Macy's cut its full-year guidance on Wednesday after delivering quarterly earnings and revenue that fell short of expectations.
Terry Lundgren, Macy's chairman and CEO, described the quarter as "a tough one" for the company, but it could be more indicative of the trouble facing the rest of retail, according to J. Rogers Kniffen WWE CEO Jan Kniffen.
"Personal consumption expenditures are not rising the way they should given the health of the consumer," he told CNBC's "Power Lunch" in an interview. "We are seeing way more go to durables then should be going to durables at this point in the cycle."
As much as 5 percent of normal consumer discretionary spending has shifted away in favor of big-ticket purchases like autos, while deflation in apparel is running at about 3 percent this year "so it's very difficult to make your numbers," Kniffen said.