Israel Securities Authority Forces Victory Supermarket Chain to Disclose Gaza Sales

Following a Walla report, Israel’s Securities Authority ordered the Victory food retail chain and its owner and CEO, Eyal Rabid, to issue a supplementary financial report and fully explain the unusual jump in its results. The regulator wanted a complete disclosure of the business behind the strong first-quarter 2026 numbers, after Victory had pointed to electric appliances and other growth engines in its original filing.

The new disclosure showed that the sharp rise was driven mainly by sales to Gaza, not by the factors emphasized in the earlier report. Victory said 99 million shekels in sales to the Strip, out of a total increase of 152 million shekels in revenue, came from supplying humanitarian aid as an approved vendor for Israel’s Defense Ministry. The company had earlier argued that the Gaza sales lasted only three weeks in the quarter and were not material enough to require reporting.

In its initial report, Victory presented the quarter as a major success, including a 784% jump in net profit, 25% higher sales, and a 23% rise in same-store sales. After the supplementary filing, however, the chain acknowledged that without the Gaza revenue, organic growth was only 6%. That more modest figure was attributed in part to the timing of Passover, which fell in the first quarter this year instead of the second, higher demand linked to the conflict with Iran, appliance promotions, and general price increases.

The report also raises doubts about whether such revenue will continue. Since the end of the quarter, the Defense Ministry has significantly reduced the role of Israeli suppliers in favor of international aid organizations, so the Gaza-related income may not recur in later quarters. Victory said in response that legal and accounting opinions found its original report complied with the rules, but it issued the supplementary filing after the Securities Authority asked for fuller clarification for investors.