Meanwhile, Dairy Queen is also focused on new flavors and innovation, according to Barry Westrum, executive vice president of marketing for Dairy Queen. He cited the re-introduction of its popular S'mores Blizzard as an example of the steps it's taking.
As for the threat of frozen yogurt, Westrum, in a statement, said, "At DQ, we've found that consumers see the two occasions (yogurt and ice cream) very differently. Ice cream is still the preferred option for a summertime, cool-down treat."
Cold Stone officials weren't immediately available to comment.
Others aren't sounding the full bells of recovery just yet.
Harry Balzer, a chief industry analyst and vice president of the NPD Group who specializes in consumer eating habits, said he doesn't expect that the yogurt battle was the source of ice cream's pain. Instead, consumers are often shifting to healthier choices.
"Back in 1989, the average American had 43 eatings over the year of ice cream at home and out away. They had three eatings of frozen yogurt. Today, ice cream amounts to 28 eatings, and frozen yogurt is one," Balzer said.
—By Bo McMillan, special to CNBC.com.