A AND P <GAP> SETS HIGHER CAPITAL SPENDING
The Great Atlantic and Pacific
Tea Co said its three-year 345 mln dlr capital program will be
be substantially increased to accommodate growth and expansion
plans for Waldbaum Inc and Shopwell Inc over the next two
years.
    A and P said the acquisition of Shopwell in August 1986 and
Waldbaum in December "helped us achieve better than expected
results in the fourth quarter" ended February 28. Its net
income from continuing operations jumped 52.6 pct to 20.7 mln
dlrs, or 55 cts a share, in the latest quarter as sales
increased 48.3 pct to 1.58 billion dlrs.
    A and P gave no details on the expanded capital program,
but it did say it completed the first year of the program
during 1986.
    A and P is 52.4 pct owned by <Tengelmann
Warenhandelsgesellschaft> of West Germany.
 Reuter
