Volcom (NASDAQ:VLCM) just can't seem to get back on the board, judging the market's reaction to its second-quarter earnings last week. For the second day in a row, shares have fallen significantly -- which could spell opportunity for bargain-hunting investors.

Volcom's second quarter was a little lackluster, despite beating Wall Street's estimates. Volcom's net income fell 23% to $4.8 million, or $0.20 per share. (Analysts had expected $0.17 per share.) Net revenue increased 25.6% to $72.5 million.

However, Volcom lowered its guidance for the third quarter and the full year. For 2008, Volcom said it expects earnings between $1.50 and $1.53 per share, below its previous estimate of $1.56 to $1.59 per share. Analysts had expected earnings of $1.58 per share.

Unsurprisingly, Volcom cited rough economic conditions, pointing to "a continued overall soft retail environment." These days, if a company isn't a discounter like Wal-Mart (NYSE:WMT) or Costco (NASDAQ:COST), it seems consumers aren't psyched to shop. (Even Costco recently disappointed investors.)

Good news from the conference call included optimistic signs from one of Volcom's major customers, Pacific Sunwear (NASDAQ:PSUN). Volcom, of course, also distributes its wares through fellow Motley Fool Hidden Gems recommendation Zumiez (NASDAQ:ZUMZ), as well as other retailers both large and small. Furthermore, Volcom has acquired Laguna Surf & Sport, a Southern California retailer, which distributes board-sports-related goods including Volcom merchandise. (Laguna uses a multibrand strategy, which Volcom said it will keep intact.) The purchase could be a good strategic move in a down market.  

Volcom is one of the smartest consumer-goods companies I can think of, boasting what I consider an intense, in-depth understanding of its customers. That kind of deep understanding of and affinity for a specific client base similarly attracted me to Urban Outfitters (NASDAQ:URBN).

Furthermore, Volcom's recent stock's weakness is giving investors a great opportunity to buy, although the short term might be rough. The stock's down more than 50% over the last year, and it's trading at just 12 times trailing earnings, with a PEG ratio well below 1.0. For those with long-term horizons and faith in the growth potential of board-sports culture, Volcom is a stock to be stoked about.  

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