Nearly $480 million has been wiped off the value of Australian retailers since the May budget was delivered, as the confession season produces a number of high-profile corporate downgrades and raises fears of more to come.

More than half a dozen retailers including Kathmandu Holdings, Pacific Brands, Super Retail Group, The Reject Shop, toy wholesaler Funtastic, footwear chain RCG Group and Noni B have downgraded earnings forecasts in the past month.

JB Hi-Fi's business model is predominately made up of its network of 187 stores. Credit:Glenn Hunt

Most retailers have blamed unseasonally warm weather and a scary federal budget for consumers tightening their purse strings despite the appeal of historically low interest rates, which are supposed to make households feel better about spending.

"Discretionary retailing and media may struggle without further cuts to interest rates, while consumer staples appear overvalued," Morgan Stanley Wealth Management Australian head of strategy Malcolm Wood said.