UPDATE 2-Carter's Q1 tops Street; cuts corporate jobs by 10 pct

* Q1 adj. profit $0.38 vs est $0.16

* Q1 rev rises 8.1 pct to $356.8 mln

* Cuts 10 pct of corporate workforce

* Sees lower Q2 profit

* Shares down 5 pct (Adds details)

April 28 (Reuters) - Children's clothing retailer Carter's Inc (CRI.N) posted an adjusted quarterly profit that handily beat market estimates, helped by strong performance of its brands, and cut its corporate workforce by 10 percent as part of a restructuring effort.

Carter's, however, said its second-quarter earnings will fall by 7 cents to 10 cents a share, excluding restructuring charges, from the year-ago period. The company earned 10 cents a share, excluding items, in the prior-year quarter.

It expects second-quarter sales to be flat to down low single digits.

Shares of the company fell $1.20 to $22.00 after the bell. They closed at $23.20 Tuesday on the New York Stock Exchange.