S&P/ASX 200 Index (ASX: XJO) shares are in the green on Tuesday as the market celebrates the US-China tariff deal.

The ASX 200 is currently up by 0.51% to 8,275.2 points.

Meanwhile, The Bull reports that experts have identified three consumer discretionary shares that appear overvalued.

They suggest it may be time for investors to take some profits off the table.

Let's take a look.

3 ASX 200 retail shares that experts are calling time on

Mark Gardner from MPC Markets rates Wesfarmers Ltd (ASX: WES) shares a sell following a 17.5% gain over the past 12 months.

The Wesfarmers share price rose to a new all-time high of $80.79 today following a rapid recovery from April's US tariff fallout.

Gardner says:

Wesfarmers is a diversified industrial conglomerate. Retail brands include the Bunnings hardware chain, Officeworks and Kmart Group. Wesfarmers is also involved in chemicals, energy, fertilisers and health, among other activities.

WES is a quality company and benefits from multiple revenue streams. But, in my view, the company is significantly overvalued, particularly compared to its peers.

Investors may want to consider taking a profit given the shares have risen from $68.53 on April 7 to trade at $79.39 on May 8.

Gardner also says JB Hi-Fi Ltd (ASX: JBH) is a sell following an 80% share price increase over the past 12 months.

The ASX 200 retail share is currently $102.97, down 0.1%.

Garnder said:

This consumer electronics giant is a quality retailer. However, investors are paying significant premiums for a select few quality names.

I can accept that sector stock leaders quite often trade at a premium to peers, but this company's premium is beyond significant. The company's price-to-book (P/B) ratio is much higher than the sector average.

The shares have risen from $86 on April 7 to trade at $103.37 on May 8. At these levels, investors may want to consider cashing in some gains.

Harrison Massey from Argonaut has a sell rating on Guzman Y Gomez Ltd (ASX: GYG) shares following 10% growth since the company's initial public offering (IPO) last year.

The ASX 200 consumer discretionary share is down 0.13% to $31.95 on Tuesday.

Massey said:

GYG is a Mexican themed restaurant chain. The company generated comparable store sales growth of 11.1 per cent in the Australian segment in the third quarter of fiscal year 2025.

GYG opened three new restaurants and continues to enjoy strong venue growth. However, the company operates in a highly saturated fast-food environment.

While GYG offers an alternative healthy option to traditional fast-food outlets, competition remains fierce. It may be prudent to consider taking some profits around current levels.