By most accounts, Target (NYSE: TGT) had a terrible 2022. Sure, revenue managed to grow 2.8%, driven by a 2.1% increase in shopper traffic. But that growth came at a steep cost.

Target's operating income plummeted 57% on the year, coming in at a meager $3.85 billion -- an operating income margin of just 3.5%. That doesn't sound like a no-brainer dividend stock at all.  

Beneath the turbulent surface that is the U.S. economy, though, Target is steadily kicking its feet and staying focused on its long-term initiatives. Positive progress could be about to make a comeback in 2023. Here's why I still like this top retail dividend stock.

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Source Fool.com