Earnings downgrades from undies maker Pacific Brands , plastics group Nuplex and The Reject Shop on Tuesday will add to negative sentiment swirling around consumer-facing stocks as the market enters “confession season" in the last weeks of the financial year.

Analysts are tipping a string of modest downgrades, particularly at the discount retail end of town, which has not been helped by unseasonably warm weather, a rising Australian dollar and a tough federal budget.