Japanese retail giant and Uniqlo owner Fast Retailing Co on Wednesday announced the promotion of current vice-president Genichi Tamatsuka to the role of president.

The company said 40-year-old Tamatsuka joined it four years ago and has held positions including president of Fast Retailing (UK) Ltd.

It added founder and outgoing president Tadashi Yanai is its new chairman.

Earlier this month Fast reported a 30.7 per cent year-on-year plunge in October same-store sales - its 13th consecutive monthly sales fall.

The firm has downgraded its profit forecast twice this year but recently said it still plans to open 100 new Uniqlo stores that will take its total number of outlets to 640 by next August.

It also forecast a strong second half and balanced growth in fiscal 2003 after posting a 47 per cent slump in full-year profit to $253 million.