A AND P &lt;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 &lt;Tengelmann
  Warenhandelsgesellschaft> of West Germany.
  

