If you are worried that you missed out on Unilever (NYSE:UL) (NYSE:UN), don't be. It's gone almost exactly nowhere in the past year. That doesn't mean that the turnaround isn't coming along, though. And while this is a stock that would interest me a lot more below $40, there should still be room for the stock price to improve as the business does.

While reported revenue was up about 9% this quarter, underlying sales were up just less than 3%, with only a modest contribution from higher prices. That, apparently, disappointed some folks -- though I'm not sure why anyone would think there wouldn't be a few bumps along the turnaround trail. Sales were strongest in emerging areas like Africa and Asia, while Europe continues to be a tough market.

Unilever didn't blow the doors down on the profits side of the ledger, either. Operating income was flat (on a constant currency basis), and margins shrank a bit. That said, Unilever continues to reap the best margins from its European operations, while ad expenses in Africa/Asia are keeping those margins down a bit.

The good news/bad news here is that this is a slow-developing story. Unilever continues to battle it out with Kraft (NYSE:KFT), Procter & Gamble (NYSE:PG), Nestle, Sara Lee (NYSE:SLE) and dozens more, but solid brands like Knorr, Hellmann's, and Lipton are a valuable beachhead. What's more, the company continues to sell off assets that don't fit into management's plan for future growth -- the company recently sold hair-care brands Finesse and AquaNet (oh, the memories of AquaNet-powered '80s hair metal).

As I said in the intro, this is a stock that would interest me a lot more at $40. That's not to say that it's overpriced today, but if I'm going to buy a hulking behemoth like Unilever, I want a cheapskate discount first. And given the vagaries of turnarounds (and investor patience with the same), I just may get that chance again.

For more Foolish food for thought:

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Fool contributor Stephen Simpson has no financial interest in any stocks mentioned (that means he's neither long nor short the shares).