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Wal-Mart Stores boss Lee Scott said earlier this month that this year’s first half would be “extraordinarily challenging”. He said: “Some people are giving up eating out; some people are giving up movies; some people are giving up other things like shopping. Those are fundamental changes that will continue.” The world’s biggest retailer said fourth-quarter profit would miss its forecast and predicted revenue this month would be little changed. Circuit City Stores, once the biggest US electronics retailer, said this month it would close all of its 567 US stores. Consumers are losing confidence. A report from the Conference Board tomorrow is projected to show consumer confidence this month held near a record low.