RPT-CORRECTED-Japan's Fast Retailing Q1 profit dips, trims outlook

TOKYO Jan 12 (Reuters) - Fast Retailing, Asia's top apparel retailer, posted a 2.8 percent fall in quarterly operating profit as a balmy autumn hurt sales at its flagship Uniqlo casual clothing chain , and cut its annual outlook for a jump in profit.

It reported on Thursday an operating profit of 48.45 billion yen ($629.88 million) for September-November, reflecting a 4.0 percent fall over the period in same-store sales at Uniqlo outlets in its home market of Japan.

Uniqlo's sales, which account for about 70 percent of Fast Retailing's total revenue, dropped as unseasonably warm weather in the quarter dissuaded customers from picking up money-making seasonal staples such as thermal underwear and down jackets.

Higher raw material costs in 2011 and financing of an accelerated overseas expansion also dented profits for the retailer, which competes with Gap, Hennes & Mauritz (H&M), and Zara owner Inditex.

Fast Retailing cut its operating profit forecast for the year to end-August to 130.5 billion yen from its previous estimate of 135.5 billion yen. This is slightly below an average estimate of 131.4 billion yen in a poll of 22 analysts by Thomson Reuters I/B/E/S.

Shares of Fast Retailing rose more than 8 percent in 2011 calendar year, compared with a 17 percent slide in the benchmark Nikkei average.