P.M. BRIEFING : Nation’s Biggest Retailers Report Mixed Sales Results for August

The nation’s biggest retailers today issued mixed sales reports for August, with department and apparel stores benefiting from back-to-school business but mass merchandisers suffering through another month of lackluster results.

Industry analysts said consumers continued to spend carefully.

“These are not boom times, and we see a cautious consumer,” said Walter Loeb, an analyst with Morgan Stanley & Co. Inc. “I believe we are heading for a slow-growth period.”

Consumer spending accounts for about two-thirds of U.S. economic activity, and retail sales are considered a key indicator of spending trends.

Consumers have cut back on purchases of what are called discretionary items--as opposed to necessities such as food--because of rising mortgage payments and other credit costs.

Their caution has hurt big general storeowners such as the nation’s largest retailer, Sears, Roebuck and Co.

Sears said its August sales were up 2.3% overall, but sales at stores open at least a year--known as same-store or comparable-store sales in the industry--fell 1.1%. K mart Corp. also had a disappointing August, with overall sales up 4.8% and same-store sales up 1.5%.