Parts annual shareholders meeting Thursday at the Hotel Roanoke & Conference Center.

Advance Auto Parts CEO Darren Jackson (center) greets people at the annual shareholders meeting Thursday.

The first phase of what executives at Advance Auto Parts are calling a "turnaround" has begun, with the retailer's profits and sales rising during the first three months of this fiscal year.

The Roanoke-based retailer earned 7.9 percent more in the first quarter, which ended April 19, compared with the same quarter in 2007.

Advance beat analysts' projections, earning $82 million, or 86 cents a share, during the quarter, from $76 million, or 71 cents a share, last year.

Sales also rose 4 percent to $1.53 billion, compared with $1.47 billion in the first quarter of 2007.

Advance's revenue boost was a result of the opening of 141 new stores in the past 12 months, according to the company. The retailer ended the quarter with 3,291 stores in 40 states, Puerto Rico and the Virgin Islands.

Sales at all Advance stores open for a year or longer increased 0.6 percent during the first quarter.

Advance wants to revitalize its sales performance by driving more customers to its retail stores to spend. It's a segment that makes up 75 percent of its business.

But during the first quarter of this year, sales at Advance retail stores open for a year or longer declined 3 percent, while same-store sales for its commercial division, which supplies auto parts to garages, jumped 10.6 percent. Advance's commercial business has been growing rapidly.

The company also announced a $250 million share repurchase program, replacing the previous $500 million program that had $105 million remaining.

Earlier on Thursday, at Advance's annual shareholders meeting at the Hotel Roanoke & Conference Center, company leaders stepped up on the podium to reflect on financial performance in 2007, with the promise of change ahead.

"This turnaround story is really a reawakening story," said Darren Jackson, who addressed his first annual meeting as Advance's president and chief executive officer.

Jackson, a former Best Buy executive, took over at Advance in January during a financially tumultuous time for the company.

Sales at its stores lagged, and the retailer unveiled a cost-cutting plan that included reducing the number of stores that it remodeled and opened in 2007. Advance also laid off more than 250 employees, including 31 in Roanoke. Even this year, it has said it will scale back the number of stores it opens.

Jackson, who served as an Advance board member before taking over as an executive, acknowledged Thursday that the past few years "have been a little tough."

He has pushed for change since he took over, appointing several top level executives who will work alongside him in a new regional office in Minnesota.

Founded here in 1932, Advance is the only Fortune 500 company based in the Roanoke Valley.

To jump-start performance, Advance executives outlined some plans during the Thursday meeting, such as increasing availability of auto parts and appealing to customers through a new advertising campaign, "Keep the Wheels Turning."

"There's a new attitude at Advance Auto Parts," blasted a company video shown near the meeting's close.

Advance shares closed at $34.64, up 12 cents from the previous close.