In years of poor performance, annual reports are often difficult to read and use language and graphs that obfuscate performance. Many stories are now contained within reports using photographs, graphs, narratives and symbols. Of the methods used in the preparation of annual reports, the use of photographs appears to be the least researched. The use of photographs by a major Australian retailer in its annual reports over a decade prior to its demise is examined. The findings support the argument that photographs are a key communication medium within an annual report that is selectively used to suit management reporting purposes.