Home improvement retailer Lowe’s said it will close 20 stores in 15 states – including the chain’s Haverhill location – and cut 1,950 jobs to focus on more profitable stores.

Ten locations were closed Sunday; the other 10 will close in a month. Seven of the closings are in New England.

Lowe’s Chief Executive Robert Niblock said in a statement that the company had to "make tough decisions" to improve profitability.

Lowe’s has been slower to cut costs than market leader Home Depot, whose sales at stores open a year or more have beaten its rival’s for nine straight quarters.

"This continues (Lowe’s) progress towards becoming a more efficient operator," Janney Capital Markets analyst David Strasser said in a research note. "Management is making significant changes that should improve returns."

Before the closures, Mooresville, N.C.-based Lowe’s operated 1,725 stores.

The retailer also cut back its store opening plan, from 30 down to 10 or 15. (AP)