Victory Clarifies Revenue Surge Was Driven by Sales to Gaza

The Victory supermarket chain, controlled and run by Eyal Ravid, issued a revised first-quarter 2026 financial report at the request of Israel’s Securities Authority. The update says the company’s sharp rise in sales was driven mainly by deliveries to the Gaza Strip, not by normal growth in its core business.

According to the amended filing, Victory sold about 99 million shekels in goods to Gaza during the quarter. That amount accounted for roughly two-thirds of the 152 million shekel increase in revenue, taking total sales to 755.8 million shekels. The chain said it operated as an authorized supplier to Gaza on behalf of the State of Israel starting in January 2026, but during the first quarter it held that status for only about one month and not continuously.

The company’s original report had shown same-store sales growth of 23%. After excluding sales to Gaza, that figure fell to 5.95%. Sales per square meter were 10,100 shekels in the quarter, but 8,700 shekels without the Gaza business, compared with 8,200 shekels in the same quarter last year.

Gross margin also weakened, dropping from 23.9% in the first quarter of 2025 to 23.1% this year. Victory said the decline reflected the lower gross profitability of sales to Gaza. The company added that there is no certainty those sales will continue, and if they do, the volume is unknown.