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I’ve verified this by finding SPECIFIC dates on which a return occurred, within woocommerce proper. Order placed 2/17, order refunded 2/18. In Analytics > Revenue, “returns” shows as zero for the whole month, when in fact the returns are non-zero, and nontrivially so. Returns of $1901 on total sales of 20,260.20 – nearly 10% returns, but Analytics is saying zero.
I’ve cleared Analytics cache, to no benefit. The site in question is hosted at Kinsta, and all Kinsta sites are fronted by CloudFlare, so that may be an impact, but I’m not sure.