INGLES MARKETS PLANS CUT IN SPENDING

ASHEVILLE, N.C. -- Ingles Markets here plans to spend less than half of what it spent last year on new capital projects, the company said in its annual report.

rnized facilities and technology." The fiscal 1999 capital budget is $75 million, compared with the $155.9 million Ingles spent last year to open 11 new stores while performing three major remodels and 10 minor ones.

The company, which operates 207 supermarkets in six Southern states, also acquired 11 stores from Bruno's and five shopping centers where it was previously a tenant. The five sites were leased out to other chains. Plans for this year call for two new stores, six replacements and 20 remodels, including some of the Bruno's stores. At least six Bruno's stores will operate under the Ingles banner, the company said.

"The investment in the former Bruno's stores is a departure from the company's usual plan of building stores from the ground up," the report said.

"Expenditures will also include investments in stores expected to open in fiscal 2000 as well as technology improvements, upgrading and replacing existing store equipment and warehouse and transportation equipment, and improvements to the company's milk-processing plant."