TOKYO, Japan — Fast Retailing Co., Asia's biggest clothing retailer, cut its forecast for annual profit for the second time in the current fiscal year.

Net income will probably be about 78 billion yen ($768 million) for the year ending August, lower than its previous forecast of 88 billion yen, the maker of Uniqlo casual apparel said today. That compares with an 88.5 billion yen average estimate from 18 analysts compiled by Bloomberg.

The company lowered its annual forecast in April to 88 billion yen from 92 billion yen set in October last year.

Tadashi Yanai, president of Yamaguchi, Japan-based Fast Retailing and the country's wealthiest man, pared the company's profit outlook in April as its domestic business faces waning demand. Retail sales dropped 4.3 percent in April from a year earlier, easing to a 0.4 percent decline in May, according to data from Japan's Ministry of Economy, Trade and Industry. Costs for part-time workers, distribution and warehousing has limited growth in the domestic business.

Net income fell to 20.28 billion yen in the three months ended May from 23 billion yen a year earlier, according to Bloomberg calculations derived from results provided by the maker of Uniqlo casual apparel today. This compares with the 20.2 billion yen average estimate from three analysts compiled by Bloomberg.

By Yuki Yamaguchi; Editors: Stephanie Wong, Daryl Loo