The biggest toymaker in the world, California-based Mattel, has announced massive losses in Q4. The company blamed slumping consumer spending resulting in low sales for popular Mattel products including Barbie dolls and Hot Wheels. Total net sales were down 11% worldwide year over year to $1.94 billion. Net income was $176.4 million ($0.49 per share), down from $328.5 million ($0.89 per share) year over year. Mattel CEO Robert Eckert said Mattel would cut costs and spending in 2009 to curb the losses. Mattel previously announced in November 2008 it would cut about 1,000 jobs as part of a cost cutting move. 2009 will probably also prove to be a difficult year as spending further decreases. It is also important to note that the world’s second biggest toymaker Hasbro Inc. saw its profits up 14% in 2008.