THE ECONOMY : Wary Consumers Cool August Retail Sales : Buying: The figures are up a meager 3% from year-ago slump. Specialty apparel shops are especially hard hit.

The nation’s major retailers Thursday reported weak August sales, reflecting consumer caution and a lack of enthusiasm for the early stages of the back-to-school sales season.

Overall, sales nationwide were a meager 3% higher than levels recorded during the retail slump in August, 1992, according to most industry estimates. Sales at specialty apparel shops were particularly hard hit in August. However, some discount operators and department store chains, which don’t rely solely on apparel sales, fared better.

Sears, Roebuck & Co. posted one of the strongest gains for the month, with a 10.9% sales increase in stores that have been open at least a year. Sears’ restructuring of its retail operations and strong appliance sales were credited with that gain.

Among the other major department stores reporting modest sales increases were May Department Stores, with a 6% increase, J.C. Penney with 3% and Carter Hawley Hale Stores--operator of the Broadway chain--with a slight 0.9% increase.

As for the discount chains, Wal-Mart sales increased 4%, Kmart had a 5.6% increase and Target sales increased 6%. Sales at Mervyn’s stores open for the last 12 months declined 1%.

Among specialty stores, the Gap and the Limited each posted a 1% sales decline.

“The traffic in the malls is weak for specialty stores,” said Ed Johnson, a retail analyst with New York-based Johnson Redbook. “Also, some discount stores and some department stores are generating more competition for specialty stores by expanding their clothing selections.”

However, discount and department stores failed to stimulate significant sales surges during their back-to-school offerings of new autumn clothing.

“Many are shopping for their children later because their kids want to wait until school starts and get a sense of what their schoolmates consider fashionable before buying,” said Richard Nelson, an analyst at Chicago-based Duff & Phelps.

“However, apparel sales were generally weak because consumer confidence is down and many are cutting back on some discretionary spending,” he said.

Across the retail industry, home furnishing products sold better than apparel. For example, home goods sellers Pier 1 Imports and Bed Bath & Beyond Inc. posted gains of 7.4% and 16%, respectively. Also, many retailers reported an increase in the sale of consumer electronics.

Spending on products used in the home also reflects consumer caution, said Kurt Barnard, a New York City-based retail economist.

“People are reluctant to take expensive vacations and don’t want to spend much on entertainment outside the home,” Barnard said. “Instead, they’re saving money, making their homes more comfortable and entertaining themselves at home.”

Analysts said they expect fall-season apparel sales to improve when the weather cools in parts of the country, noting that it has been unseasonably warm in many areas. However, other industry observers believe apparel sales may continue to disappoint.

“Apparel sales have been weak all year,” said Michael Exstein of Kidder Peabody in New York. “The August sales are a discouraging sign for the fashion industry.”