PHILIPPINE SEVEN CORP. (PSC), OPERATOR of the 7-Eleven chain of 24-hour convenience stores in the country, is opening at least 150 stores starting this year until 2008, company president Jose Victor Paterno said.

Paterno said that PSC would put up 70 new stores this year and another 80 stores in 2008. The budget for each store is about P4.5 million.

Of the total stores being opened, about half will be franchised and the rest will be owned by the company.

Aside from new stores in Metro Manila, the company also plans to open in Lucena, Quezon province and in Cabanatuan.

Sales have also been positive so far this year largely driven by the company’s beverage brands. Last year, PSC focused on rebuilding its cold soft drinks “Gulp” and “Slurpee” brands.

This year, the company said it would expand its cup drinks line to include hot beverages like coffee. This line has done well in 7-Eleven stores in the United States and Mexico as they attracted customers in the morning and during rainy months when demand for cold drinks weaken.

PSC reported its net income grew 43 percent to P20 million in 2006 from P14 million in 2005.

PSC said that for the past two years, it has continued to post profits since suffering a net loss of P2 million in 2004.

PSC also said it has transformed itself into a franchise organization. As of end 2006, its number of franchised stores reached 120, or 42 percent of total operating stores. This was substantially higher than the 32 percent in 2005 and 20 percent in 2004, it said in a financial report to the Philippine Stock Exchange (PSE).