Macy's on Wednesday delivered quarterly earnings and revenue that fell short of expectations, and it cut full-year sales guidance.
"We're going to face the music when we have good quarters [or] bad quarters. And this was a tough one," Macy's Chairman and CEO Terry Lundgren told CNBC's "Squawk Box" moments after the retailer announced second quarter results.
The company earned 64 cents per share, down from 80 cents in the year-earlier period. Revenue fell to $6.1 billion from $6.27 billion a year ago.
Analysts had expected the company to report earnings per share of 76 cents on revenue of $6.23 billion, according to a Thomson Reuters consensus estimate.
Macy's shares were down more than 3.5 percent in early trading Wednesday. (Get the latest quote here.)
"The consumer didn't shop in our categories to the degree that we thought the consumer would," Lundgren said, citing slowing tourism as a drag on sales. European, Chinese and Brazilian tourists "are not coming to America, and the strength of the dollar is impacting that."
"Macy's in particular is very well known around the world. So we benefit from that when tourists are here and shopping," he continued. "Most do not have the same benefit or the same hurt that we would have."
Macy's also cut its outlook on total sales for 2015—forecasting an approximate 1 percent decline, compared to previous guidance for growth of about 1 percent.