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Macy's CEO Terry Lundgren on acquisition rumors, earnings and what's ahead for the retailer

Macy's Chairman and CEO Terry Lundgren sat down with CNBC to lay out his vision for the company as rumors surface of a potential acquisition by Canada's Hudson's Bay and vice versa.

"We are going to do the right thing for our shareholders, and we are not going to be a highly leveraged retailer because those movies never turn out well," Lundgren said.

The executive emphasized that as of today, he sees Macy's as a stand-alone company that remains focused on leveraging its online business and real estate portfolio to seek growth.

In this exclusive conversation, Lundgren speaks about Macy's latest earnings results, how the company is fending off competition from online retailers and the future of the industry.

The full version of the interview, which originally appeared on "Squawk Box," is only available to PRO members.