Hey, @mattsirkin & @Sau2610 .
Thank you for reaching out and sharing this feedback.
When a return is approved, it does remove the sales from the analytics to account for the refund. While you can perform exchanges and the analytics will reflect the amount exchanged, you would need to consider a third-party app for store credits. We’d recommend something like CreditsYard. That being said, we’ve also gone ahead and shared the feedback about having store credits with our development team. If Shopify moves forward with any new features or platform changes, then we’ll be sure to announce them on the Shopify Changelog.
If you have any other questions on this topic, then don’t hesitate to let us know.