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CNBC Excerpts: Macy’s CEO Terry Lundgren Speaks with CNBC’s “Squawk Box” Today

WHEN: Today, Wednesday, August 12th

WHERE: CNBC's "Squawk Box"

Following are excerpts from the unofficial transcript of a CNBC interview with Macy's CEO Terry Lundgren on CNBC's "Squawk Box" (M-F, 6AM-9AM ET) today. Following are links to the interview on CNBC.com: http://video.cnbc.com/gallery/?video=3000406095 and http://video.cnbc.com/gallery/?video=3000405626.

All references must be sourced to CNBC.

LUNDGREN ON GAS PRICES

I thought we would benefit from that and I think that consumer is definitely spending in the lower channels. I don't know that for sure – you are going to see those numbers come out a little bit later, but that would be my guess and my forecast. I thought we would get more of that share than in fact we did. I still think the consumer got a raise, if you will, at the gas tank and those prices I think also are going to stay low for some period of time. So that should continue. The consumer saving money, you know? You see the savings rates are high.

LUNDGREN ON REAL ESTATE

I am a retailer and this is what we do. We try to satisfy consumer demand and think about what is around the corner, what they're thinking about next. If there is value in our real estate – and I think frankly we've just demonstrated that today with our Brooklyn example – obviously we want to go after those opportunities. And by the way, there will be other transactions because we have already been working on other subjects, so there will be other things that we will talk about in the relatively near future.

LUNDGREN ON DONALD TRUMP

This is a business decision. So if Hillary Clinton had a hand bag collection, we wouldn't be carrying that either. We will not carry any product from any candidate ever. And we've never had this experience, this is a brand new experience for us and I hope it will not be something we will have to deal with in the future.

LUNDGREN ON CHINA

I think this idea for us to be online in China directly, only inventory in China, which is brand new instead of shipping it and having a 40% duty on the product – this is going to change our ability to connect with Chinese consumers who frankly are shopping in America. And this is just reinforcing the connection with the potential growth with that consumer.

LUNDGREN ON EARNINGS

This is a tough one. There is no question about it. We definitely are seeing that the consumer didn't shop in our categories to the degree that we thought that the consumer would. Number of reasons – we are against our best quarter of the year last year, we were up 4 comp last year – that's one issue. The Europeans, the Chinese tourists, the Brazilian tourists around the world, they are just not coming to America and the strength of the dollar is impacting that and when they are here, they are not spending in our category. So it's just as simple as that.

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