Sales of ice cream fell sharply this summer in part due to bad weather, says the maker of Ben & Jerry's and Magnum.
Unilever, which owns other household names like Dove soap and Hellmann's, said customers buying cheaper alternatives had also hit its sales.
But the firm's boss admitted it could have done better and set out a plan to speed up growth.
By volume, sales of Unilever's ice creams fell 10% over the summer, largely because of bad weather in Europe and consumers choosing cheaper goods.
But that was offset by prices rising by more than 8%, meaning the revenue in this part of the business only fell by around 3%.
Elsewhere the cost-of-living crisis appeared to have hurt the group, with sales of items such as Knorr stock cubes falling as customers switched to cheaper brands.
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However, its beauty and personal care brands such as Dove and Vaseline bucked the trend, with sales up sharply.
Like other consumers goods firms, Unilever has faced criticism as it put up prices over the last few years and enjoyed higher profits.
In the three months to September, prices across the business rose by 5.8% while the volume of sales dropped by 0.6%, meaning consumers paid more money for fewer products.
However, Unilever has rejected the criticism, saying earlier this year that it had faced higher input costs and was not "profiteering in any form".
On Thursday, boss Hein Schumacher said the group was generally not meeting its potential and unveiled a plan to turn things around.
He said the firm would step up innovation and investment in it's 30 biggest brands, which represent 70% of its turnover.
The plan will include highlighting the brands "superiority" compared to cheaper alternatives and focusing on sustainability commitments.
