There's no real option for a normal exchange. I ("giftee") was given a couple of shirts with a return label as a gift, and the giver ("giver") advised I should be able to exchange the items for something that I preferred. I attempted to find a way to do so with the catalog and form, then the website, then called. I spoke with customer service and the "exchange" process is nothing of the sort. You have two options.
Option 1:
1. Purchase a new item, charged to the original card (Giver's Card).
2. Send items for return.
3. When items are processed at return center, refund goes to the original card (Giver's Card).
In this case, the Giver is out whatever the difference is between the original item(s) and new item, with or without their permission.
Option 2:
1. Purchase a new item, charged to your card (Giftee's Card).
2. Send items for return.
3. When items are processed at return center, refund goes to the original card (Giver's Card).
In this case, now the Giver has all of the funds back, and you simply purchased a new item. So, again, not really an exchange.
There is no option to simply have them charge your card (Giftee's) and then return the items and have that card credited. If you opt to return for a gift card, there's no option to have that card sent to you, only to the Giver. Again, not an exchange.
Attempts to reach someone to provide this feedback are impossible. Customer service can only direct you to the website to send an email... also to customer service. There's no option to request a logical method of exchange for gifts, and no attempt to provide a customer-oriented option other than, ironically, a "one-size-fits-maybe-a-few" option. If you get something you don't want, well, donate it, I guess.