The total dividend for the year increased by 11.2% to 506c a share and profit for the year was 13.9% higher at R1.79bn.
Retail turnover rose 10.9% to R12.9bn.
"Despite the difficult environment‚ the group achieved a solid performance‚ producing its highest ever profits with continued gains in market share for the year‚" the company said.
"Trading conditions became significantly more challenging in the second half of the 2013 financial year.This was particularly evident over the key trading months of November and December," it added.
The group's gross margin was effectively the same as the previous year at 41‚9%.
It continued to increase it trading space by opening a further 76 stores and over the course of the year a total of 146 stores were operating although 24 stores had been closed.
At the year-end the group had 1‚979 stores with an increase in trading area of 5.1% compared with the previous year.
Same store turnover grew by 5.8%‚ while product inflation averaged 5% for the year. Cash sales as a percentage of total sales increased from 39% to 40%.
"Clothing‚ with turnover growth of 11.8%‚ performed reasonably and would have been better had it not been for supply problems in ladies and childrenswear sectors during the run up to the festive trading season. Same store turnover growth was 6.1%," TFG said.
Jewellery experienced a disappointing December achieving 0‚5% turnover growth which is normally the biggest turnover period for this category. Notwithstanding this‚ jewellery turnover for the year grew 6.9% with same store growth of 3.7%.
Cosmetics performed well in a competitive environment with turnover growth of 11.7% and same store growth of 8.5%. Homeware and furniture produced an excellent performance growing turnover by 18‚0% and same store growth by 12.0%.
Cellphones had a poor performance over the festive season with turnover in December down 5.6%‚ resulting in turnover growth for the year of 3.6%. Same store growth was flat.
TFG Financial Services' retail debtors' book‚ which amounts to R5.2bn‚ increased by 14% showing that customers were increasingly buying on credit.
The group's active account base grew by 6.0% to 2.6m accounts.
Looking ahead‚ the group said economic conditions in South Africa will remain difficult with the credit environment likely to deteriorate further.
"Due to current high levels of consumer indebtedness‚ enhanced credit risk management practices have been and will continue to be implemented," TFG said.
"In line with our strategy of investing for long-term growth‚ we will continue to open new stores in certain formats. We expect to have about 150 new stores in the coming year ahead, which will increase trading space by about 6%. We believe the group is well placed to produce solid results in the coming year‚ although caution is warranted given the state of the consumer environment‚" TFG added.
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