While the growth at Wal-Mart (NYSE:WMT) has been uninspiring in the last couple of years, it has been a different story at its Mexican operations. Wal-Mart de Mexico (OTC BB: WMMVY.PK) has seen rapid growth and its share price has reflected that growth and its future growth prospects.

The shares may be cooling off today though, as current quotes in the neighborhood of $40.75 are a few percent below yesterday's close of $42.35.

As I look at the first-quarter results, it's hard to find a glaring problem. Inflation is a concern in Mexico so it's important to focus on the company's after-inflation results, which were still impressive with total revenues up 14%, same-store sales up 5.9%, and earnings per share increasing 17%.

The revenue growth rate is faster than last year's first-quarter showing of 13%, but margin improvements were smaller this year so earnings per share growth slowed in comparison to last year. Last year's first quarter saw 30% growth in earnings per share and 28% for the full year, but 17% growth after inflation is still nothing to be seriously disappointed about considering the company took action to lower prices and retain its competitive position.

Walmex's balance sheet remains strong, it repurchased a large chunk of shares, and it is still the largest retailer in Mexico. All things considered it was a pretty good quarter for the company and I plan on digging into the results a bit more and redoing my valuation soon, because this might be an opportunity to pick up shares in a promising long-term growth opportunity.

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Wal-Mart is a Motley Fool Inside Value recommendation.

Nathan Parmelee has a beneficial interest in shares of Wal-Mart, but had no financial interest in any other company mentioned. The Motley Fool has an ironclad disclosure policy.