LONDON (AP) Shares in HMV fell sharply yesterday after the music and games retailer reported sliding sales and growing losses in the first half and a dismal start to the Christmas season.

Sales were down six percent to £750 million ($1.2 billion) in the six months ending October 23, the company said.

The net loss for the period widened to £31.3 million from £17.8 million a year earlier.

Debt almost doubled to £151.6 million from £88 million, and the company announced it was cutting its interim dividend in half to 0.9 pence per share.

HMV shares slumped 27 percent to 32 pence in mid-morning trading on the London Stock Exchange.