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.  

Related Foolishness:

Zumiez and Volcom are Motley Fool Hidden Gems recommendations. Wal-Mart Stores is a Motley Fool Inside Value selection. Pacific Sunwear and Costco are Motley Fool Stock Advisor recommendations. Try any of our Foolish newsletters today, free for 30 days.

Alyce Lomax owns shares of Urban Outfitters. The Fool has a disclosure policy.