NEW YORK (TheStreet) --Macy's (M) reported weaker-than-expected earnings for the 2016 third quarter before the market open on Thursday.

The Cincinnati, OH-based apparel retailer posted earnings of 17 cents per share, below analysts' estimates of 41 cents. Revenue came in at $5.63 billion, roughly in-line with Wall Street estimates.

"It was that the quarters were wrong by the analysts, we're right on track with what our own expectations were," Macy's CEO Terry Lundgren on CNBC's "Squawk Box" this morning.

"This is the reason why my CFO would like to provide quarterly guidance and why I would like to provide no guidance because we get off track on a quarterly basis," he continued.

Despite the weaker-than-projected earnings results, Macy's confirmed its full-year earnings per share forecasts and increased its sales outlook. "We are confirmed to stay within the earnings range of our earlier forecast of $3.15 to $3.40 for the year," Lundgren stated.

Additionally, Macy's saw improvement in same-store-sales numbers. Sales are expected to decline between 2.5% and 3%, which is better than the previously expected 3.5% to 4% decrease. "There're lots of reasons, first off we saw momentum. We're right on track with the third quarter, better third quarter than the first half in terms of performance," he noted.

The second reason Macy's is improving its same-store-sales outlook is inventory efficiency. The retailer has prepared appropriately for the fourth quarter, shielding it from having too much inventory on-hand afterward.

"The inventory is in such different shape today than it was one year ago," Lundgren said. "Our inventory is in perfect shape because we planned for this, we are on our sales plan."

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