Japanese consumer electronics maker Panasonic Corp said on Thursday it would cut its workforce to about 350,000 by the end of fiscal year 2011.

The company had 384,586 employees as of March 31, 2010, according to its website.

Panasonic also said it would maintain its target of a 5 percent operating profit margin for fiscal year 2012/13.

The company aims to post sales of 9.4 trillion yen ($114 billion) in fiscal 2012/13, below its previous target of 10 trillion yen. ($1 = 82.220 Japanese Yen)

(Reporting by Isabel Reynolds; Editing by Edmund Klamann)