No, not really, unless you use a serial-in, parallel-out shift register.

You could use a latch to store your segment data (you need 7 lines for that plus 1 if you want to drive the decimal dot) e.g. 74LS/HCT373 or similar and an additional buffer to decode your segment address. However, you will also need to control your latch and decoder, which is 2 additional outputs minimum. So, all in all you don't earn much with this method. A shift register obviously uses less ports, so then the answer would be 'Yep!'.